Company Quick10K Filing
Tri Pointe Group
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 142 $1,610
10-K 2020-02-19 Annual: 2019-12-31
10-Q 2019-10-31 Quarter: 2019-09-30
10-Q 2019-07-25 Quarter: 2019-06-30
10-Q 2019-04-25 Quarter: 2019-03-31
10-K 2019-02-26 Annual: 2018-12-31
10-Q 2018-10-24 Quarter: 2018-09-30
10-Q 2018-07-27 Quarter: 2018-06-30
10-Q 2018-04-25 Quarter: 2018-03-31
10-K 2018-02-20 Annual: 2017-12-31
10-Q 2017-10-25 Quarter: 2017-09-30
10-Q 2017-07-26 Quarter: 2017-06-30
10-Q 2017-04-26 Quarter: 2017-03-31
10-K 2017-02-24 Annual: 2016-12-31
10-Q 2016-10-27 Quarter: 2016-09-30
10-Q 2016-07-27 Quarter: 2016-06-30
10-Q 2016-04-27 Quarter: 2016-03-31
10-K 2016-02-26 Annual: 2015-12-31
10-Q 2015-11-06 Quarter: 2015-09-30
10-Q 2015-08-10 Quarter: 2015-06-30
10-Q 2015-05-08 Quarter: 2015-03-31
10-K 2015-03-12 Annual: 2014-12-31
10-Q 2014-11-13 Quarter: 2014-09-30
10-Q 2014-08-07 Quarter: 2014-06-30
10-Q 2014-05-06 Quarter: 2014-03-31
10-K 2014-02-27 Annual: 2013-12-31
10-Q 2013-11-13 Quarter: 2013-09-30
10-Q 2013-08-13 Quarter: 2013-06-30
10-Q 2013-05-14 Quarter: 2013-03-31
10-K 2013-03-28 Annual: 2012-12-31
8-K 2020-02-18 Earnings, Exhibits
8-K 2019-12-31 Officers, Exhibits
8-K 2019-10-31 Earnings, Exhibits
8-K 2019-10-31 Regulation FD, Exhibits
8-K 2019-07-25 Earnings, Exhibits
8-K 2019-07-01 Officers, Exhibits
8-K 2019-04-30 Shareholder Vote
8-K 2019-04-25 Earnings, Exhibits
8-K 2019-03-29 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-02-21 Earnings, Officers, Exhibits
8-K 2018-10-24 Earnings, Exhibits
8-K 2018-07-27 Earnings, Exhibits
8-K 2018-07-19 Officers, Exhibits
8-K 2018-04-27 Shareholder Vote
8-K 2018-04-25 Earnings, Exhibits
8-K 2018-02-20 Earnings, Exhibits
8-K 2018-01-08 Officers, Exhibits
TPH 2019-12-31
Part I.
Item 1. Business
Item 1A. Risk Factors
Item 1B. Unresolved Staff Comments
Item 2. Properties
Item 3. Legal Proceedings
Item 4. Mine Safety Disclosures
Part II.
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Item 6. Selected Financial Data
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 7A. Quantitative and Qualitative Disclosures About Market Risk
Item 8. Financial Statements and Supplementary Data
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
Item 9A. Controls and Procedures
Item 9B. Other Information
Part III.
Item 10. Directors, Executive Officers and Corporate Governance
Item 11. Executive Compensation
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholders
Item 13. Certain Relationships and Related Transactions, and Director Independence
Item 14. Principal Accounting Fees and Services
Part IV.
Item 15. Exhibits, Financial Statement Schedules
Item 16. Form 10-K Summary
EX-4.13 tph10k2019ex413.htm
EX-10.19 tph10k2019ex1017.htm
EX-10.34 tph10k2019ex1034.htm
EX-21.1 tph10k2019ex211.htm
EX-23.1 tph10k2019ex231.htm
EX-31.1 tph10k2019ex311.htm
EX-31.2 tph10k2019ex312.htm
EX-32.1 tph10k2019ex321.htm
EX-32.2 tph10k2019ex322.htm

Tri Pointe Group Earnings 2019-12-31

TPH 10K Annual Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
TMHC 2,134 5,178 2,775 4,685 822 237 353 4,028 18% 11.4 5%
MDC 2,040 3,086 1,425 882 0 203 288 2,569 0% 8.9 7%
MTH 2,023 3,467 1,669 0 0 206 298 1,615 5.4 6%
LGIH 1,815 1,486 761 1,555 379 145 215 1,777 24% 8.3 10%
IBP 1,657 916 710 1,416 393 60 136 2,018 28% 14.9 7%
TPH 1,610 3,878 1,791 3,101 235 191 283 1,438 8% 5.1 5%
SKY 1,486 722 290 1,410 266 -40 -2 1,392 19% -683.3 -6%
CVCO 1,440 756 206 980 215 70 98 1,227 22% 12.5 9%
WGO 1,177 1,083 480 1,991 308 110 189 1,439 15% 7.6 10%
JOE 982 906 364 92 0 18 43 865 0% 20.3 2%

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________________________________________________
FORM 10-K
_______________________________________________________________________________
(Mark One)
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2019
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
tphlogoa01.jpg p
TRI Pointe Group, Inc.
(Exact Name of Registrant as Specified in Its Charter)
_______________________________________________________________________________
Delaware
 
61-1763235
(State or other Jurisdiction of Incorporation or Organization)
 
(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 (949438-1400
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading symbol
Name of each exchange on which registered
Common Stock, par value $0.01 per share
TPH
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      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  
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      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer
 
Accelerated filer
Non-accelerated filer
 
 
Smaller reporting company
 
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes      No  
The aggregate market value of the registrant’s common stock held by non-affiliates of the registrant on June 28, 2019, based on the closing price of $11.97 as reported by the New York Stock Exchange, was $1,671,655,364.
136,080,148 shares of common stock were issued and outstanding as of February 6, 2020.
DOCUMENTS INCORPORATED BY REFERENCE:
Portions from the registrant’s proxy statement relating to its 2020 annual meeting of stockholders are incorporated by reference into Part III, Items 10, 11, 12, 13 and 14.

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TRI Pointe Group, Inc.
ANNUAL REPORT ON FORM 10-K
FOR THE YEAR ENDED DECEMBER 31, 2019
 
Table of Contents
 
 
 
Page
Number
 
Part I
 
 
 
 
Item 1.
Item 1A.
Item 1B.
Item 2.
Item 3.
Item 4.
 
 
 
 
Part II
 
 
 
 
Item 5.
Item 6.
Item 7.
Item 7A.
Item 8.
Item 9.
Item 9A.
Item 9B.
 
 
 
 
Part III
 
 
 
 
Item 10.
Item 11.
Item 12.
Item 13.
Item 14.
 
 
 
 
Part IV
 
 
 
 
Item 15.
Item 16.
 


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CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS
This annual report on Form 10-K contains certain statements that are “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These forward-looking statements are based on our current intentions, beliefs, expectations and predictions for the future, and you should not place undue reliance on these statements. 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 sectionas well as other factors—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, if any, it will have on our operations, financial condition, or share price.
We undertake no, and hereby disclaim any, obligation to update or revise any forward-looking statements, unless required by law. However, we reserve the right to make such updates or revisions from time to time by press release, periodic report, or other method of public disclosure without the need for specific reference to this annual report on Form 10-K. No update or revision shall be deemed to indicate that other statements not addressed by that update or revision remain correct or create an obligation to provide any other updates or revisions.
Forward-Looking Statements
Forward-looking statements that are included in this annual report on Form 10-K are generally accompanied by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “future,” “goal,” “intend,” “likely,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “should,” “strategy,” “target,” “will,” “would,” or other words that convey the uncertainty of future events or outcomes. These forward-looking statements may include, but are not limited to, statements regarding our strategy, projections and estimates concerning the timing and success of specific projects and our future production, land and lot sales, outcome of legal proceedings, operational and financial results, including our estimates for growth, financial condition, sales prices, prospects and capital spending.
Risks, Uncertainties and Assumptions
The major risks and uncertaintiesand 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;
the availability of desirable and reasonably priced land and our ability to control, purchase, hold and develop such parcels;
access to adequate capital on acceptable terms;
geographic concentration of our operations, particularly within California;
levels of competition;
the successful execution of our internal performance plans, including restructuring and cost reduction initiatives;
raw material and labor prices and availability;
oil and other energy prices;
the effect of U.S. trade policies, including the imposition of tariffs and duties on homebuilding products and retaliatory measures taken by other countries;
the effect of weather, including the re-occurrence of drought conditions in California;  
the risk of loss from earthquakes, volcanoes, fires, floods, droughts, windstorms, hurricanes, pest infestations and other natural disasters, and the risk of delays, reduced consumer demand, and shortages and price increases in labor or materials associated with such natural disasters;
transportation costs;
federal and state tax policies;
the effect of land use, environment and other governmental laws and regulations;
legal proceedings or disputes and the adequacy of reserves;

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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;
changes 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.”

EXPLANATORY NOTE
As used in this annual report on Form 10-K, 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 related notes thereto in this annual report on Form 10-K) refer to TRI Pointe Group, Inc., a Delaware corporation (“TRI Pointe Group”), and its consolidated subsidiaries.

 

- 3 -



PART I.
Item 1.
Business

Our Company  
TRI Pointe was founded in April 2009, near 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 15 markets across ten states:
Maracay in Arizona;
Pardee Homes in California and Nevada;
Quadrant Homes in Washington;
Trendmaker Homes in Texas;
TRI Pointe Homes in California, Colorado and the Carolinas; 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, 2019, our operations consisted of 137 active selling communities and 30,029 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 buyers of entry-level, move-up, luxury and active adult homes.  As a result, we build across a variety of base sales price points, ranging from approximately $190,000 to $2.0 million, and home sizes, ranging from approximately 1,200 to 5,520 square feet.  See “Description of Projects and Communities under Development” below.  For the years ended December 31, 2019 and 2018, we delivered 4,921 and 5,071 homes, respectively, and the average sales price of our new homes delivered was approximately $624,000 and $640,000, 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, and Thomas Mitchell, our President and Chief Operating Officer, have worked together for over 30 years and have a successful track record of managing and growing a public homebuilding company.  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, the management teams at each of our homebuilding subsidiaries have substantial industry knowledge and local market expertise. We believe that our management teams’ prior experience, extensive relationships and strong local reputations 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 continue to capitalize on the broader national housing market.  We are focused on the design, construction and sale of innovative single-family detached and attached homes in major metropolitan areas in Arizona, California, the Carolinas, Colorado, Maryland, Nevada, Texas, Virginia and Washington.  These markets are generally characterized by high job growth and increasing populations, which typically create 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 teams have 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.

- 4 -



Strong Operational Discipline and Controls
Our management teams pursue a hands-on approach.  Our strict operating discipline and attention to controls, 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 homebuyers’ expectations, while operating at competitive costs.
Increase Market Position in Growth Markets
We believe that there are 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.  While our primary growth strategy has focused on increasing our market position in our existing markets, we recently expanded our homebuilding operations to the Carolinas and the Dallas–Fort Worth region in Texas. We intend to continue, on an opportunistic basis, to explore expansion into other markets through organic growth and/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 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 offerings 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 luxury and active adult.  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 teams are vigilant in maintaining their 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

- 5 -



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.
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, 2019, we owned or controlled, pursuant to land option contracts or purchase contracts, an aggregate of 30,029 lots.  We refer to lots that are under land option contracts as “controlled.” See “Acquisition Process” below. Lots owned or controlled include our share of lots controlled from our unconsolidated land development joint ventures. Investments in joint ventures are described in Note 6, 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, 2019.
 
 
Lots
Owned
 
Lots
Controlled (1)
 
Lots
Owned or
Controlled
Maracay
2,099

 
1,631

 
3,730

Pardee Homes
13,126

 
141

 
13,267

Quadrant Homes
977

 
126

 
1,103

Trendmaker Homes
2,852

 
1,182

 
4,034

TRI Pointe Homes
2,771

 
3,399

 
6,170

Winchester Homes
1,020

 
705

 
1,725

Total
22,845

 
7,184

 
30,029

______________________________________________
 
(1) 
Lots controlled for Trendmaker Homes include 135 lots, which represent our expected share of lots owned by an unconsolidated land development joint venture that was formed during the year ended December 31, 2019.

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, 2019 and includes information on current projects under development where we are building and selling homes as of December 31, 2019.

- 6 -



Maracay
County, Project, City
Year of
First
Delivery(1)
 
Total
Number of Lots(2)
 
Cumulative
Homes
Delivered 
as of
December 31, 2019
 
Lots
Owned as of
December 31, 2019
(3)
 
Backlog as of
December 31,2019
(4)(5)
 
Homes 
Delivered
for the Twelve
Months Ended
December 31, 2019
 
Sales Price
Range(in thousands)(6)
Phoenix, Arizona
 
 
 
 
 
 
 
 
 
 
 
 
 
City of Buckeye:
 
 
 
 
 
 
 
 
 
 
 
 
 
Arroyo Seco
2020
 
44

 

 
44

 

 

 
 $406 - $470
City of Chandler:
 
 
 
 
 
 
 
 
 
 
 
 
 
Mission Estates
2019
 
26

 
12

 
14

 
14

 
12

 
 $537 - $598
Windermere Ranch
2019
 
91

 
20

 
71

 
21

 
20

 
 $508 - $548
Canopy North
2020
 
129

 

 
7

 

 

 
 $453 - $522
Canopy South
2020
 
112

 

 
7

 

 

 
 $534 - $558
City of Gilbert:
 
 
 
 
 
 
 
 
 
 
 
 
 
Marathon Ranch
2018
 
63

 
59

 
4

 
3

 
50

 
$520 - $563
Lakes At Annecy
2019
 
216

 
36

 
180

 
36

 
36

 
$267 - $355
Annecy P3
2021
 
250

 

 
250

 

 

 
$226 - $301
Lakeview Trails
2019
 
92

 
41

 
51

 
27

 
41

 
$557 - $642
Lakeview Trails II
2020
 
68

 

 
68

 

 

 
$557 - $642
Copper Bend
2020
 
38

 

 
38

 
9

 

 
$484 - $503
Waterston
2020
 
331

 

 
331

 

 

 
$487 - $775
City of Goodyear:
 
 
 
 
 
 
 
 
 
 
 
 
 
Villages at Rio Paseo
2018
 
117

 
61

 
56

 
16

 
43

 
 $193 - $224
Cottages at Rio Paseo
2018
 
93

 
81

 
12

 
3

 
50

 
 $231 - $252
Sedella
2021
 
75

 

 
75

 

 

 
 $441 - $520
City of Mesa:
 
 
 
 
 
 
 
 
 
 
 
 
 
Electron at Eastmark
2019
 
53

 
38

 
15

 
15

 
38

 
 $364 - $441
Cadence
2021
 
127

 

 
127

 

 

 
 $386 - $466
City of Peoria:
 
 
 
 
 
 
 
 
 
 
 
 
 
Legacy at The Meadows
2017
 
74

 
68

 
6

 

 
2

 
 $425 - $451
Estates at The Meadows
2017
 
272

 
162

 
110

 
28

 
62

 
 $510 - $599
Enclave at The Meadows
2018
 
126

 
70

 
56

 
31

 
41

 
 $402 - $497
Deseo
2019
 
94

 
6

 
88

 
26

 
6

 
 $507 - $601
City of Phoenix:
 
 
 
 
 
 
 
 
 
 
 
 
 
Navarro Groves
2018
 
54

 
53

 
1

 

 
29

 
 $439 - $484
Loma @ Avance
2019
 
124

 
22

 
102

 
30

 
22

 
 $379 - $438
Ranger @ Avance
2019
 
145

 
2

 
143

 
34

 
2

 
 $416 - $488
Piedmont @ Avance
2019
 
99

 
2

 
97

 
31

 
2

 
 $503 - $518
Alta @ Avance
2020
 
26

 

 
26

 
6

 

 
 $611 - $640
Town of Queen Creek:
 
 
 
 
 
 
 
 
 
 
 
 
 
Pathfinder South At Spur Cross
2020
 
53

 

 
53

 

 

 
 $474 - $494
Pathfinder North At Spur Cross
2020
 
65

 

 
65

 

 

 
 $563 - $577
Closed Communities
N/A
 

 

 

 

 
55

 
 
Phoenix, Arizona Total
 
 
3,057

 
733

 
2,097

 
330

 
511

 
 
Tucson, Arizona
 
 
 
 
 
 
 
 
 
 
 
 
 
Oro Valley:
 
 
 
 
 
 
 
 
 
 
 
 
 
Desert Crest - Center Pointe Vistoso
2016
 
103

 
101

 
2

 

 
14

 
$262 - $307
Closed Communities
N/A
 

 

 

 

 
5

 
 
Tucson, Arizona Total
 
 
103

 
101

 
2

 

 
19

 
 
Maracay Total
 
 
3,160

 
834

 
2,099

 
330

 
530

 
 






Pardee Homes

- 7 -



County, Project, City
Year of
First
Delivery(1)
 
Total
Number of Lots(2)
 
Cumulative
Homes
Delivered 
as of
December 31, 2019
 
Lots
Owned as of
December 31, 2019
(3)
 
Backlog as of
December 31,2019
(4)(5)
 
Homes 
Delivered
for the Twelve
Months Ended
December 31, 2019
 
Sales Price
Range(in thousands)(6)
California
 
 
 
 
 
 
 
 
 
 
 
 
 
San Diego County:
 
 
 
 
 
 
 
 
 
 
 
 
 
Vista Santa Fe
2019
 
44

 
18

 
26

 
8

 
18

 
$1,858 - $1,970
Sendero
2019
 
112

 
61

 
51

 
29

 
61

 
$1,350 - $1,440
Terraza
2019
 
81

 
46

 
35

 
25

 
46

 
$1,350 - $1,430
Carmel
2019
 
105

 
47

 
58

 
8

 
47

 
$1,420 - $1,530
Vista Del Mar
2019
 
79

 
33

 
46

 
7

 
33

 
$1,580 - $1,730
Pacific Highlands Ranch Future
2020
 
115

 

 
115

 

 

 
TBD
Lake Ridge
2018
 
129

 
77

 
52

 
14

 
43

 
$710 - $840
Veraz
2018
 
111

 
46

 
65

 
1

 
36

 
$390 - $475
Marea
2020
 
143

 

 
143

 

 

 
$365 - $435
Solmar
2019
 
74

 
9

 
65

 
6

 
9

 
$380 - $470
Solmar Sur
2020
 
108

 

 
108

 

 

 
$380 - $470
PA61 Townhomes
2021
 
170

 

 
170

 

 

 
TBD
Meadowood
2021
 
844

 

 
844

 

 

 
$390 - $630
South Otay Mesa
TBD
 
893

 

 
893

 

 

 
TBD
Los Angeles County:
 
 
 
 
 
 
 
 
 
 
 
 
 
Verano
2017
 
95

 
55

 
40

 
5

 
18

 
$575 - $670
Arista
2017
 
143

 
91

 
52

 
11

 
23

 
$725 - $795
Cresta
2018
 
67

 
34

 
33

 
7

 
24

 
$800 - $890
Lyra
2019
 
141

 
33

 
108

 
15

 
33

 
 $650 - $720
Sola
2019
 
189

 
61

 
128

 
24

 
61

 
 $550 - $600
Luna
2020
 
114

 

 
114

 

 

 
 $610 - $660
Skyline Ranch Future
TBD
 
626

 

 
626

 

 

 
 $550 - $810
Riverside County:
 
 
 
 
 
 
 
 
 
 
 
 
 
Starling
2017
 
68

 
66

 
2

 
2

 
26

 
$425 - $440
Canyon Hills Future 70 x 115
TBD
 
125

 

 
125

 

 

 
TBD
Westlake
2020
 
163

 

 
163

 

 

 
$310 - $325
Elara
2016
 
260

 
257

 
3

 
2

 
55

 
$310 - $345
Daybreak
2017
 
159

 
123

 
36

 
12

 
49

 
$360 - $385
Cascade
2017
 
194

 
158

 
36

 
4

 
58

 
$335 - $355
Abrio
2018
 
113

 
70

 
43

 
14

 
38

 
$410 - $445
Beacon
2018
 
106

 
71

 
35

 
13

 
53

 
$490 - $525
Alisio
2019
 
84

 
51

 
33

 
7

 
51

 
$300 - $335
Vita
2019
 
114

 
28

 
86

 
6

 
28

 
$310 - $335
Avid
2019
 
69

 
17

 
52

 
2

 
17

 
$340 - $365
Elan
2019
 
100

 
12

 
88

 
14

 
12

 
$400 - $420
Mira
2019
 
91

 
10

 
81

 
7

 
10

 
$365 - $395
Sundance Future Active Adult
TBD
 
330

 

 
330

 

 

 
TBD
Avena
2018
 
84

 
52

 
32

 
12

 
27

 
$450 - $480
Tamarack
2018
 
84

 
78

 
6

 
5

 
23

 
$480 - $520
Braeburn
2018
 
82

 
45

 
37

 
16

 
37

 
$410 - $440
Spencers Crossing 35/36/37
2020
 
85

 

 
85

 

 

 
$485 - $515
Canvas
2018
 
89

 
58

 
31

 
17

 
50

 
$395 - $415
Kadence
2018
 
85

 
49

 
36

 
15

 
41

 
$415 - $430
Newpark
2018
 
93

 
42

 
51

 
9

 
34

 
$440 - $485
Easton
2018
 
92

 
34

 
58

 
6

 
29

 
$465 - $525
Audie Murphy Ranch
2020
 
52

 

 
52

 

 

 
$450 - $510
Tournament Hills Future
TBD
 
268

 

 
268

 

 

 
TBD
Arroyo
2020
 
110

 

 
110

 

 

 
$340 - $365
Cienega
2020
 
106

 

 
106

 

 

 
$315 - $345
Centerstone
2020
 
120

 

 
120

 

 

 
$315 - $335
Landmark
2020
 
86

 

 
86

 

 

 
$360 - $390
Horizon
2020
 
57

 

 
57

 

 

 
$405 - $430

- 8 -



Atwell Future
2020
 
3,874

 

 
3,874

 

 

 
TBD
San Joaquin County:
 
 
 
 
 
 
 
 
 
 
 
 
 
Bear Creek
TBD
 
1,252

 

 
1,252

 

 

 
TBD
Closed Communities
 
 

 

 

 

 
83

 
 
California Total
 
 
12,978

 
1,832

 
11,146

 
323

 
1,173

 
 
Nevada
 
 
 
 
 
 
 
 
 
 
 
 
 
Clark County:
 
 
 
 
 
 
 
 
 
 
 
 
 
Strada
2017
 
83

 
79

 
4

 
3

 
20

 
 $425 - $490
Strada 2.0
2019
 
92

 
5

 
87

 
13

 
5

 
 $450 - $550
Linea
2018
 
123

 
108

 
15

 
12

 
60

 
 $370 - $410
Arden
2020
 
79

 

 
79

 

 

 
 $360 - $400
Capri
2020
 
114

 

 
114

 

 

 
 TBD
Arden 2.0
2021
 
154

 

 
154

 

 

 
 $370 - $400
Capri 2.0
2021
 
214

 

 
214

 

 

 
 $300 - $325
Pebble Estate Future
TBD
 
8

 
 
 
8

 

 

 
TBD
Evolve
2019
 
74

 
25

 
49

 
18

 
25

 
 $300 - $330
Corterra
2018
 
53

 
34

 
19

 
5

 
31

 
 $450 - $545
Highline
2020
 
59

 

 
59

 

 

 
 $454 - $555
Cobalt
2017
 
107

 
74

 
33

 
3

 
28

 
 $380 - $455
Onyx
2018
 
88

 
52

 
36

 
14

 
38

 
 $465 - $500
Axis
2017
 
52

 
50

 
2

 

 
17

 
 $860 - $1,125
Axis at the Canyons
2019
 
26

 
12

 
14

 
4

 
12

 
 $790 - $915
Midnight Ridge
2020
 
104

 

 
104

 
15

 

 
 $515 - $640
Pivot
2017
 
88

 
86

 
2

 

 
42

 
 $405 - $470
Nova Ridge
2017
 
81

 
69

 
12

 
1

 
30

 
 $680 - $840
Nova Ridge at the Cliffs
2019
 
27

 
3

 
24

 
5

 
3

 
 $680 - $840
Tera Luna
2018
 
116

 
29

 
87

 
8

 
25

 
 $550 - $665
Indogo
2018
 
202

 
77

 
125

 
16

 
55

 
 $300 - $360
Larimar
2018
 
106

 
31

 
75

 
8

 
27

 
$350 - $410
Blackstone
2018
 
105

 
49

 
56

 
5

 
44

 
$420 - $500
35 x 90 Product
TBD
 
140

 

 
140

 

 

 
TBD
Cirrus
2019
 
54

 
7

 
47

 
4

 
7

 
$360 - $395
Silverado Entry-Level
2021
 
96

 

 
96

 

 

 
$400 - $450
Silverado Move-Up
2021
 
93

 

 
93

 

 

 
$440 - $490
Silverado Courtyard Townhome
2021
 
116

 

 
116

 

 

 
$300 - $320
Sandalwood
2020
 
116

 

 
116

 
3

 

 
$735 - $885
Closed Communities
N/A
 

 

 

 

 
33

 
 
Nevada Total
 
 
2,770

 
790

 
1,980

 
137

 
502

 
 
Pardee Total
 
 
15,748

 
2,622

 
13,126

 
460

 
1,675

 
 

 

- 9 -



Quadrant Homes
County, Project, City
Year of
First
Delivery(1)
 
Total
Number of Lots(2)
 
Cumulative
Homes
Delivered 
as of
December 31, 2019
 
Lots
Owned as of
December 31, 2019
(3)
 
Backlog as of
December 31,2019
(4)(5)
 
Homes 
Delivered
for the Twelve
Months Ended
December 31, 2019
 
Sales Price
Range(in thousands)(6)
Washington
 
 
 
 
 
 
 
 
 
 
 
 
 
Snohomish County:
 
 
 
 
 
 
 
 
 
 
 
 
 
Grove North, Bothell
2019
 
43

 
11

 
32

 
14

 
11

 
$795 - $900
Grove South, Bothell
2019
 
9

 
8

 
1

 
1

 
8

 
$820
Trailside at Meadowdale Beach, Edmonds
2021
 
38

 

 
38

 

 

 
$730 - $780
Perrinville Townhomes, Lynnwood
2021
 
42

 

 
42

 

 

 
$535 - $655
King County:
 
 
 
 
 
 
 
 
 
 
 
 
 
Vareze, Kirkland
2020
 
82

 

 
82

 

 

 
$705 - $850
Cedar Landing, North Bend
2019
 
138

 
24

 
114

 
28

 
24

 
$755 - $890
Monarch Ridge, Sammamish
2019
 
59

 
13

 
46

 
16

 
13

 
$990 - $1,265
Overlook at Summit Park, Maple Valley
2019
 
126

 
29

 
97

 
8

 
29

 
$570 - $750
Aurea, Sammamish
2019
 
41

 
9