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Share Name | Share Symbol | Market | Type |
---|---|---|---|
TRI Pointe Homes Inc | NYSE:TPH | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.66 | 1.69% | 39.65 | 39.73 | 39.02 | 39.38 | 566,348 | 01:00:00 |
☒
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
|
61-1763235
|
(State or other Jurisdiction of
Incorporation or Organization)
|
|
(I.R.S. Employer
Identification No.)
|
Large accelerated filer
|
☒
|
Accelerated filer
|
☐
|
Non-accelerated filer
|
☐
(Do not check if a smaller reporting company)
|
Smaller reporting company
|
☐
|
|
|
Emerging Growth Company
|
☐
|
|
|
Page
Number
|
|
|
|
Item 1.
|
||
|
|
|
|
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||
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Item 2.
|
||
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Item 3.
|
||
|
|
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Item 4.
|
||
|
||
|
|
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Item 1.
|
||
|
|
|
Item 1A.
|
||
|
|
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Item 2.
|
||
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|
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Item 6.
|
||
|
|
|
Item 1.
|
Financial Statements
|
|
March 31, 2017
|
|
December 31, 2016
|
||||
|
(unaudited)
|
|
|
||||
Assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
128,519
|
|
|
$
|
208,657
|
|
Receivables
|
65,999
|
|
|
82,500
|
|
||
Real estate inventories
|
3,046,092
|
|
|
2,910,627
|
|
||
Investments in unconsolidated entities
|
17,113
|
|
|
17,546
|
|
||
Goodwill and other intangible assets, net
|
161,361
|
|
|
161,495
|
|
||
Deferred tax assets, net
|
122,105
|
|
|
123,223
|
|
||
Other assets
|
58,527
|
|
|
60,592
|
|
||
Total assets
|
$
|
3,599,716
|
|
|
$
|
3,564,640
|
|
Liabilities
|
|
|
|
||||
Accounts payable
|
$
|
74,115
|
|
|
$
|
70,252
|
|
Accrued expenses and other liabilities
|
251,891
|
|
|
263,845
|
|
||
Unsecured revolving credit facility
|
250,000
|
|
|
200,000
|
|
||
Seller financed loan
|
—
|
|
|
13,726
|
|
||
Senior notes, net
|
1,169,914
|
|
|
1,168,307
|
|
||
Total liabilities
|
1,745,920
|
|
|
1,716,130
|
|
||
|
|
|
|
||||
Commitments and contingencies (Note 13)
|
|
|
|
||||
|
|
|
|
||||
Equity
|
|
|
|
||||
Stockholders’ Equity:
|
|
|
|
||||
Preferred stock, $0.01 par value, 50,000,000 shares authorized; no
shares issued and outstanding as of March 31, 2017 and
December 31, 2016, respectively
|
—
|
|
|
—
|
|
||
Common stock, $0.01 par value, 500,000,000 shares authorized;
159,047,862 and 158,626,229 shares issued and outstanding at
March 31, 2017 and December 31, 2016, respectively
|
1,590
|
|
|
1,586
|
|
||
Additional paid-in capital
|
882,352
|
|
|
880,822
|
|
||
Retained earnings
|
955,232
|
|
|
947,039
|
|
||
Total stockholders’ equity
|
1,839,174
|
|
|
1,829,447
|
|
||
Noncontrolling interests
|
14,622
|
|
|
19,063
|
|
||
Total equity
|
1,853,796
|
|
|
1,848,510
|
|
||
Total liabilities and equity
|
$
|
3,599,716
|
|
|
$
|
3,564,640
|
|
|
Three Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
Homebuilding:
|
|
|
|
||||
Home sales revenue
|
$
|
392,004
|
|
|
$
|
423,055
|
|
Land and lot sales revenue
|
578
|
|
|
355
|
|
||
Other operations revenue
|
568
|
|
|
580
|
|
||
Total revenues
|
393,150
|
|
|
423,990
|
|
||
Cost of home sales
|
318,404
|
|
|
324,499
|
|
||
Cost of land and lot sales
|
654
|
|
|
779
|
|
||
Other operations expense
|
560
|
|
|
566
|
|
||
Sales and marketing
|
26,700
|
|
|
26,321
|
|
||
General and administrative
|
34,649
|
|
|
28,531
|
|
||
Homebuilding income from operations
|
12,183
|
|
|
43,294
|
|
||
Equity in income (loss) of unconsolidated entities
|
138
|
|
|
(14
|
)
|
||
Other income, net
|
77
|
|
|
115
|
|
||
Homebuilding income before income taxes
|
12,398
|
|
|
43,395
|
|
||
Financial Services:
|
|
|
|
||||
Revenues
|
241
|
|
|
148
|
|
||
Expenses
|
74
|
|
|
58
|
|
||
Equity in income of unconsolidated entities
|
266
|
|
|
715
|
|
||
Financial services income before income taxes
|
433
|
|
|
805
|
|
||
Income before income taxes
|
12,831
|
|
|
44,200
|
|
||
Provision for income taxes
|
(4,614
|
)
|
|
(15,490
|
)
|
||
Net income
|
8,217
|
|
|
28,710
|
|
||
Net income attributable to noncontrolling interests
|
(24
|
)
|
|
(160
|
)
|
||
Net income available to common stockholders
|
$
|
8,193
|
|
|
$
|
28,550
|
|
Earnings per share
|
|
|
|
|
|
||
Basic
|
$
|
0.05
|
|
|
$
|
0.18
|
|
Diluted
|
$
|
0.05
|
|
|
$
|
0.18
|
|
Weighted average shares outstanding
|
|
|
|
||||
Basic
|
158,769,478
|
|
|
161,895,640
|
|
||
Diluted
|
159,390,586
|
|
|
162,192,610
|
|
|
Number of
Shares of Common
Stock (Note 1)
|
|
Common
Stock
|
|
Additional
Paid-in
Capital
|
|
Retained
Earnings
|
|
Total
Stockholders'
Equity
|
|
Noncontrolling
Interests
|
|
Total
Equity
|
|||||||||||||
Balance at December 31, 2015
|
161,813,750
|
|
|
$
|
1,618
|
|
|
$
|
911,197
|
|
|
$
|
751,868
|
|
|
$
|
1,664,683
|
|
|
$
|
21,780
|
|
|
$
|
1,686,463
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
195,171
|
|
|
195,171
|
|
|
962
|
|
|
196,133
|
|
||||||
Shares issued under share-based awards
|
373,332
|
|
|
4
|
|
|
583
|
|
|
—
|
|
|
587
|
|
|
—
|
|
|
587
|
|
||||||
Excess tax deficit of share-based awards, net
|
—
|
|
|
—
|
|
|
(165
|
)
|
|
—
|
|
|
(165
|
)
|
|
—
|
|
|
(165
|
)
|
||||||
Minimum tax withholding paid on behalf of employees for restricted stock units
|
—
|
|
|
—
|
|
|
(1,359
|
)
|
|
—
|
|
|
(1,359
|
)
|
|
—
|
|
|
(1,359
|
)
|
||||||
Stock-based compensation expense
|
—
|
|
|
—
|
|
|
12,612
|
|
|
—
|
|
|
12,612
|
|
|
—
|
|
|
12,612
|
|
||||||
Share repurchases
|
(3,560,853
|
)
|
|
(36
|
)
|
|
(42,046
|
)
|
|
—
|
|
|
(42,082
|
)
|
|
—
|
|
|
(42,082
|
)
|
||||||
Distributions to noncontrolling interests, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,363
|
)
|
|
(3,363
|
)
|
||||||
Net effect of consolidations, de-consolidations and other transactions
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(316
|
)
|
|
(316
|
)
|
||||||
Balance at December 31, 2016
|
158,626,229
|
|
|
1,586
|
|
|
880,822
|
|
|
947,039
|
|
|
1,829,447
|
|
|
19,063
|
|
|
1,848,510
|
|
||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
8,193
|
|
|
8,193
|
|
|
24
|
|
|
8,217
|
|
||||||
Shares issued under share-based awards
|
461,020
|
|
|
4
|
|
|
742
|
|
|
—
|
|
|
746
|
|
|
—
|
|
|
746
|
|
||||||
Minimum tax withholding paid on behalf of employees for restricted stock units
|
—
|
|
|
—
|
|
|
(2,561
|
)
|
|
—
|
|
|
(2,561
|
)
|
|
—
|
|
|
(2,561
|
)
|
||||||
Stock-based compensation expense
|
—
|
|
|
—
|
|
|
3,841
|
|
|
—
|
|
|
3,841
|
|
|
—
|
|
|
3,841
|
|
||||||
Share repurchases
|
(39,387
|
)
|
|
—
|
|
|
(492
|
)
|
|
—
|
|
|
(492
|
)
|
|
—
|
|
|
(492
|
)
|
||||||
Distributions to noncontrolling interests, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(415
|
)
|
|
(415
|
)
|
||||||
Net effect of consolidations, de-consolidations and other transactions
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,050
|
)
|
|
(4,050
|
)
|
||||||
Balance at March 31, 2017
|
159,047,862
|
|
|
$
|
1,590
|
|
|
$
|
882,352
|
|
|
$
|
955,232
|
|
|
$
|
1,839,174
|
|
|
$
|
14,622
|
|
|
$
|
1,853,796
|
|
|
Three Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
8,217
|
|
|
$
|
28,710
|
|
Adjustments to reconcile net income to net cash used in operating activities:
|
|
|
|
||||
Depreciation and amortization
|
822
|
|
|
1,792
|
|
||
Equity in income of unconsolidated entities, net
|
(404
|
)
|
|
(701
|
)
|
||
Deferred income taxes, net
|
1,118
|
|
|
3,845
|
|
||
Amortization of stock-based compensation
|
3,841
|
|
|
2,605
|
|
||
Charges for impairments and lot option abandonments
|
321
|
|
|
182
|
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Real estate inventories
|
(138,011
|
)
|
|
(180,540
|
)
|
||
Receivables
|
16,702
|
|
|
11,141
|
|
||
Other assets
|
2,326
|
|
|
2,871
|
|
||
Accounts payable
|
3,863
|
|
|
2,761
|
|
||
Accrued expenses and other liabilities
|
(11,952
|
)
|
|
(14,828
|
)
|
||
Returns on investments in unconsolidated entities, net
|
866
|
|
|
2,486
|
|
||
Net cash used in operating activities
|
(112,291
|
)
|
|
(139,676
|
)
|
||
Cash flows from investing activities:
|
|
|
|
||||
Purchases of property and equipment
|
(1,173
|
)
|
|
(411
|
)
|
||
Proceeds from sale of property and equipment
|
5
|
|
|
—
|
|
||
Investments in unconsolidated entities
|
(231
|
)
|
|
(13
|
)
|
||
Net cash used in investing activities
|
(1,399
|
)
|
|
(424
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Borrowings from debt
|
50,000
|
|
|
75,000
|
|
||
Repayment of debt
|
(13,726
|
)
|
|
(2,434
|
)
|
||
Net repayments of debt held by variable interest entities
|
—
|
|
|
(132
|
)
|
||
Contributions from noncontrolling interests
|
—
|
|
|
808
|
|
||
Distributions to noncontrolling interests
|
(415
|
)
|
|
(2,527
|
)
|
||
Proceeds from issuance of common stock under share-based awards
|
746
|
|
|
6
|
|
||
Minimum tax withholding paid on behalf of employees for share-based awards
|
(2,561
|
)
|
|
(1,087
|
)
|
||
Share repurchases
|
(492
|
)
|
|
—
|
|
||
Net cash provided by financing activities
|
33,552
|
|
|
69,634
|
|
||
Net decrease in cash and cash equivalents
|
(80,138
|
)
|
|
(70,466
|
)
|
||
Cash and cash equivalents - beginning of period
|
208,657
|
|
|
214,485
|
|
||
Cash and cash equivalents - end of period
|
$
|
128,519
|
|
|
$
|
144,019
|
|
1.
|
Organization, Basis of Presentation and Summary of Significant Accounting Policies
|
2.
|
Segment Information
|
|
Three Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
Revenues
|
|
|
|
||||
Maracay Homes
|
$
|
51,060
|
|
|
$
|
45,437
|
|
Pardee Homes
|
83,699
|
|
|
118,933
|
|
||
Quadrant Homes
|
40,552
|
|
|
46,058
|
|
||
Trendmaker Homes
|
52,362
|
|
|
43,786
|
|
||
TRI Pointe Homes
|
130,836
|
|
|
131,957
|
|
||
Winchester Homes
|
34,641
|
|
|
37,819
|
|
||
Total homebuilding revenues
|
393,150
|
|
|
423,990
|
|
||
Financial services
|
241
|
|
|
148
|
|
||
Total
|
$
|
393,391
|
|
|
$
|
424,138
|
|
|
|
|
|
||||
Income (loss) before income taxes
|
|
|
|
||||
Maracay Homes
|
$
|
1,757
|
|
|
$
|
2,636
|
|
Pardee Homes
|
9,893
|
|
|
32,131
|
|
||
Quadrant Homes
|
3,744
|
|
|
3,696
|
|
||
Trendmaker Homes
|
1,882
|
|
|
2,058
|
|
||
TRI Pointe Homes
|
6,439
|
|
|
10,715
|
|
||
Winchester Homes
|
400
|
|
|
661
|
|
||
Corporate
|
(11,717
|
)
|
|
(8,502
|
)
|
||
Total homebuilding income before income taxes
|
12,398
|
|
|
43,395
|
|
||
Financial services
|
433
|
|
|
805
|
|
||
Total
|
$
|
12,831
|
|
|
$
|
44,200
|
|
|
March 31, 2017
|
|
December 31, 2016
|
||||
Real estate inventories
|
|
|
|
||||
Maracay Homes
|
$
|
238,546
|
|
|
$
|
228,965
|
|
Pardee Homes
|
1,180,308
|
|
|
1,098,608
|
|
||
Quadrant Homes
|
246,568
|
|
|
221,386
|
|
||
Trendmaker Homes
|
212,809
|
|
|
211,035
|
|
||
TRI Pointe Homes
|
870,895
|
|
|
868,088
|
|
||
Winchester Homes
|
296,966
|
|
|
282,545
|
|
||
Total
|
$
|
3,046,092
|
|
|
$
|
2,910,627
|
|
|
|
|
|
||||
Total assets
|
|
|
|
||||
Maracay Homes
|
$
|
257,341
|
|
|
$
|
255,466
|
|
Pardee Homes
|
1,266,810
|
|
|
1,201,302
|
|
||
Quadrant Homes
|
273,001
|
|
|
242,208
|
|
||
Trendmaker Homes
|
223,768
|
|
|
225,025
|
|
||
TRI Pointe Homes
|
1,047,762
|
|
|
1,052,400
|
|
||
Winchester Homes
|
321,200
|
|
|
305,379
|
|
||
Corporate
|
202,471
|
|
|
275,923
|
|
||
Total homebuilding assets
|
3,592,353
|
|
|
3,557,703
|
|
||
Financial services
|
7,363
|
|
|
6,937
|
|
||
Total
|
$
|
3,599,716
|
|
|
$
|
3,564,640
|
|
3.
|
Earnings Per Share
|
|
Three Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
Numerator:
|
|
|
|
|
|
||
Net income available to common stockholders
|
$
|
8,193
|
|
|
$
|
28,550
|
|
Denominator:
|
|
|
|
|
|
||
Basic weighted-average shares outstanding
|
158,769,478
|
|
|
161,895,640
|
|
||
Effect of dilutive shares:
|
|
|
|
|
|||
Stock options and unvested restricted stock units
|
621,108
|
|
|
296,970
|
|
||
Diluted weighted-average shares outstanding
|
159,390,586
|
|
|
162,192,610
|
|
||
Earnings per share
|
|
|
|
|
|
||
Basic
|
$
|
0.05
|
|
|
$
|
0.18
|
|
Diluted
|
$
|
0.05
|
|
|
$
|
0.18
|
|
Antidilutive stock options and unvested restricted stock not included in diluted earnings per share
|
4,823,402
|
|
|
5,449,790
|
|
4.
|
Receivables
|
|
March 31, 2017
|
|
December 31, 2016
|
||||
Escrow proceeds and other accounts receivable, net
|
$
|
19,124
|
|
|
$
|
35,625
|
|
Warranty insurance receivable (Note 13)
|
46,875
|
|
|
46,875
|
|
||
Total receivables
|
$
|
65,999
|
|
|
$
|
82,500
|
|
5.
|
Real Estate Inventories
|
|
March 31, 2017
|
|
December 31, 2016
|
||||
Real estate inventories owned:
|
|
|
|
||||
Homes completed or under construction
|
$
|
754,733
|
|
|
$
|
659,210
|
|
Land under development
|
1,942,597
|
|
|
1,824,989
|
|
||
Land held for future development
|
135,688
|
|
|
226,915
|
|
||
Model homes
|
168,771
|
|
|
155,039
|
|
||
Total real estate inventories owned
|
3,001,789
|
|
|
2,866,153
|
|
||
Real estate inventories not owned:
|
|
|
|
||||
Land purchase and land option deposits
|
30,203
|
|
|
26,174
|
|
||
Consolidated inventory held by VIEs
|
14,100
|
|
|
18,300
|
|
||
Total real estate inventories not owned
|
44,303
|
|
|
44,474
|
|
||
Total real estate inventories
|
$
|
3,046,092
|
|
|
$
|
2,910,627
|
|
|
Three Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
Interest incurred
|
$
|
18,873
|
|
|
$
|
15,149
|
|
Interest capitalized
|
(18,873
|
)
|
|
(15,149
|
)
|
||
Interest expensed
|
$
|
—
|
|
|
$
|
—
|
|
Capitalized interest in beginning inventory
|
$
|
157,329
|
|
|
$
|
140,311
|
|
Interest capitalized as a cost of inventory
|
18,873
|
|
|
15,149
|
|
||
Interest previously capitalized as a cost of inventory,
included in cost of sales
|
(9,687
|
)
|
|
(8,830
|
)
|
||
Capitalized interest in ending inventory
|
$
|
166,515
|
|
|
$
|
146,630
|
|
|
Three Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
Real estate inventory impairments
|
$
|
—
|
|
|
$
|
—
|
|
Land and lot option abandonments and pre-acquisition charges
|
321
|
|
|
182
|
|
||
Total
|
$
|
321
|
|
|
$
|
182
|
|
6.
|
Investments in Unconsolidated Entities
|
|
March 31, 2017
|
|
December 31, 2016
|
||||
Limited liability company interests
|
$
|
13,897
|
|
|
$
|
14,327
|
|
General partnership interests
|
3,216
|
|
|
3,219
|
|
||
Total
|
$
|
17,113
|
|
|
$
|
17,546
|
|
|
March 31, 2017
|
|
December 31, 2016
|
||||
Assets
|
|
|
|
||||
Cash
|
$
|
9,957
|
|
|
$
|
9,796
|
|
Receivables
|
5,446
|
|
|
10,203
|
|
||
Real estate inventories
|
97,748
|
|
|
97,402
|
|
||
Other assets
|
1,061
|
|
|
1,087
|
|
||
Total assets
|
$
|
114,212
|
|
|
$
|
118,488
|
|
Liabilities and equity
|
|
|
|
||||
Accounts payable and other liabilities
|
$
|
8,711
|
|
|
$
|
12,844
|
|
Company’s equity
|
17,113
|
|
|
17,546
|
|
||
Outside interests' equity
|
88,388
|
|
|
88,098
|
|
||
Total liabilities and equity
|
$
|
114,212
|
|
|
$
|
118,488
|
|
|
Three Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
Net sales
|
$
|
5,090
|
|
|
$
|
3,209
|
|
Other operating expense
|
(2,603
|
)
|
|
(2,150
|
)
|
||
Other income
|
2
|
|
|
1
|
|
||
Net income
|
$
|
2,489
|
|
|
$
|
1,060
|
|
Company’s equity in income of unconsolidated entities
|
$
|
404
|
|
|
$
|
701
|
|
7.
|
Variable Interest Entities
|
|
March 31, 2017
|
|
December 31, 2016
|
||||||||||||||||||||
|
Deposits
|
|
Remaining
Purchase
Price
|
|
Consolidated
Inventory
Held by VIEs
|
|
Deposits
|
|
Remaining
Purchase
Price
|
|
Consolidated
Inventory
Held by VIEs
|
||||||||||||
Consolidated VIEs
|
$
|
250
|
|
|
$
|
13,850
|
|
|
$
|
14,100
|
|
|
$
|
400
|
|
|
$
|
17,900
|
|
|
$
|
18,300
|
|
Unconsolidated VIEs
|
1,850
|
|
|
106,555
|
|
|
N/A
|
|
|
2,375
|
|
|
49,016
|
|
|
N/A
|
|
||||||
Other land option agreements
|
28,353
|
|
|
296,530
|
|
|
N/A
|
|
|
23,799
|
|
|
246,658
|
|
|
N/A
|
|
||||||
Total
|
$
|
30,453
|
|
|
$
|
416,935
|
|
|
$
|
14,100
|
|
|
$
|
26,574
|
|
|
$
|
313,574
|
|
|
$
|
18,300
|
|
8.
|
Goodwill and Other Intangible Assets
|
|
March 31, 2017
|
|
December 31, 2016
|
||||||||||||||||||||
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
Carrying
Amount
|
|
Gross
Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net
Carrying
Amount
|
||||||||||||
Goodwill
|
$
|
139,304
|
|
|
$
|
—
|
|
|
$
|
139,304
|
|
|
$
|
139,304
|
|
|
$
|
—
|
|
|
$
|
139,304
|
|
Trade names
|
27,979
|
|
|
(5,922
|
)
|
|
22,057
|
|
|
27,979
|
|
|
(5,788
|
)
|
|
22,191
|
|
||||||
Total
|
$
|
167,283
|
|
|
$
|
(5,922
|
)
|
|
$
|
161,361
|
|
|
$
|
167,283
|
|
|
$
|
(5,788
|
)
|
|
$
|
161,495
|
|
9.
|
Other Assets
|
|
March 31, 2017
|
|
December 31, 2016
|
||||
Prepaid expenses
|
$
|
22,671
|
|
|
$
|
24,495
|
|
Refundable fees and other deposits
|
17,442
|
|
|
17,731
|
|
||
Development rights, held for future use or sale
|
2,569
|
|
|
2,569
|
|
||
Deferred loan costs - unsecured revolving credit facility
|
1,884
|
|
|
2,101
|
|
||
Operating properties and equipment, net
|
11,208
|
|
|
10,884
|
|
||
Other
|
2,753
|
|
|
2,812
|
|
||
Total
|
$
|
58,527
|
|
|
$
|
60,592
|
|
10.
|
Accrued Expenses and Other Liabilities
|
|
March 31, 2017
|
|
December 31, 2016
|
||||
Accrued payroll and related costs
|
$
|
14,996
|
|
|
$
|
33,761
|
|
Warranty reserves
(Note 13)
|
80,953
|
|
|
83,135
|
|
||
Estimated cost for completion of real estate inventories
|
53,939
|
|
|
59,531
|
|
||
Customer deposits
|
19,747
|
|
|
13,437
|
|
||
Income tax liability to Weyerhaeuser (Note 16)
|
8,610
|
|
|
8,589
|
|
||
Accrued income taxes payable
|
4,693
|
|
|
1,200
|
|
||
Accrued interest
|
17,595
|
|
|
11,570
|
|
||
Accrued insurance expense
|
529
|
|
|
529
|
|
||
Other tax liability
|
35,537
|
|
|
34,961
|
|
||
Other
|
15,292
|
|
|
17,132
|
|
||
Total
|
$
|
251,891
|
|
|
$
|
263,845
|
|
11.
|
Senior Notes, Unsecured Revolving Credit Facility and Seller Financed Loans
|
|
March 31, 2017
|
|
December 31, 2016
|
||||
4.375% Senior Notes due June 15, 2019
|
$
|
450,000
|
|
|
$
|
450,000
|
|
4.875% Senior Notes due July 1, 2021
|
300,000
|
|
|
300,000
|
|
||
5.875% Senior Notes due June 15, 2024
|
450,000
|
|
|
450,000
|
|
||
Discount and deferred loan costs
|
(30,086
|
)
|
|
(31,693
|
)
|
||
Total
|
$
|
1,169,914
|
|
|
$
|
1,168,307
|
|
|
March 31, 2017
|
|
December 31, 2016
|
||||
Unsecured revolving credit facility
|
$
|
250,000
|
|
|
$
|
200,000
|
|
|
March 31, 2017
|
|
December 31, 2016
|
||||
Seller financed loans
|
$
|
—
|
|
|
$
|
13,726
|
|
12.
|
Fair Value Disclosures
|
•
|
Level 1—Quoted prices for identical instruments in active markets
|
•
|
Level 2—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are inactive; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets at measurement date
|
•
|
Level 3—Valuations derived from techniques where one or more significant inputs or significant value drivers are unobservable in active markets at measurement date
|
|
|
|
March 31, 2017
|
|
December 31, 2016
|
||||||||||||
|
Hierarchy
|
|
Book Value
|
|
Fair Value
|
|
Book Value
|
|
Fair Value
|
||||||||
Senior Notes
(1)
|
Level 2
|
|
$
|
1,189,682
|
|
|
$
|
1,226,295
|
|
|
$
|
1,189,180
|
|
|
$
|
1,219,125
|
|
Unsecured revolving credit facility
(2)
|
Level 2
|
|
$
|
250,000
|
|
|
$
|
219,245
|
|
|
$
|
200,000
|
|
|
$
|
177,410
|
|
Seller financed loan
(3)
|
Level 2
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
13,726
|
|
|
$
|
13,189
|
|
(1)
|
The book value of the Senior Notes is net of discounts, excluding deferred loan costs of
$19.8 million
and
$20.9 million
as of
March 31, 2017
and
December 31, 2016
, respectively. The estimated fair value of the Senior Notes at
March 31, 2017
and
December 31, 2016
is based on quoted market prices.
|
(2)
|
The estimated fair value of the Credit Facility at
March 31, 2017
and
December 31, 2016
is based on a treasury curve analysis.
|
(3)
|
The estimated fair value of the seller financed loan at
December 31, 2016
is based on a treasury curve analysis.
|
13.
|
Commitments and Contingencies
|
|
Three Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
Warranty reserves, beginning of period
(1)
|
$
|
83,135
|
|
|
$
|
45,948
|
|
Warranty reserves accrued
|
1,880
|
|
|
2,073
|
|
||
Adjustments to pre-existing reserves
|
(78
|
)
|
|
—
|
|
||
Warranty expenditures
|
(3,984
|
)
|
|
(2,602
|
)
|
||
Warranty reserves, end of period
|
$
|
80,953
|
|
|
$
|
45,419
|
|
(1)
|
Included in the 2017 opening balance is approximately
$38.0 million
of additional warranty liabilities estimated to be covered by our insurance policies that were adjusted to present the warranty reserves and related estimated warranty insurance receivable on a gross basis at December 31, 2016. Of the
$38.0 million
, approximately
$36.5 million
related to prior year estimated warranty insurance recoveries.
|
14.
|
Stock-Based Compensation
|
|
Three Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
Total stock-based compensation
|
$
|
3,841
|
|
|
$
|
2,605
|
|
|
Options
|
|
Weighted
Average
Exercise
Price
Per Share
|
|
Weighted
Average
Remaining
Contractual
Life
|
|
Aggregate
Intrinsic
Value
(in thousands)
|
||||||
Options outstanding at December 31, 2016
|
2,971,370
|
|
|
$
|
13.12
|
|
|
4.4
|
|
|
$
|
1,568
|
|
Granted
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Exercised
|
(69,570
|
)
|
|
10.74
|
|
|
—
|
|
|
—
|
|
||
Forfeited
|
(588,859
|
)
|
|
14.40
|
|
|
—
|
|
|
—
|
|
||
Options outstanding at March 31, 2017
|
2,312,941
|
|
|
13.06
|
|
|
4.1
|
|
|
2,451
|
|
||
Options exercisable at March 31, 2017
|
2,196,561
|
|
|
13.00
|
|
|
5.2
|
|
|
2,451
|
|
|
Restricted
Stock
Units
|
|
Weighted
Average
Grant Date
Fair Value
Per Share
|
|
Aggregate
Intrinsic
Value
(in thousands)
|
|||||
Nonvested RSUs at December 31, 2016
|
3,412,719
|
|
|
$
|
9.77
|
|
|
$
|
39,178
|
|
Granted
|
1,615,071
|
|
|
10.95
|
|
|
20,253
|
|
||
Vested
|
(599,395
|
)
|
|
12.03
|
|
|
—
|
|
||
Forfeited
|
(12,235
|
)
|
|
11.54
|
|
|
—
|
|
||
Nonvested RSUs at March 31, 2017
|
4,416,160
|
|
|
9.89
|
|
|
55,379
|
|
15.
|
Stock Repurchase Program
|
16.
|
Income Taxes
|
17.
|
Related Party Transactions
|
18.
|
Supplemental Disclosure to Consolidated Statements of Cash Flows
|
|
Three Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
Supplemental disclosure of cash flow information:
|
|
|
|
||||
Cash paid during the period for:
|
|
|
|
||||
Interest, net of amounts capitalized of $12,847 and $15,149 (Note 5)
|
$
|
—
|
|
|
$
|
—
|
|
Income taxes
|
$
|
—
|
|
|
$
|
19,876
|
|
Supplemental disclosures of noncash activities:
|
|
|
|
||||
Amortization of senior note discount capitalized to real estate inventory
|
$
|
502
|
|
|
$
|
402
|
|
Amortization of deferred loan costs capitalized to real estate inventory
|
$
|
1,322
|
|
|
$
|
858
|
|
Effect of net consolidation and de-consolidation of variable interest entities:
|
|
|
|
||||
(Decrease) increase in consolidated real estate inventory not owned
|
$
|
(4,050
|
)
|
|
$
|
5,865
|
|
Increase (decrease) in noncontrolling interests
|
$
|
4,050
|
|
|
$
|
(5,865
|
)
|
19.
|
Supplemental Guarantor Information
|
|
March 31, 2017
|
||||||||||||||
|
Issuer
|
|
Guarantor
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated
TRI Pointe
Group, Inc.
|
||||||||
Assets
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
$
|
70,668
|
|
|
$
|
57,851
|
|
|
$
|
—
|
|
|
$
|
128,519
|
|
Receivables
|
18,804
|
|
|
47,195
|
|
|
—
|
|
|
65,999
|
|
||||
Intercompany receivables
|
887,105
|
|
|
—
|
|
|
(887,105
|
)
|
|
—
|
|
||||
Real estate inventories
|
870,895
|
|
|
2,175,197
|
|
|
—
|
|
|
3,046,092
|
|
||||
Investments in unconsolidated entities
|
—
|
|
|
17,113
|
|
|
—
|
|
|
17,113
|
|
||||
Goodwill and other intangible assets, net
|
156,604
|
|
|
4,757
|
|
|
—
|
|
|
161,361
|
|
||||
Investments in subsidiaries
|
1,294,461
|
|
|
—
|
|
|
(1,294,461
|
)
|
|
—
|
|
||||
Deferred tax assets, net
|
15,644
|
|
|
106,461
|
|
|
—
|
|
|
122,105
|
|
||||
Other assets
|
10,411
|
|
|
48,116
|
|
|
—
|
|
|
58,527
|
|
||||
Total Assets
|
$
|
3,324,592
|
|
|
$
|
2,456,690
|
|
|
$
|
(2,181,566
|
)
|
|
$
|
3,599,716
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities
|
|
|
|
|
|
|
|
||||||||
Accounts payable
|
$
|
19,167
|
|
|
$
|
54,948
|
|
|
$
|
—
|
|
|
$
|
74,115
|
|
Intercompany payables
|
—
|
|
|
887,105
|
|
|
(887,105
|
)
|
|
—
|
|
||||
Accrued expenses and other liabilities
|
46,337
|
|
|
205,554
|
|
|
—
|
|
|
251,891
|
|
||||
Unsecured revolving credit facility
|
250,000
|
|
|
—
|
|
|
—
|
|
|
250,000
|
|
||||
Seller financed loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Senior notes
|
1,169,914
|
|
|
—
|
|
|
—
|
|
|
1,169,914
|
|
||||
Total Liabilities
|
1,485,418
|
|
|
1,147,607
|
|
|
(887,105
|
)
|
|
1,745,920
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Equity
|
|
|
|
|
|
|
|
||||||||
Total stockholders’ equity
|
1,839,174
|
|
|
1,294,461
|
|
|
(1,294,461
|
)
|
|
1,839,174
|
|
||||
Noncontrolling interests
|
—
|
|
|
14,622
|
|
|
—
|
|
|
14,622
|
|
||||
Total Equity
|
1,839,174
|
|
|
1,309,083
|
|
|
(1,294,461
|
)
|
|
1,853,796
|
|
||||
Total Liabilities and Equity
|
$
|
3,324,592
|
|
|
$
|
2,456,690
|
|
|
$
|
(2,181,566
|
)
|
|
$
|
3,599,716
|
|
|
December 31, 2016
|
||||||||||||||
|
Issuer
|
|
Guarantor
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated
TRI Pointe
Group, Inc.
|
||||||||
Assets
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
$
|
141,568
|
|
|
$
|
67,089
|
|
|
$
|
—
|
|
|
$
|
208,657
|
|
Receivables
|
26,692
|
|
|
55,808
|
|
|
—
|
|
|
82,500
|
|
||||
Intercompany receivables
|
775,321
|
|
|
—
|
|
|
(775,321
|
)
|
|
—
|
|
||||
Real estate inventories
|
868,088
|
|
|
2,042,539
|
|
|
—
|
|
|
2,910,627
|
|
||||
Investments in unconsolidated entities
|
—
|
|
|
17,546
|
|
|
—
|
|
|
17,546
|
|
||||
Goodwill and other intangible assets, net
|
156,604
|
|
|
4,891
|
|
|
—
|
|
|
161,495
|
|
||||
Investments in subsidiaries
|
1,285,295
|
|
|
—
|
|
|
(1,285,295
|
)
|
|
—
|
|
||||
Deferred tax assets, net
|
15,644
|
|
|
107,579
|
|
|
—
|
|
|
123,223
|
|
||||
Other assets
|
11,401
|
|
|
49,191
|
|
|
—
|
|
|
60,592
|
|
||||
Total Assets
|
$
|
3,280,613
|
|
|
$
|
2,344,643
|
|
|
$
|
(2,060,616
|
)
|
|
$
|
3,564,640
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities
|
|
|
|
|
|
|
|
||||||||
Accounts payable
|
$
|
20,637
|
|
|
$
|
49,615
|
|
|
$
|
—
|
|
|
$
|
70,252
|
|
Intercompany payables
|
—
|
|
|
775,321
|
|
|
(775,321
|
)
|
|
—
|
|
||||
Accrued expenses and other liabilities
|
48,496
|
|
|
215,349
|
|
|
—
|
|
|
263,845
|
|
||||
Unsecured revolving credit facility
|
200,000
|
|
|
—
|
|
|
—
|
|
|
200,000
|
|
||||
Seller financed loans
|
13,726
|
|
|
—
|
|
|
—
|
|
|
13,726
|
|
||||
Senior notes
|
1,168,307
|
|
|
—
|
|
|
—
|
|
|
1,168,307
|
|
||||
Total Liabilities
|
1,451,166
|
|
|
1,040,285
|
|
|
(775,321
|
)
|
|
1,716,130
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Equity
|
|
|
|
|
|
|
|
||||||||
Total stockholders’ equity
|
1,829,447
|
|
|
1,285,295
|
|
|
(1,285,295
|
)
|
|
1,829,447
|
|
||||
Noncontrolling interests
|
—
|
|
|
19,063
|
|
|
—
|
|
|
19,063
|
|
||||
Total Equity
|
1,829,447
|
|
|
1,304,358
|
|
|
(1,285,295
|
)
|
|
1,848,510
|
|
||||
Total Liabilities and Equity
|
$
|
3,280,613
|
|
|
$
|
2,344,643
|
|
|
$
|
(2,060,616
|
)
|
|
$
|
3,564,640
|
|
|
Three Months Ended March 31, 2017
|
||||||||||||||
|
Issuer
|
|
Guarantor
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated
TRI Pointe
Group, Inc.
|
||||||||
Homebuilding:
|
|
|
|
|
|
|
|
||||||||
Home sales revenue
|
$
|
130,837
|
|
|
$
|
261,167
|
|
|
$
|
—
|
|
|
$
|
392,004
|
|
Land and lot sales revenue
|
—
|
|
|
578
|
|
|
—
|
|
|
578
|
|
||||
Other operations revenue
|
—
|
|
|
568
|
|
|
—
|
|
|
568
|
|
||||
Total revenues
|
130,837
|
|
|
262,313
|
|
|
—
|
|
|
393,150
|
|
||||
Cost of home sales
|
112,258
|
|
|
206,146
|
|
|
—
|
|
|
318,404
|
|
||||
Cost of land and lot sales
|
—
|
|
|
654
|
|
|
—
|
|
|
654
|
|
||||
Other operations expense
|
—
|
|
|
560
|
|
|
—
|
|
|
560
|
|
||||
Sales and marketing
|
6,483
|
|
|
20,217
|
|
|
—
|
|
|
26,700
|
|
||||
General and administrative
|
17,249
|
|
|
17,400
|
|
|
—
|
|
|
34,649
|
|
||||
Homebuilding (loss) income from operations
|
(5,153
|
)
|
|
17,336
|
|
|
—
|
|
|
12,183
|
|
||||
Equity in income of unconsolidated entities
|
—
|
|
|
138
|
|
|
—
|
|
|
138
|
|
||||
Other income, net
|
9
|
|
|
68
|
|
|
—
|
|
|
77
|
|
||||
Homebuilding (loss) income before income taxes
|
(5,144
|
)
|
|
17,542
|
|
|
—
|
|
|
12,398
|
|
||||
Financial Services:
|
|
|
|
|
|
|
|
||||||||
Revenues
|
—
|
|
|
241
|
|
|
—
|
|
|
241
|
|
||||
Expenses
|
—
|
|
|
74
|
|
|
—
|
|
|
74
|
|
||||
Equity in income of unconsolidated entities
|
—
|
|
|
266
|
|
|
—
|
|
|
266
|
|
||||
Financial services income before income taxes
|
—
|
|
|
433
|
|
|
—
|
|
|
433
|
|
||||
(Loss) income before income taxes
|
(5,144
|
)
|
|
17,975
|
|
|
—
|
|
|
12,831
|
|
||||
Equity of net income of subsidiaries
|
9,037
|
|
|
—
|
|
|
(9,037
|
)
|
|
—
|
|
||||
Benefit (provision) for income taxes
|
4,300
|
|
|
(8,914
|
)
|
|
—
|
|
|
(4,614
|
)
|
||||
Net income
|
8,193
|
|
|
9,061
|
|
|
(9,037
|
)
|
|
8,217
|
|
||||
Net income attributable to noncontrolling interests
|
—
|
|
|
(24
|
)
|
|
—
|
|
|
(24
|
)
|
||||
Net income available to common stockholders
|
$
|
8,193
|
|
|
$
|
9,037
|
|
|
$
|
(9,037
|
)
|
|
$
|
8,193
|
|
|
Three Months Ended March 31, 2016
|
||||||||||||||
|
Issuer
|
|
Guarantor
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated
TRI Pointe
Group, Inc.
|
||||||||
Homebuilding:
|
|
|
|
|
|
|
|
||||||||
Home sales revenue
|
$
|
131,957
|
|
|
$
|
291,098
|
|
|
$
|
—
|
|
|
$
|
423,055
|
|
Land and lot sales revenue
|
—
|
|
|
355
|
|
|
—
|
|
|
355
|
|
||||
Other operations revenue
|
—
|
|
|
580
|
|
|
—
|
|
|
580
|
|
||||
Total revenues
|
131,957
|
|
|
292,033
|
|
|
—
|
|
|
423,990
|
|
||||
Cost of home sales
|
110,452
|
|
|
214,047
|
|
|
—
|
|
|
324,499
|
|
||||
Cost of land and lot sales
|
—
|
|
|
779
|
|
|
—
|
|
|
779
|
|
||||
Other operations expense
|
—
|
|
|
566
|
|
|
—
|
|
|
566
|
|
||||
Sales and marketing
|
6,064
|
|
|
20,257
|
|
|
—
|
|
|
26,321
|
|
||||
General and administrative
|
13,212
|
|
|
15,319
|
|
|
—
|
|
|
28,531
|
|
||||
Homebuilding income from operations
|
2,229
|
|
|
41,065
|
|
|
—
|
|
|
43,294
|
|
||||
Equity in loss of unconsolidated entities
|
—
|
|
|
(14
|
)
|
|
—
|
|
|
(14
|
)
|
||||
Other income (loss), net
|
357
|
|
|
(242
|
)
|
|
—
|
|
|
115
|
|
||||
Homebuilding income before income taxes
|
2,586
|
|
|
40,809
|
|
|
—
|
|
|
43,395
|
|
||||
Financial Services:
|
|
|
|
|
|
|
|
||||||||
Revenues
|
—
|
|
|
148
|
|
|
—
|
|
|
148
|
|
||||
Expenses
|
—
|
|
|
58
|
|
|
—
|
|
|
58
|
|
||||
Equity in income of unconsolidated entities
|
—
|
|
|
715
|
|
|
—
|
|
|
715
|
|
||||
Financial services income before income taxes
|
—
|
|
|
805
|
|
|
—
|
|
|
805
|
|
||||
Income before income taxes
|
2,586
|
|
|
41,614
|
|
|
—
|
|
|
44,200
|
|
||||
Equity of net income of subsidiaries
|
27,231
|
|
|
—
|
|
|
(27,231
|
)
|
|
—
|
|
||||
Provision for income taxes
|
(1,267
|
)
|
|
(14,223
|
)
|
|
—
|
|
|
(15,490
|
)
|
||||
Net income
|
28,550
|
|
|
27,391
|
|
|
(27,231
|
)
|
|
28,710
|
|
||||
Net income attributable to noncontrolling interests
|
—
|
|
|
(160
|
)
|
|
—
|
|
|
(160
|
)
|
||||
Net income available to common stockholders
|
$
|
28,550
|
|
|
$
|
27,231
|
|
|
$
|
(27,231
|
)
|
|
$
|
28,550
|
|
|
Three Months Ended March 31, 2017
|
||||||||||||||
|
Issuer
|
|
Guarantor
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated
TRI Pointe
Group, Inc.
|
||||||||
Cash flows from operating activities
|
|
|
|
|
|
|
|
||||||||
Net cash provided by (used in) operating activities
|
$
|
6,533
|
|
|
$
|
(118,824
|
)
|
|
$
|
—
|
|
|
$
|
(112,291
|
)
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
||||||||
Purchases of property and equipment
|
(871
|
)
|
|
(302
|
)
|
|
—
|
|
|
(1,173
|
)
|
||||
Proceeds from sale of property and equipment
|
—
|
|
|
5
|
|
|
—
|
|
|
5
|
|
||||
Investments in unconsolidated entities
|
—
|
|
|
(231
|
)
|
|
—
|
|
|
(231
|
)
|
||||
Intercompany
|
(110,529
|
)
|
|
—
|
|
|
110,529
|
|
|
—
|
|
||||
Net cash (used in) provided by investing activities
|
(111,400
|
)
|
|
(528
|
)
|
|
110,529
|
|
|
(1,399
|
)
|
||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
||||||||
Borrowings from debt
|
50,000
|
|
|
—
|
|
|
—
|
|
|
50,000
|
|
||||
Repayment of debt
|
(13,726
|
)
|
|
—
|
|
|
—
|
|
|
(13,726
|
)
|
||||
Distributions to noncontrolling interests
|
—
|
|
|
(415
|
)
|
|
—
|
|
|
(415
|
)
|
||||
Proceeds from issuance of common stock under
share-based awards
|
746
|
|
|
—
|
|
|
—
|
|
|
746
|
|
||||
Minimum tax withholding paid on behalf of employees for
restricted stock units
|
(2,561
|
)
|
|
—
|
|
|
—
|
|
|
(2,561
|
)
|
||||
Share repurchases
|
(492
|
)
|
|
—
|
|
|
—
|
|
|
(492
|
)
|
||||
Intercompany
|
—
|
|
|
110,529
|
|
|
(110,529
|
)
|
|
—
|
|
||||
Net cash provided by (used in) financing activities
|
33,967
|
|
|
110,114
|
|
|
(110,529
|
)
|
|
33,552
|
|
||||
Net decrease in cash and cash equivalents
|
(70,900
|
)
|
|
(9,238
|
)
|
|
—
|
|
|
(80,138
|
)
|
||||
Cash and cash equivalents - beginning of period
|
141,568
|
|
|
67,089
|
|
|
—
|
|
|
208,657
|
|
||||
Cash and cash equivalents - end of period
|
$
|
70,668
|
|
|
$
|
57,851
|
|
|
$
|
—
|
|
|
$
|
128,519
|
|
|
Three Months Ended March 31, 2016
|
||||||||||||||
|
Issuer
|
|
Guarantor
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Consolidated
TRI Pointe
Group, Inc.
|
||||||||
Cash flows from operating activities
|
|
|
|
|
|
|
|
||||||||
Net cash used in operating activities
|
$
|
(73,056
|
)
|
|
$
|
(66,620
|
)
|
|
$
|
—
|
|
|
$
|
(139,676
|
)
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
||||||||
Purchases of property and equipment
|
(216
|
)
|
|
(195
|
)
|
|
—
|
|
|
(411
|
)
|
||||
Investments in unconsolidated entities
|
—
|
|
|
(13
|
)
|
|
—
|
|
|
(13
|
)
|
||||
Distributions from unconsolidated entities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Intercompany
|
(89,524
|
)
|
|
—
|
|
|
89,524
|
|
|
—
|
|
||||
Net cash (used in) provided by investing activities
|
(89,740
|
)
|
|
(208
|
)
|
|
89,524
|
|
|
(424
|
)
|
||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
||||||||
Borrowings from notes payable
|
75,000
|
|
|
—
|
|
|
—
|
|
|
75,000
|
|
||||
Repayment of notes payable
|
(2,034
|
)
|
|
(400
|
)
|
|
—
|
|
|
(2,434
|
)
|
||||
Debt issuance costs
|
—
|
|
|
(132
|
)
|
|
—
|
|
|
(132
|
)
|
||||
Contributions from noncontrolling interests
|
—
|
|
|
808
|
|
|
—
|
|
|
808
|
|
||||
Distributions to noncontrolling interests
|
—
|
|
|
(2,527
|
)
|
|
—
|
|
|
(2,527
|
)
|
||||
Proceeds from issuance of common stock under
share-based awards
|
6
|
|
|
—
|
|
|
—
|
|
|
6
|
|
||||
Minimum tax withholding paid on behalf of employees for restricted stock units
|
(1,087
|
)
|
|
—
|
|
|
—
|
|
|
(1,087
|
)
|
||||
Intercompany
|
—
|
|
|
89,524
|
|
|
(89,524
|
)
|
|
—
|
|
||||
Net cash provided by (used in) financing activities
|
71,885
|
|
|
87,273
|
|
|
(89,524
|
)
|
|
69,634
|
|
||||
Net decrease increase in cash and cash equivalents
|
(90,911
|
)
|
|
20,445
|
|
|
—
|
|
|
(70,466
|
)
|
||||
Cash and cash equivalents - beginning of period
|
147,771
|
|
|
66,714
|
|
|
—
|
|
|
214,485
|
|
||||
Cash and cash equivalents - end of period
|
$
|
56,860
|
|
|
$
|
87,159
|
|
|
$
|
—
|
|
|
$
|
144,019
|
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
•
|
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;
|
•
|
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;
|
•
|
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;
|
•
|
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.”
|
|
Three Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
Homebuilding:
|
|
|
|
|
|
||
Home sales revenue
|
$
|
392,004
|
|
|
$
|
423,055
|
|
Land and lot sales revenue
|
578
|
|
|
355
|
|
||
Other operations revenue
|
568
|
|
|
580
|
|
||
Total revenues
|
393,150
|
|
|
423,990
|
|
||
Cost of home sales
|
318,404
|
|
|
324,499
|
|
||
Cost of land and lot sales
|
654
|
|
|
779
|
|
||
Other operations expense
|
560
|
|
|
566
|
|
||
Sales and marketing
|
26,700
|
|
|
26,321
|
|
||
General and administrative
|
34,649
|
|
|
28,531
|
|
||
Homebuilding income from operations
|
12,183
|
|
|
43,294
|
|
||
Equity in income (loss) of unconsolidated entities
|
138
|
|
|
(14
|
)
|
||
Other income, net
|
77
|
|
|
115
|
|
||
Homebuilding income before income taxes
|
12,398
|
|
|
43,395
|
|
||
Financial Services:
|
|
|
|
|
|
||
Revenues
|
241
|
|
|
148
|
|
||
Expenses
|
74
|
|
|
58
|
|
||
Equity in income of unconsolidated entities
|
266
|
|
|
715
|
|
||
Financial services income before income taxes
|
433
|
|
|
805
|
|
||
Income before income taxes
|
12,831
|
|
|
44,200
|
|
||
Provision for income taxes
|
(4,614
|
)
|
|
(15,490
|
)
|
||
Net income
|
8,217
|
|
|
28,710
|
|
||
Net income attributable to noncontrolling interests
|
(24
|
)
|
|
(160
|
)
|
||
Net income available to common stockholders
|
$
|
8,193
|
|
|
$
|
28,550
|
|
Earnings per share
|
|
|
|
|
|
||
Basic
|
$
|
0.05
|
|
|
$
|
0.18
|
|
Diluted
|
$
|
0.05
|
|
|
$
|
0.18
|
|
|
Three Months Ended March 31, 2017
|
|
Three Months Ended March 31, 2016
|
|
Percentage Change
|
|||||||||||||||||||||
|
Net New
Home
Orders
|
|
Average
Selling
Communities
|
|
Monthly
Absorption
Rates
|
|
Net New
Home
Orders
|
|
Average
Selling
Communities
|
|
Monthly
Absorption
Rates
|
|
Net New
Home
Orders
|
|
Average
Selling
Communities
|
|
Monthly
Absorption
Rates
|
|||||||||
Maracay Homes
|
184
|
|
|
16.5
|
|
|
3.7
|
|
|
201
|
|
|
18.5
|
|
|
3.6
|
|
|
(8
|
)%
|
|
(11
|
)%
|
|
3
|
%
|
Pardee Homes
|
378
|
|
|
28.5
|
|
|
4.4
|
|
|
313
|
|
|
23.5
|
|
|
4.4
|
|
|
21
|
%
|
|
21
|
%
|
|
—
|
%
|
Quadrant Homes
|
120
|
|
|
7.5
|
|
|
5.3
|
|
|
133
|
|
|
9.5
|
|
|
4.7
|
|
|
(10
|
)%
|
|
(21
|
)%
|
|
14
|
%
|
Trendmaker Homes
|
151
|
|
|
32.0
|
|
|
1.6
|
|
|
122
|
|
|
24.3
|
|
|
1.7
|
|
|
24
|
%
|
|
32
|
%
|
|
(6
|
)%
|
TRI Pointe Homes
|
353
|
|
|
29.3
|
|
|
4.0
|
|
|
265
|
|
|
25.5
|
|
|
3.5
|
|
|
33
|
%
|
|
15
|
%
|
|
16
|
%
|
Winchester Homes
|
113
|
|
|
11.7
|
|
|
3.2
|
|
|
115
|
|
|
13.2
|
|
|
2.9
|
|
|
(2
|
)%
|
|
(11
|
)%
|
|
11
|
%
|
Total
|
1,299
|
|
|
125.5
|
|
|
3.5
|
|
|
1,149
|
|
|
114.5
|
|
|
3.3
|
|
|
13
|
%
|
|
10
|
%
|
|
3
|
%
|
|
As of March 31, 2017
|
|
As of March 31, 2016
|
|
Percentage Change
|
|||||||||||||||||||||||||
|
Backlog
Units
|
|
Backlog
Dollar
Value
|
|
Average
Sales
Price
|
|
Backlog
Units
|
|
Backlog
Dollar
Value
|
|
Average
Sales
Price
|
|
Backlog
Units
|
|
Backlog
Dollar
Value
|
|
Average
Sales
Price
|
|||||||||||||
Maracay Homes
|
313
|
|
|
$
|
153,389
|
|
|
$
|
490
|
|
|
289
|
|
|
$
|
121,130
|
|
|
$
|
419
|
|
|
8
|
%
|
|
27
|
%
|
|
17
|
%
|
Pardee Homes
|
442
|
|
|
248,621
|
|
|
562
|
|
|
379
|
|
|
242,278
|
|
|
639
|
|
|
17
|
%
|
|
3
|
%
|
|
(12
|
)%
|
||||
Quadrant Homes
|
158
|
|
|
111,551
|
|
|
706
|
|
|
184
|
|
|
99,170
|
|
|
539
|
|
|
(14
|
)%
|
|
12
|
%
|
|
31
|
%
|
||||
Trendmaker Homes
|
208
|
|
|
107,860
|
|
|
519
|
|
|
170
|
|
|
90,870
|
|
|
535
|
|
|
22
|
%
|
|
19
|
%
|
|
(3
|
)%
|
||||
TRI Pointe Homes
|
443
|
|
|
283,986
|
|
|
641
|
|
|
354
|
|
|
238,669
|
|
|
674
|
|
|
25
|
%
|
|
19
|
%
|
|
(5
|
)%
|
||||
Winchester Homes
|
170
|
|
|
108,756
|
|
|
640
|
|
|
158
|
|
|
99,415
|
|
|
629
|
|
|
8
|
%
|
|
9
|
%
|
|
2
|
%
|
||||
Total
|
1,734
|
|
|
$
|
1,014,163
|
|
|
$
|
585
|
|
|
1,534
|
|
|
$
|
891,532
|
|
|
$
|
581
|
|
|
13
|
%
|
|
14
|
%
|
|
1
|
%
|
|
Three Months Ended March 31, 2017
|
|
Three Months Ended March 31, 2016
|
|
Percentage Change
|
|||||||||||||||||||||||||
|
New
Homes
Delivered
|
|
Home
Sales
Revenue
|
|
Average
Sales
Price
|
|
New
Homes
Delivered
|
|
Home
Sales
Revenue
|
|
Average
Sales
Price
|
|
New
Homes
Delivered
|
|
Home
Sales
Revenue
|
|
Average
Sales
Price
|
|||||||||||||
Maracay Homes
|
119
|
|
|
$
|
51,060
|
|
|
$
|
429
|
|
|
115
|
|
|
$
|
45,437
|
|
|
$
|
395
|
|
|
3
|
%
|
|
12
|
%
|
|
9
|
%
|
Pardee Homes
|
196
|
|
|
83,699
|
|
|
427
|
|
|
208
|
|
|
118,933
|
|
|
572
|
|
|
(6
|
)%
|
|
(30
|
)%
|
|
(25
|
)%
|
||||
Quadrant Homes
|
63
|
|
|
39,883
|
|
|
633
|
|
|
92
|
|
|
45,478
|
|
|
494
|
|
|
(32
|
)%
|
|
(12
|
)%
|
|
28
|
%
|
||||
Trendmaker Homes
|
106
|
|
|
51,939
|
|
|
490
|
|
|
88
|
|
|
43,786
|
|
|
498
|
|
|
20
|
%
|
|
19
|
%
|
|
(2
|
)%
|
||||
TRI Pointe Homes
|
208
|
|
|
130,837
|
|
|
629
|
|
|
201
|
|
|
131,957
|
|
|
657
|
|
|
3
|
%
|
|
(1
|
)%
|
|
(4
|
)%
|
||||
Winchester Homes
|
66
|
|
|
34,586
|
|
|
524
|
|
|
67
|
|
|
37,464
|
|
|
559
|
|
|
(1
|
)%
|
|
(8
|
)%
|
|
(6
|
)%
|
||||
Total
|
758
|
|
|
$
|
392,004
|
|
|
$
|
517
|
|
|
771
|
|
|
$
|
423,055
|
|
|
$
|
549
|
|
|
(2
|
)%
|
|
(7
|
)%
|
|
(6
|
)%
|
|
Three Months Ended March 31,
|
||||||||||||
|
2017
|
|
%
|
|
2016
|
|
%
|
||||||
Home sales revenue
|
$
|
392,004
|
|
|
100.0
|
%
|
|
$
|
423,055
|
|
|
100.0
|
%
|
Cost of home sales
|
318,404
|
|
|
81.2
|
%
|
|
324,499
|
|
|
76.7
|
%
|
||
Homebuilding gross margin
|
73,600
|
|
|
18.8
|
%
|
|
98,556
|
|
|
23.3
|
%
|
||
Add: interest in cost of home sales
|
9,680
|
|
|
2.5
|
%
|
|
8,830
|
|
|
2.1
|
%
|
||
Add: impairments and lot option abandonments
|
288
|
|
|
0.1
|
%
|
|
182
|
|
|
0.0
|
%
|
||
Adjusted homebuilding gross margin
(1)
|
$
|
83,568
|
|
|
21.3
|
%
|
|
$
|
107,568
|
|
|
25.4
|
%
|
Homebuilding gross margin percentage
|
18.8
|
%
|
|
|
|
23.3
|
%
|
|
|
||||
Adjusted homebuilding gross margin percentage
(1)
|
21.3
|
%
|
|
|
|
25.4
|
%
|
|
|
(1)
|
Non-GAAP financial measure (as discussed below).
|
|
Three Months Ended March 31,
|
|
As a Percentage of
Home Sales Revenue
|
||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||
Sales and marketing
|
$
|
26,700
|
|
|
$
|
26,321
|
|
|
6.8
|
%
|
|
6.2
|
%
|
General and administrative (G&A)
|
34,649
|
|
|
28,531
|
|
|
8.8
|
%
|
|
6.7
|
%
|
||
Total sales and marketing and G&A
|
$
|
61,349
|
|
|
$
|
54,852
|
|
|
15.7
|
%
|
|
13.0
|
%
|
|
March 31,
|
|
Increase
(Decrease)
|
||||||||
|
2017
|
|
2016
|
|
Amount
|
|
%
|
||||
Lots Owned
|
|
|
|
|
|
|
|
||||
Maracay Homes
|
1,645
|
|
|
1,476
|
|
|
169
|
|
|
11
|
%
|
Pardee Homes
|
16,083
|
|
|
16,296
|
|
|
(213
|
)
|
|
(1
|
)%
|
Quadrant Homes
|
1,089
|
|
|
1,082
|
|
|
7
|
|
|
1
|
%
|
Trendmaker Homes
|
1,637
|
|
|
1,388
|
|
|
249
|
|
|
18
|
%
|
TRI Pointe Homes
|
2,936
|
|
|
2,865
|
|
|
71
|
|
|
2
|
%
|
Winchester Homes
|
1,744
|
|
|
1,920
|
|
|
(176
|
)
|
|
(9
|
)%
|
Total
|
25,134
|
|
|
25,027
|
|
|
107
|
|
|
—
|
%
|
Lots Controlled
(1)
|
|
|
|
|
|
|
|
||||
Maracay Homes
|
966
|
|
|
804
|
|
|
162
|
|
|
20
|
%
|
Pardee Homes
|
399
|
|
|
161
|
|
|
238
|
|
|
148
|
%
|
Quadrant Homes
|
711
|
|
|
428
|
|
|
283
|
|
|
66
|
%
|
Trendmaker Homes
|
265
|
|
|
389
|
|
|
(124
|
)
|
|
(32
|
)%
|
TRI Pointe Homes
|
619
|
|
|
760
|
|
|
(141
|
)
|
|
(19
|
)%
|
Winchester Homes
|
666
|
|
|
360
|
|
|
306
|
|
|
85
|
%
|
Total
|
3,626
|
|
|
2,902
|
|
|
724
|
|
|
25
|
%
|
Total Lots Owned or Controlled
(1)
|
28,760
|
|
|
27,929
|
|
|
831
|
|
|
3
|
%
|
(1)
|
As of
March 31, 2017
and
2016
lots controlled included lots that were under land or lot option contracts or purchase contracts.
|
|
Actual at
March 31, |
|
Covenant
Requirement at March 31, |
||||
Financial Covenants
|
2017
|
|
2017
|
||||
Consolidated Tangible Net Worth
|
$
|
1,677,813
|
|
|
$
|
1,072,649
|
|
(Not less than $875.9 million plus 50% of net income and
50% of the net proceeds from equity offerings after
March 31, 2015)
|
|
|
|
|
|||
Leverage Test
|
44.0
|
%
|
|
≤55%
|
|
||
(Not to exceed 55%)
|
|
|
|
|
|||
Interest Coverage Test
|
4.7
|
|
|
≥1.5
|
|
||
(Not less than 1.5:1.0)
|
|
|
|
|
|
March 31, 2017
|
|
December 31, 2016
|
||||
Unsecured revolving credit facility
|
$
|
250,000
|
|
|
$
|
200,000
|
|
Seller financed loans
|
—
|
|
|
13,726
|
|
||
Senior Notes
|
1,169,914
|
|
|
1,168,307
|
|
||
Total debt
|
1,419,914
|
|
|
1,382,033
|
|
||
Stockholders’ equity
|
1,839,174
|
|
|
1,829,447
|
|
||
Total capital
|
$
|
3,259,088
|
|
|
$
|
3,211,480
|
|
Ratio of debt-to-capital
(1)
|
43.6
|
%
|
|
43.0
|
%
|
||
|
|
|
|
||||
Total debt
|
$
|
1,419,914
|
|
|
$
|
1,382,033
|
|
Less: Cash and cash equivalents
|
(128,519
|
)
|
|
(208,657
|
)
|
||
Net debt
|
1,291,395
|
|
|
1,173,376
|
|
||
Stockholders’ equity
|
1,839,174
|
|
|
1,829,447
|
|
||
Total capital
|
$
|
3,130,569
|
|
|
$
|
3,002,823
|
|
Ratio of net debt-to-capital
(2)
|
41.3
|
%
|
|
39.1
|
%
|
(1)
|
The ratio of debt-to-capital is computed as the quotient obtained by dividing total debt by the sum of total debt plus equity.
|
(2)
|
The ratio of net debt-to-capital is a non-GAAP measure and is computed as the quotient obtained by dividing net debt (which is total debt less cash and cash equivalents) by the sum of net debt plus equity. The most directly comparable GAAP financial measure is the ratio of debt-to-capital. We believe the ratio of net debt-to-capital is a relevant financial measure for investors to understand the leverage employed in our operations and as an indicator of our ability to obtain financing. See the table above reconciling this non-GAAP financial measure to the ratio of debt-to-capital. Because the ratio of net debt-to-capital is not calculated in accordance with GAAP, it may not be comparable to other similarly titled measures of other companies and should not be considered in isolation or as a substitute for, or superior to, financial measures prepared in accordance with GAAP.
|
•
|
Net cash used in operating activities decreased by
$27.4 million
to
$112.3 million
for the
three
months ended
March 31, 2017
, from
$139.7 million
for the
three
months ended
March 31, 2016
. The change was comprised of offsetting activity, including (i) an increase in real estate inventories of
$138.0 million
in 2017 compared to an increase of $180.5 million in 2016 and (ii) other offsetting activity included changes in other assets, receivables, accounts payable, accrued expenses, and net income. The offsetting increase in accounts receivable and accrued expenses and other liabilities included $38.0 million of additional warranty liabilities estimated to be recovered by our insurance policies.
|
•
|
Net cash used in investing activities was
$1.4 million
for the
three
months ended
March 31, 2017
, compared to
$424,000
for the same prior year period in 2016. The increase in cash used in investing activities was due mainly to increased purchases of property and equipment.
|
•
|
Net cash provided by financing activities decreased to
$33.6 million
for the
three
months ending
March 31, 2017
, from
$69.6 million
for the same period in the prior year. The change was primarily a result of lower net borrowings from debt of $50.0 million during the
three
months ended
March 31, 2017
, compared to $75.0 million for the
three
months ended
March 31, 2016
, offset by higher cash used to repay debt of $13.7 million used during the three months ended March 31, 2017 compared to $2.4 million used during the three months ended March 31, 2016.
|
County, Project, City
|
Year of
First
Delivery
(1)
|
|
Total
Number of
Lots
(2)
|
|
Cumulative
Homes
Delivered
as of
March 31,
2017
|
|
Lots
Owned as of
March 31,
2017
(3)
|
|
Backlog as of
March 31,
2017
(4)(5)
|
|
Homes
Delivered
for the Three
Months Ended
March 31,
2017
|
|
Sales Price
Range
(in thousands)
(6)
|
|||||
Phoenix, Arizona
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Town of Buckeye:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Verrado Palisades
|
2015
|
|
63
|
|
|
41
|
|
|
22
|
|
|
11
|
|
|
8
|
|
|
$301 - $374
|
Verrado Victory
|
2015
|
|
98
|
|
|
34
|
|
|
64
|
|
|
12
|
|
|
4
|
|
|
$357 - $392
|
City of Chandler:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Sendera Place
|
2015
|
|
79
|
|
|
66
|
|
|
13
|
|
|
9
|
|
|
8
|
|
|
$277 - $324
|
Hawthorn Manor
|
2017
|
|
84
|
|
|
—
|
|
|
84
|
|
|
21
|
|
|
—
|
|
|
$511 - $544
|
Town of Gilbert:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Marquis at Morrison Ranch
|
2016
|
|
66
|
|
|
42
|
|
|
24
|
|
|
18
|
|
|
6
|
|
|
$414 - $501
|
Artisan at Morrison Ranch
|
2016
|
|
105
|
|
|
45
|
|
|
60
|
|
|
24
|
|
|
10
|
|
|
$326 - $379
|
The Preserve at Adora Trails
|
2017
|
|
82
|
|
|
—
|
|
|
82
|
|
|
14
|
|
|
—
|
|
|
$386 - $427
|
Marathon Ranch
|
2018
|
|
63
|
|
|
—
|
|
|
63
|
|
|
—
|
|
|
—
|
|
|
$477 - $501
|
City of Goodyear:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Rio Paseo Villages
|
2018
|
|
117
|
|
|
—
|
|
|
117
|
|
|
—
|
|
|
—
|
|
|
$200 - $220
|
Rio Paseo Cottages
|
2018
|
|
93
|
|
|
—
|
|
|
93
|
|
|
—
|
|
|
—
|
|
|
$234 - $253
|
City of Mesa:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Kinetic Point at Eastmark
|
2013
|
|
80
|
|
|
75
|
|
|
5
|
|
|
1
|
|
|
—
|
|
|
$283 - $361
|
Lumiere Garden at Eastmark
|
2013
|
|
85
|
|
|
77
|
|
|
8
|
|
|
3
|
|
|
2
|
|
|
$327 - $403
|
Aileron Square at Eastmark
|
2016
|
|
58
|
|
|
29
|
|
|
29
|
|
|
18
|
|
|
5
|
|
|
$327 - $403
|
Curie Court at Eastmark
|
2016
|
|
106
|
|
|
33
|
|
|
73
|
|
|
14
|
|
|
3
|
|
|
$283 - $361
|
Palladium Point
|
2016
|
|
53
|
|
|
8
|
|
|
45
|
|
|
11
|
|
|
4
|
|
|
$310 - $379
|
The Vista at Granite Crossing
|
2018
|
|
37
|
|
|
—
|
|
|
37
|
|
|
—
|
|
|
—
|
|
|
$381 - $456
|
Town of Peoria:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
The Reserve at Plaza del Rio
|
2013
|
|
162
|
|
|
143
|
|
|
19
|
|
|
13
|
|
|
8
|
|
|
$227 - $270
|
Maracay at Northlands
|
2014
|
|
90
|
|
|
89
|
|
|
1
|
|
|
1
|
|
|
12
|
|
|
$330 - $411
|
Legacy at The Meadows
|
2017
|
|
74
|
|
|
2
|
|
|
72
|
|
|
15
|
|
|
2
|
|
|
$400 - $426
|
Estates at The Meadows
|
2017
|
|
99
|
|
|
2
|
|
|
97
|
|
|
33
|
|
|
2
|
|
|
$463 - $537
|
Meadows 1 & 3
|
2018
|
|
299
|
|
|
—
|
|
|
299
|
|
|
—
|
|
|
—
|
|
|
$365 - $523
|
City of Phoenix:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Navarro Groves
|
2018
|
|
54
|
|
|
—
|
|
|
54
|
|
|
—
|
|
|
—
|
|
|
$373 - $406
|
Town of Queen Creek:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
The Preserve at Hastings Farms
|
2014
|
|
89
|
|
|
89
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
$300 - $385
|
Villagio
|
2013
|
|
135
|
|
|
135
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|
$291 - $352
|
Phoenix, Arizona Total
|
|
|
2,271
|
|
|
910
|
|
|
1,361
|
|
|
218
|
|
|
81
|
|
|
|
Tucson, Arizona
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Marana:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Tortolita Vistas
|
2014
|
|
55
|
|
|
44
|
|
|
11
|
|
|
11
|
|
|
3
|
|
|
$458 - $515
|
Oro Valley:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Rancho del Cobre
|
2014
|
|
68
|
|
|
59
|
|
|
9
|
|
|
4
|
|
|
4
|
|
|
$410 - $478
|
Desert Crest - Center Pointe Vistoso
|
2016
|
|
103
|
|
|
19
|
|
|
84
|
|
|
16
|
|
|
6
|
|
|
$255 - $300
|
The Cove - Center Pointe Vistoso
|
2016
|
|
83
|
|
|
23
|
|
|
60
|
|
|
13
|
|
|
5
|
|
|
$335 - $395
|
Summit N & S - Center Pointe Vistoso
|
2016
|
|
88
|
|
|
28
|
|
|
60
|
|
|
23
|
|
|
5
|
|
|
$389 - $424
|
The Pinnacle - Center Pointe Vistoso
|
2016
|
|
69
|
|
|
35
|
|
|
34
|
|
|
14
|
|
|
13
|
|
|
$446 - $478
|
Tucson:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Ranches at Santa Catalina
|
2016
|
|
34
|
|
|
8
|
|
|
26
|
|
|
14
|
|
|
2
|
|
|
$411 - $457
|
Tucson, Arizona Total
|
|
|
500
|
|
|
216
|
|
|
284
|
|
|
95
|
|
|
38
|
|
|
|
Maracay Total
|
|
|
2,771
|
|
|
1,126
|
|
|
1,645
|
|
|
313
|
|
|
119
|
|
|
|
County, Project, City
|
Year of
First
Delivery
(1)
|
|
Total
Number of
Lots
(2)
|
|
Cumulative
Homes
Delivered
as of
March 31,
2017
|
|
Lots
Owned as of
March 31,
2017
(3)
|
|
Backlog as of
March 31,
2017
(4)(5)
|
|
Homes
Delivered
for the Three
Months Ended
March 31,
2017
|
|
Sales Price
Range
(in thousands)
(6)
|
|||||
California
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
San Diego County:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Casabella
|
2015
|
|
139
|
|
|
104
|
|
|
35
|
|
|
31
|
|
|
4
|
|
|
$900 - $1,000
|
Casavia
|
2017
|
|
83
|
|
|
9
|
|
|
74
|
|
|
24
|
|
|
9
|
|
|
$980 - $1,020
|
Artesana
|
2017
|
|
56
|
|
|
—
|
|
|
56
|
|
|
18
|
|
|
—
|
|
|
$1,680 - $1,910
|
Almeria
|
2017
|
|
80
|
|
|
—
|
|
|
80
|
|
|
—
|
|
|
—
|
|
|
$1,390 - $1,480
|
Olvera
|
2017
|
|
84
|
|
|
—
|
|
|
84
|
|
|
—
|
|
|
—
|
|
|
$1,260 - $1,350
|
Pacific Highlands Ranch Future
|
TBD
|
|
605
|
|
|
—
|
|
|
605
|
|
|
—
|
|
|
—
|
|
|
TBD
|
Olive Hill Estate
|
2016
|
|
37
|
|
|
20
|
|
|
17
|
|
|
8
|
|
|
4
|
|
|
$650 - $770
|
Sandstone (Castlerock)
|
2018
|
|
81
|
|
|
—
|
|
|
81
|
|
|
—
|
|
|
—
|
|
|
$630 - $660
|
Castlerock 47x90
|
2018
|
|
63
|
|
|
—
|
|
|
63
|
|
|
—
|
|
|
—
|
|
|
TBD
|
Lake Ridge (Castlerock)
|
2018
|
|
129
|
|
|
—
|
|
|
129
|
|
|
—
|
|
|
—
|
|
|
$700 - $780
|
Castlerock - 42x63
|
2018
|
|
142
|
|
|
—
|
|
|
142
|
|
|
—
|
|
|
—
|
|
|
TBD
|
Meadowood
|
TBD
|
|
844
|
|
|
—
|
|
|
844
|
|
|
—
|
|
|
—
|
|
|
$290 - $590
|
Parkview Condos
|
2016
|
|
73
|
|
|
56
|
|
|
17
|
|
|
16
|
|
|
20
|
|
|
$435 - $515
|
Luna
|
2017
|
|
96
|
|
|
—
|
|
|
96
|
|
|
19
|
|
|
—
|
|
|
$370 - $450
|
Azul
|
2017
|
|
121
|
|
|
—
|
|
|
121
|
|
|
19
|
|
|
—
|
|
|
$360 - $450
|
Ocean View HillsFuture
|
2017
|
|
700
|
|
|
—
|
|
|
700
|
|
|
—
|
|
|
—
|
|
|
TBD
|
South Otay Mesa
|
TBD
|
|
893
|
|
|
—
|
|
|
893
|
|
|
—
|
|
|
—
|
|
|
$185 - $530
|
Los Angeles County:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Aliento - Verano
|
2017
|
|
95
|
|
|
—
|
|
|
95
|
|
|
—
|
|
|
—
|
|
|
$495 - $615
|
Aliento - Arista
|
2017
|
|
112
|
|
|
—
|
|
|
112
|
|
|
13
|
|
|
—
|
|
|
$695 - $756
|
Aliento - 55x100
|
2018
|
|
94
|
|
|
—
|
|
|
94
|
|
|
—
|
|
|
—
|
|
|
$665 - $700
|
Aliento - 70x100
|
2018
|
|
67
|
|
|
—
|
|
|
67
|
|
|
—
|
|
|
—
|
|
|
$810 - $860
|
Skyline Ranch
|
TBD
|
|
1,260
|
|
|
—
|
|
|
1,260
|
|
|
—
|
|
|
—
|
|
|
$510 - $640
|
Riverside County:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Meadow Glen
|
2014
|
|
142
|
|
|
142
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
$350 - $410
|
Senterra
|
2016
|
|
82
|
|
|
34
|
|
|
48
|
|
|
14
|
|
|
9
|
|
|
$390 - $480
|
Vantage
|
2016
|
|
83
|
|
|
25
|
|
|
58
|
|
|
5
|
|
|
10
|
|
|
$350 - $390
|
Viewpoint
|
2016
|
|
75
|
|
|
32
|
|
|
43
|
|
|
15
|
|
|
14
|
|
|
$290 - $325
|
Overlook
|
2016
|
|
112
|
|
|
30
|
|
|
82
|
|
|
23
|
|
|
6
|
|
|
$305 - $340
|
Aura
|
2017
|
|
79
|
|
|
—
|
|
|
79
|
|
|
24
|
|
|
—
|
|
|
$340 - $370
|
Starling
|
2018
|
|
107
|
|
|
—
|
|
|
107
|
|
|
—
|
|
|
—
|
|
|
$385 - $400
|
Canyon Hills Future 70 x 115
|
2018
|
|
125
|
|
|
—
|
|
|
125
|
|
|
—
|
|
|
—
|
|
|
TBD
|
Tournament Hills Future
|
TBD
|
|
268
|
|
|
—
|
|
|
268
|
|
|
—
|
|
|
—
|
|
|
TBD
|
Northstar
|
2015
|
|
102
|
|
|
79
|
|
|
23
|
|
|
4
|
|
|
13
|
|
|
$300 - $340
|
Skycrest
|
2015
|
|
115
|
|
|
74
|
|
|
41
|
|
|
13
|
|
|
6
|
|
|
$330 - $390
|
Flagstone
|
2016
|
|
79
|
|
|
38
|
|
|
41
|
|
|
8
|
|
|
4
|
|
|
$380 - $450
|
Lunetta
|
2016
|
|
89
|
|
|
66
|
|
|
23
|
|
|
10
|
|
|
11
|
|
|
$270 - $310
|
Elara
|
2016
|
|
118
|
|
|
29
|
|
|
89
|
|
|
42
|
|
|
9
|
|
|
$260 - $310
|
Daybreak
|
2017
|
|
139
|
|
|
—
|
|
|
139
|
|
|
—
|
|
|
—
|
|
|
$322 - $340
|
Cascade
|
2017
|
|
105
|
|
|
—
|
|
|
105
|
|
|
—
|
|
|
—
|
|
|
$296 - $312
|
Sundance Future
|
TBD
|
|
1,109
|
|
|
—
|
|
|
1,109
|
|
|
—
|
|
|
—
|
|
|
TBD
|
Avena
|
2017
|
|
84
|
|
|
—
|
|
|
84
|
|
|
—
|
|
|
—
|
|
|
$390 - $430
|
Tamarack
|
2017
|
|
84
|
|
|
—
|
|
|
84
|
|
|
—
|
|
|
—
|
|
|
TBD
|
Manifee Heights
|
TBD
|
|
359
|
|
|
—
|
|
|
359
|
|
|
—
|
|
|
—
|
|
|
TBD
|
Banning
|
TBD
|
|
4,318
|
|
|
—
|
|
|
4,318
|
|
|
—
|
|
|
—
|
|
|
$170 - $250
|
Sacramento County:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Natomas
|
TBD
|
|
120
|
|
|
—
|
|
|
120
|
|
|
—
|
|
|
—
|
|
|
TBD
|
San Joaquin County:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Bear Creek
|
TBD
|
|
1,252
|
|
|
—
|
|
|
1,252
|
|
|
—
|
|
|
—
|
|
|
TBD
|
California Total
|
|
|
15,000
|
|
|
738
|
|
|
14,262
|
|
|
306
|
|
|
121
|
|
|
|
Nevada
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Clark County:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
LivingSmart Sandstone
|
2013
|
|
145
|
|
|
145
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
$228 - $255
|
North Peak
|
2015
|
|
171
|
|
|
70
|
|
|
101
|
|
|
19
|
|
|
13
|
|
|
$286 - $340
|
Castle Rock
|
2015
|
|
188
|
|
|
71
|
|
|
117
|
|
|
15
|
|
|
10
|
|
|
$330 - $420
|
Camino
|
2016
|
|
86
|
|
|
37
|
|
|
49
|
|
|
17
|
|
|
14
|
|
|
$255 - $270
|
Solano
|
2014
|
|
132
|
|
|
123
|
|
|
9
|
|
|
4
|
|
|
6
|
|
|
$300 - $335
|
Alterra
|
2014
|
|
47
|
|
|
45
|
|
|
2
|
|
|
1
|
|
|
—
|
|
|
$425 - $505
|
Bella Verdi
|
2015
|
|
57
|
|
|
49
|
|
|
8
|
|
|
—
|
|
|
2
|
|
|
$375 - $440
|
Escala
|
2016
|
|
154
|
|
|
19
|
|
|
135
|
|
|
11
|
|
|
—
|
|
|
$515 - $590
|
Montero
|
2016
|
|
74
|
|
|
13
|
|
|
61
|
|
|
13
|
|
|
5
|
|
|
$420 - $500
|
Strada
|
2017
|
|
116
|
|
|
—
|
|
|
116
|
|
|
9
|
|
|
—
|
|
|
$395 - $430
|
POD 5-1/2-2 Future
|
2017
|
|
23
|
|
|
—
|
|
|
23
|
|
|
—
|
|
|
—
|
|
|
TBD
|
Meridian
|
2016
|
|
82
|
|
|
21
|
|
|
61
|
|
|
8
|
|
|
1
|
|
|
$590 - $680
|
Encanto
|
2016
|
|
102
|
|
|
14
|
|
|
88
|
|
|
3
|
|
|
3
|
|
|
$470 - $525
|
Encanto Townhomes
|
2018
|
|
70
|
|
|
—
|
|
|
70
|
|
|
—
|
|
|
—
|
|
|
TBD
|
Horizon Terrace
|
2014
|
|
165
|
|
|
104
|
|
|
61
|
|
|
9
|
|
|
10
|
|
|
$407 - $460
|
Horizon Valle Verde
|
2018
|
|
53
|
|
|
—
|
|
|
53
|
|
|
—
|
|
|
—
|
|
|
$450 - $470
|
Summerglen
|
2014
|
|
140
|
|
|
120
|
|
|
20
|
|
|
15
|
|
|
7
|
|
|
$300 - $305
|
Keystone
|
2017
|
|
70
|
|
|
4
|
|
|
66
|
|
|
9
|
|
|
3
|
|
|
$450 - $530
|
Cobalt
|
2017
|
|
107
|
|
|
—
|
|
|
107
|
|
|
—
|
|
|
—
|
|
|
$340 - $370
|
Axis
|
2017
|
|
78
|
|
|
—
|
|
|
78
|
|
|
3
|
|
|
—
|
|
|
$825 - $1,035
|
The Canyons at MacDonald Ranch - Parcel R
|
2017
|
|
22
|
|
|
—
|
|
|
22
|
|
|
—
|
|
|
—
|
|
|
$535 - $565
|
Pivot
|
2017
|
|
88
|
|
|
—
|
|
|
88
|
|
|
—
|
|
|
—
|
|
|
$420- $450
|
Strada at Pivot
|
2017
|
|
27
|
|
|
—
|
|
|
27
|
|
|
—
|
|
|
—
|
|
|
$400 - $430
|
Nova Ridge
|
2018
|
|
112
|
|
|
—
|
|
|
112
|
|
|
—
|
|
|
—
|
|
|
$680 - $715
|
Tera Luna
|
2017
|
|
116
|
|
|
—
|
|
|
116
|
|
|
—
|
|
|
—
|
|
|
$540 - $590
|
Skye Canyon Parcel 2
|
TBD
|
|
88
|
|
|
—
|
|
|
88
|
|
|
—
|
|
|
—
|
|
|
TBD
|
Commerce & Deer Springs
|
TBD
|
|
143
|
|
|
—
|
|
|
143
|
|
|
—
|
|
|
—
|
|
|
TBD
|
Nevada Total
|
|
|
2,656
|
|
|
835
|
|
|
1,821
|
|
|
136
|
|
|
75
|
|
|
|
Pardee Total
|
|
|
17,656
|
|
|
1,573
|
|
|
16,083
|
|
|
442
|
|
|
196
|
|
|
|
County, Project, City
|
Year of
First
Delivery
(1)
|
|
Total
Number of
Lots
(2)
|
|
Cumulative
Homes
Delivered
as of
March 31,
2017
|
|
Lots
Owned as of
March 31,
2017
(3)
|
|
Backlog as of
March 31,
2017
(4)(5)
|
|
Homes
Delivered
for the Three
Months Ended
March 31,
2017
|
|
Sales Price
Range
(in thousands)
(6)
|
|||||
Washington
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Snohomish County:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Evergreen Heights, Monroe
|
2016
|
|
71
|
|
|
13
|
|
|
58
|
|
|
32
|
|
|
10
|
|
|
$450 - $532
|
The Grove at Canyon Park, Bothell
|
2017
|
|
60
|
|
|
—
|
|
|
60
|
|
|
30
|
|
|
—
|
|
|
$645 - $754
|
Greenstone Heights, Bothell
|
2017
|
|
41
|
|
|
—
|
|
|
41
|
|
|
—
|
|
|
—
|
|
|
$889 - $979
|
King County:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Vintner's Place, Kirkland
|
2016
|
|
35
|
|
|
33
|
|
|
2
|
|
|
2
|
|
|
13
|
|
|
$769 - $847
|
Copperwood, Renton
|
2016
|
|
46
|
|
|
36
|
|
|
10
|
|
|
7
|
|
|
15
|
|
|
$669 - $737
|
Viscaia, Bellevue
|
2017
|
|
18
|
|
|
—
|
|
|
18
|
|
|
16
|
|
|
—
|
|
|
$750 - $880
|
Trailside, Redmond
|
2017
|
|
9
|
|
|
—
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|
$955 - $1,249
|
Parkwood Terrace, Woodinville
|
2017
|
|
15
|
|
|
—
|
|
|
15
|
|
|
8
|
|
|
—
|
|
|
$759 - $960
|
Hazelwood Ridge, Newcastle
|
2017
|
|
30
|
|
|
—
|
|
|
30
|
|
|
22
|
|
|
—
|
|
|
$805 - $1,025
|
Inglewood Landing, Sammamish
|
2018
|
|
21
|
|
|
—
|
|
|
21
|
|
|
—
|
|
|
—
|
|
|
$1,003 - $1,138
|
Jacobs Landing, Issaquah
|
2017
|
|
20
|
|
|
—
|
|
|
20
|
|
|
—
|
|
|
—
|
|
|
$1,062 - $1,132
|
Kirkwood Terrace, Sammamish
|
2018
|
|
12
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
—
|
|
|
$1,425 - $1,750
|
English Landing P2, Redmond
|
2017
|
|
25
|
|
|
—
|
|
|
25
|
|
|
—
|
|
|
—
|
|
|
$1,030 - $1,120
|
English Landing P1, Redmond
|
2018
|
|
50
|
|
|
—
|
|
|
50
|
|
|
—
|
|
|
—
|
|
|
$1,079 - $1,264
|
Heathers Ridge South, Redmond
|
2017
|
|
8
|
|
|
—
|
|
|
8
|
|
|
8
|
|
|
—
|
|
|
$725 - $1,008
|
Cedar Landing, North Bend
|
2018
|
|
138
|
|
|
—
|
|
|
138
|
|
|
—
|
|
|
—
|
|
|
$610 - $760
|
Monarch Ridge, Sammamish
|
2018
|
|
59
|
|
|
—
|
|
|
59
|
|
|
—
|
|
|
—
|
|
|
$880 - $995
|
Ray Meadows, Redmond
|
2018
|
|
27
|
|
|
—
|
|
|
27
|
|
|
—
|
|
|
—
|
|
|
$974 - $1,124
|
Wynstone, Federal Way
|
TBD
|
|
4
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
TBD
|
Breva, Bellevue
|
2017
|
|
29
|
|
|
—
|
|
|
29
|
|
|
—
|
|
|
—
|
|
|
$820 - $900
|
Canton Crossing, Maple Valley
|
2017
|
|
51
|
|
|
—
|
|
|
51
|
|
|
—
|
|
|
—
|
|
|
$560 - $655
|
Aurea, Sammamish
|
2018
|
|
41
|
|
|
—
|
|
|
41
|
|
|
—
|
|
|
—
|
|
|
$655 - $775
|
Aldea (Avalon Townhomes), Newcastle
|
2018
|
|
129
|
|
|
—
|
|
|
129
|
|
|
—
|
|
|
—
|
|
|
$554 - $794
|
Pierce County:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Harbor Hill S-9, Gig Harbor
|
2014
|
|
40
|
|
|
39
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
$422
|
Harbor Hill S-8, Gig Harbor
|
2015
|
|
33
|
|
|
32
|
|
|
1
|
|
|
|
|
—
|
|
|
$431
|
|
Harbor Hill S-7, Gig Harbor
|
2016
|
|
16
|
|
|
11
|
|
|
5
|
|
|
3
|
|
|
3
|
|
|
$432 - $472
|
The Enclave at Harbor Hill, Gig Harbor
|
2016
|
|
33
|
|
|
22
|
|
|
11
|
|
|
10
|
|
|
5
|
|
|
$495 - $550
|
Harbor Hill S-2, Gig Harbor
|
2017
|
|
41
|
|
|
—
|
|
|
41
|
|
|
—
|
|
|
—
|
|
|
$425 - $508
|
Harbor Hill S-5/6, Gig Harbor
|
2017
|
|
72
|
|
|
—
|
|
|
72
|
|
|
1
|
|
|
—
|
|
|
$453 - $508
|
Kitsap County:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Mountain Aire, Poulsbo
|
2016
|
|
145
|
|
|
44
|
|
|
101
|
|
|
18
|
|
|
15
|
|
|
$405 - $462
|
Closed Communities
|
N/A
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
N/A
|
Washington Total
|
|
|
1,319
|
|
|
230
|
|
|
1,089
|
|
|
158
|
|
|
63
|
|
|
|
Quadrant Total
|
|
|
1,319
|
|
|
230
|
|
|
1,089
|
|
|
158
|
|
|
63
|
|
|
|
County, Project, City
|
Year of
First
Delivery
(1)
|
|
Total
Number of
Lots
(2)
|
|
Cumulative
Homes
Delivered
as of
March 31,
2017
|
|
Lots
Owned as of
March 31,
2017
(3)
|
|
Backlog as of
March 31,
2017
(4)(5)
|
|
Homes
Delivered
for the Three
Months Ended
March 31,
2017
|
|
Sales Price
Range
(in thousands)
(6)
|
|||||
Texas
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Brazoria County:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Sedona Lakes, Pearland
|
2014
|
|
34
|
|
|
22
|
|
|
12
|
|
|
2
|
|
|
1
|
|
|
$400 - $458
|
Pomona, Manvel
|
2015
|
|
34
|
|
|
10
|
|
|
24
|
|
|
8
|
|
|
5
|
|
|
$360 - $455
|
Rise Meridiana
|
2016
|
|
21
|
|
|
6
|
|
|
15
|
|
|
7
|
|
|
5
|
|
|
$300 - $339
|
Fort Bend County:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cross Creek Ranch 60', Fulshear
|
2013
|
|
35
|
|
|
9
|
|
|
26
|
|
|
1
|
|
|
5
|
|
|
$370 - $465
|
Cross Creek Ranch 65', Fulshear
|
2013
|
|
61
|
|
|
36
|
|
|
25
|
|
|
10
|
|
|
3
|
|
|
$428 - $488
|
Cross Creek Ranch 70', Fulshear
|
2013
|
|
88
|
|
|
63
|
|
|
25
|
|
|
6
|
|
|
3
|
|
|
$485 - $548
|
Cross Creek Ranch 80', Fulshear
|
2013
|
|
67
|
|
|
53
|
|
|
14
|
|
|
6
|
|
|
1
|
|
|
$551 - $666
|
Cross Creek Ranch 90', Fulshear
|
2013
|
|
27
|
|
|
17
|
|
|
10
|
|
|
3
|
|
|
4
|
|
|
$627 - $700
|
Villas at Cross Creek Ranch, Fulshear
|
2013
|
|
101
|
|
|
101
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
$454 - $496
|
Fulshear Run, Richmond
|
2016
|
|
31
|
|
|
1
|
|
|
30
|
|
|
10
|
|
|
—
|
|
|
$569 - $668
|
Harvest Green 75', Richmond
|
2015
|
|
21
|
|
|
10
|
|
|
11
|
|
|
3
|
|
|
1
|
|
|
$426 - $482
|
Sienna Plantation 85', Missouri City
|
2015
|
|
25
|
|
|
17
|
|
|
8
|
|
|
2
|
|
|
7
|
|
|
$546 - $645
|
Villas at Sienna South, Missouri City
|
2015
|
|
19
|
|
|
10
|
|
|
9
|
|
|
1
|
|
|
1
|
|
|
$445 - $507
|
Lakes of Bella Terra, Richmond
|
2013
|
|
109
|
|
|
102
|
|
|
7
|
|
|
2
|
|
|
1
|
|
|
$465 - $553
|
Villas at Aliana, Richmond
|
2013
|
|
117
|
|
|
89
|
|
|
28
|
|
|
3
|
|
|
2
|
|
|
$380 - $497
|
Riverstone 55', Sugar Land
|
2013
|
|
97
|
|
|
96
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
$437 - $467
|
Riverstone Avanti at Avalon 100', Sugar Land
|
2015
|
|
5
|
|
|
4
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
$1,197
|
Harris County:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Towne Lake Living Views, Cypress
|
2013
|
|
122
|
|
|
122
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
$468 - $561
|
The Groves, Humble
|
2015
|
|
55
|
|
|
32
|
|
|
23
|
|
|
9
|
|
|
3
|
|
|
$451 - $527
|
Lakes of Creekside
|
2015
|
|
21
|
|
|
4
|
|
|
17
|
|
|
1
|
|
|
3
|
|
|
$501 - $585
|
Bridgeland '80, Cypress
|
2015
|
|
106
|
|
|
86
|
|
|
20
|
|
|
13
|
|
|
2
|
|
|
$522 - $611
|
Bridgeland Patio, Cypress
|
2017
|
|
20
|
|
|
2
|
|
|
18
|
|
|
6
|
|
|
1
|
|
|
$343 - $413
|
Elyson 70', Cypress
|
2017
|
|
16
|
|
|
1
|
|
|
15
|
|
|
1
|
|
|
1
|
|
|
$454 - $510
|
Hidden Arbor, Cypress
|
2015
|
|
129
|
|
|
41
|
|
|
88
|
|
|
34
|
|
|
17
|
|
|
$337 - $618
|
Clear Lake, Houston
|
2015
|
|
770
|
|
|
203
|
|
|
567
|
|
|
39
|
|
|
17
|
|
|
$375 - $670
|
Montgomery County:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Woodtrace, Woodtrace
|
2014
|
|
37
|
|
|
20
|
|
|
17
|
|
|
6
|
|
|
2
|
|
|
$430 - $479
|
Northgrove, Tomball
|
2015
|
|
25
|
|
|
3
|
|
|
22
|
|
|
2
|
|
|
2
|
|
|
$475 - $530
|
Bender's Landing Estates, Spring
|
2014
|
|
104
|
|
|
43
|
|
|
61
|
|
|
6
|
|
|
4
|
|
|
$427 - $563
|
The Woodlands, Creekside Park
|
2015
|
|
92
|
|
|
19
|
|
|
73
|
|
|
4
|
|
|
5
|
|
|
$410 - $624
|
Waller County:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cane Island, Katy
|
2015
|
|
23
|
|
|
15
|
|
|
8
|
|
|
3
|
|
|
1
|
|
|
$493 - $574
|
Mustang Estates
|
2017
|
|
350
|
|
|
—
|
|
|
350
|
|
|
—
|
|
|
—
|
|
|
TBD
|
Williamson County:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Crystal Falls
|
2016
|
|
29
|
|
|
4
|
|
|
25
|
|
|
6
|
|
|
1
|
|
|
$460 - $535
|
Rancho Sienna 60'
|
2016
|
|
28
|
|
|
12
|
|
|
16
|
|
|
—
|
|
|
—
|
|
|
$370 - $422
|
Hays County:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Belterra 60', Austin
|
2017
|
|
16
|
|
|
—
|
|
|
16
|
|
|
1
|
|
|
—
|
|
|
$375 - $466
|
Belterra 80', Austin
|
2016
|
|
38
|
|
|
9
|
|
|
29
|
|
|
1
|
|
|
3
|
|
|
$535 - $603
|
Headwaters, Dripping Springs
|
2017
|
|
22
|
|
|
—
|
|
|
22
|
|
|
8
|
|
|
—
|
|
|
$420 - $479
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Avanti Custom Homes
|
2007
|
|
125
|
|
|
121
|
|
|
4
|
|
|
3
|
|
|
—
|
|
|
$480 - $856
|
Texas Total
|
|
|
3,020
|
|
|
1,383
|
|
|
1,637
|
|
|
208
|
|
|
106
|
|
|
|
Trendmaker Homes Total
|
|
|
3,020
|
|
|
1,383
|
|
|
1,637
|
|
|
208
|
|
|
106
|
|
|
|
County, Project, City
|
Year of
First
Delivery
(1)
|
|
Total
Number of
Lots
(2)
|
|
Cumulative
Homes
Delivered
as of
March 31,
2017
|
|
Lots
Owned as of
March 31,
2017
(3)
|
|
Backlog as of
March 31,
2017
(4)(5)
|
|
Homes
Delivered
for the Three
Months Ended
March 31,
2017
|
|
Sales Price
Range
(in thousands)
(6)
|
|||||
Southern California
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Orange County:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Messina, Irvine
|
2014
|
|
59
|
|
|
50
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
$1,515 - $1,660
|
Messina II, Irvine
|
2016
|
|
43
|
|
|
24
|
|
|
19
|
|
|
7
|
|
|
4
|
|
|
$1,515 - $1,660
|
Aria, Rancho Mission Viejo
|
2016
|
|
87
|
|
|
58
|
|
|
29
|
|
|
10
|
|
|
10
|
|
|
$618 - $671
|
Aria II, Rancho Mission Viejo
|
2017
|
|
64
|
|
|
—
|
|
|
64
|
|
|
—
|
|
|
—
|
|
|
TBD
|
Aubergine, Rancho Mission Viejo
|
2016
|
|
66
|
|
|
27
|
|
|
39
|
|
|
10
|
|
|
4
|
|
|
$1,046 - $1,158
|
Aubergine II, Rancho Mission Viejo
|
2017
|
|
57
|
|
|
—
|
|
|
57
|
|
|
—
|
|
|
—
|
|
|
TBD
|
Carlisle 10-Pack Garden Court, Irvine
|
2017
|
|
74
|
|
|
—
|
|
|
74
|
|
|
10
|
|
|
—
|
|
|
$685 - $770
|
Sterling Row Townhomes, Irvine
|
2017
|
|
96
|
|
|
—
|
|
|
96
|
|
|
—
|
|
|
—
|
|
|
$590 - $703
|
Varenna at Orchard Hills, Irvine
|
2016
|
|
71
|
|
|
12
|
|
|
25
|
|
|
9
|
|
|
4
|
|
|
$1,160 - $1,235
|
Alston, Anaheim
|
2017
|
|
75
|
|
|
—
|
|
|
75
|
|
|
—
|
|
|
—
|
|
|
$780 - $820
|
StrataPointe, Buena Park
|
2017
|
|
149
|
|
|
—
|
|
|
149
|
|
|
6
|
|
|
—
|
|
|
$496 - $615
|
Riverside County:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Kite Ridge, Riverside
|
2014
|
|
87
|
|
|
77
|
|
|
10
|
|
|
6
|
|
|
15
|
|
|
$459 - $487
|
Serrano Ridge at Sycamore Creek, Riverside
|
2015
|
|
87
|
|
|
74
|
|
|
13
|
|
|
11
|
|
|
11
|
|
|
$403 - $429
|
Terrassa Court, Corona
|
2015
|
|
94
|
|
|
19
|
|
|
75
|
|
|
30
|
|
|
6
|
|
|
$400 - $448
|
Terrassa Villas, Corona
|
2015
|
|
52
|
|
|
7
|
|
|
45
|
|
|
5
|
|
|
1
|
|
|
$438 - $478
|
Los Angeles County:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Grayson at Five Knolls, Santa Clarita
|
2015
|
|
119
|
|
|
57
|
|
|
62
|
|
|
23
|
|
|
8
|
|
|
$520 - $553
|
Garvey Square, El Monte
|
2017
|
|
102
|
|
|
—
|
|
|
102
|
|
|
—
|
|
|
—
|
|
|
TBD
|
Bradford @ Rosedale, Azusa
|
2017
|
|
52
|
|
|
—
|
|
|
27
|
|
|
1
|
|
|
—
|
|
|
$846 - $891
|
Golden Valley/ Lucera at Aliento
|
2017
|
|
67
|
|
|
—
|
|
|
67
|
|
|
7
|
|
|
—
|
|
|
$620 - $645
|
Golden Valley/Tierno at Aliento
|
2017
|
|
63
|
|
|
—
|
|
|
63
|
|
|
7
|
|
|
—
|
|
|
$731 - $766
|
San Bernardino County:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Sedona at Parkside, Ontario
|
2015
|
|
152
|
|
|
107
|
|
|
45
|
|
|
30
|
|
|
15
|
|
|
$384 - $421
|
Kensington at Park Place, Ontario
|
2015
|
|
67
|
|
|
58
|
|
|
9
|
|
|
8
|
|
|
13
|
|
|
$492 - $524
|
St. James at Park Place, Ontario
|
2015
|
|
57
|
|
|
51
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
$456 - $468
|
St. James II at Park Place, Ontario
|
2017
|
|
68
|
|
|
—
|
|
|
34
|
|
|
34
|
|
|
—
|
|
|
$463 - $480
|
Ventura County:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
The Westerlies, Oxnard
|
2015
|
|
116
|
|
|
55
|
|
|
61
|
|
|
33
|
|
|
10
|
|
|
$393 - $517
|
Southern California Total
|
|
|
2,024
|
|
|
676
|
|
|
1,246
|
|
|
247
|
|
|
101
|
|
|
|
Northern California
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Contra Costa County:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Berkshire at Barrington, Brentwood
|
2014
|
|
89
|
|
|
86
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
$508 - $587
|
Hawthorne at Barrington, Brentwood
|
2014
|
|
105
|
|
|
100
|
|
|
5
|
|
|
3
|
|
|
6
|
|
|
$572 - $620
|
Marquette at Barrington, Brentwood
|
2015
|
|
90
|
|
|
53
|
|
|
37
|
|
|
4
|
|
|
9
|
|
|
$480 - $750
|
Wynstone at Barrington, Brentwood
|
2017
|
|
92
|
|
|
—
|
|
|
92
|
|
|
14
|
|
|
—
|
|
|
$480 - $610
|
Penrose at Barrington, Brentwood
|
2016
|
|
34
|
|
|
28
|
|
|
6
|
|
|
6
|
|
|
8
|
|
|
$508 - $587
|
Santa Clara County:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Derose, Morgan Hill
|
2018
|
|
65
|
|
|
—
|
|
|
65
|
|
|
—
|
|
|
—
|
|
|
$575 - $780
|
Solano County:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Redstone, Vacaville
|
2015
|
|
141
|
|
|
72
|
|
|
69
|
|
|
12
|
|
|
12
|
|
|
$460 - $533
|
Green Valley-Lewis, Fairfield
|
2018
|
|
91
|
|
|
—
|
|
|
91
|
|
|
—
|
|
|
—
|
|
|
$475 - $510
|
Green Valley-Westgate, Fairfield
|
2018
|
|
56
|
|
|
—
|
|
|
56
|
|
|
—
|
|
|
—
|
|
|
$527 - $572
|
San Joaquin County:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Ventana, Tracy
|
2015
|
|
93
|
|
|
64
|
|
|
29
|
|
|
10
|
|
|
8
|
|
|
$447 - $552
|
Sundance, Mountain House
|
2015
|
|
113
|
|
|
84
|
|
|
29
|
|
|
15
|
|
|
10
|
|
|
$595 - $675
|
Alameda County:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cadence, Alameda Landing
|
2015
|
|
91
|
|
|
62
|
|
|
29
|
|
|
17
|
|
|
—
|
|
|
$1,125 - $1,300
|
Linear, Alameda Landing
|
2015
|
|
106
|
|
|
64
|
|
|
42
|
|
|
2
|
|
|
—
|
|
|
$784 - $1,020
|
Symmetry, Alameda Landing
|
2016
|
|
56
|
|
|
29
|
|
|
27
|
|
|
2
|
|
|
3
|
|
|
$880 - $965
|
Commercial, Alameda Landing
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
$620
|
Parasol, Fremont
|
2016
|
|
39
|
|
|
34
|
|
|
5
|
|
|
1
|
|
|
10
|
|
|
$770 - $1,050
|
Blackstone at the Cannery, Hayward SFA
|
2016
|
|
105
|
|
|
31
|
|
|
74
|
|
|
11
|
|
|
7
|
|
|
$586 - $686
|
Blackstone at the Cannery, Hayward SFD
|
2016
|
|
52
|
|
|
23
|
|
|
29
|
|
|
13
|
|
|
4
|
|
|
$689 - $749
|
Coopers Place, Livermore
|
2017
|
|
31
|
|
|
—
|
|
|
31
|
|
|
4
|
|
|
—
|
|
|
$660 - $670
|
Slate at Jordan Ranch, Dublin
|
2017
|
|
56
|
|
|
—
|
|
|
56
|
|
|
—
|
|
|
—
|
|
|
$1,025 - $1,144
|
Onyx at Jordan Ranch, Dublin
|
2017
|
|
105
|
|
|
—
|
|
|
105
|
|
|
—
|
|
|
—
|
|
|
$885 - $950
|
Jordan Ranch II, Dublin
|
2018
|
|
45
|
|
|
—
|
|
|
45
|
|
|
—
|
|
|
—
|
|
|
$855 - $1,035
|
Mission Stevenson, Fremont
|
2018
|
|
77
|
|
|
—
|
|
|
77
|
|
|
—
|
|
|
—
|
|
|
$650 - $965
|
Palm Avenue, Fremont
|
2018
|
|
31
|
|
|
—
|
|
|
31
|
|
|
—
|
|
|
—
|
|
|
$2,030 - $2,176
|
Northern California Total
|
|
|
1,765
|
|
|
730
|
|
|
1,035
|
|
|
114
|
|
|
77
|
|
|
|
California Total
|
|
|
3,789
|
|
|
1,406
|
|
|
2,281
|
|
|
361
|
|
|
178
|
|
|
|
Colorado
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Douglas County:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Terrain 4000 Series, Castle Rock
|
2013
|
|
149
|
|
|
145
|
|
|
4
|
|
|
1
|
|
|
3
|
|
|
$358 - $411
|
Terrain 3500 Series, Castle Rock
|
2015
|
|
67
|
|
|
64
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
$327 - $350
|
Terrain Ravenwood Village (3500)
|
2017
|
|
157
|
|
|
—
|
|
|
88
|
|
|
—
|
|
|
—
|
|
|
$379 - $426
|
Terrain Ravenwood Village (4000)
|
2017
|
|
100
|
|
|
—
|
|
|
38
|
|
|
—
|
|
|
—
|
|
|
$400 - $463
|
Jefferson County:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Leyden Rock 5000 Series, Arvada
|
2015
|
|
67
|
|
|
67
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
$454 - $509
|
Candelas 6000 Series, Arvada
|
2015
|
|
76
|
|
|
25
|
|
|
51
|
|
|
24
|
|
|
4
|
|
|
$511 - $658
|
Candelas 3500 Series, Arvada
|
2016
|
|
97
|
|
|
11
|
|
|
86
|
|
|
13
|
|
|
7
|
|
|
$401 - $463
|
Candelas 5000 Series, Arvada
|
2017
|
|
62
|
|
|
—
|
|
|
62
|
|
|
—
|
|
|
—
|
|
|
$498 - $565
|
Crown Pointe, Westminster
|
2018
|
|
64
|
|
|
—
|
|
|
64
|
|
|
—
|
|
|
—
|
|
|
$415 - $482
|
Larimer County:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Centerra 5000 Series, Loveland
|
2015
|
|
79
|
|
|
47
|
|
|
32
|
|
|
16
|
|
|
8
|
|
|
$411 - $453
|
Arapahoe County:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Whispering Pines, Aurora
|
2015
|
|
115
|
|
|
7
|
|
|
108
|
|
|
13
|
|
|
4
|
|
|
$569 - $635
|
Adams County:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Amber Creek, Thornton
|
2017
|
|
121
|
|
|
2
|
|
|
119
|
|
|
15
|
|
|
1
|
|
|
$391 - $464
|
Colorado Total
|
|
|
1,154
|
|
|
368
|
|
|
655
|
|
|
82
|
|
|
30
|
|
|
|
TRI Pointe Total
|
|
|
4,943
|
|
|
1,774
|
|
|
2,936
|
|
|
443
|
|
|
208
|
|
|
|
County, Project, City
|
Year of
First
Delivery
(1)
|
|
Total
Number of
Lots
(2)
|
|
Cumulative
Homes
Delivered
as of
March 31,
2017
|
|
Lots
Owned as of
March 31,
2017
(3)
|
|
Backlog as of
March 31,
2017
(4)(5)
|
|
Homes
Delivered
for the Three
Months Ended
March 31,
2017
|
|
Sales Price
Range
(in thousands)
(6)
|
|||||
Maryland
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Anne Arundel County:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Two Rivers, Crofton
|
2017
|
|
20
|
|
|
—
|
|
|
20
|
|
|
—
|
|
|
—
|
|
|
TBD
|
Watson's Glen, Millersville
|
2015
|
|
103
|
|
|
4
|
|
|
99
|
|
|
—
|
|
|
—
|
|
|
Closed
|
Frederick County:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Landsdale, Monrovia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Landsdale SFD
|
2015
|
|
222
|
|
|
48
|
|
|
174
|
|
|
20
|
|
|
8
|
|
|
$490 - $592
|
Landsdale Townhomes
|
2015
|
|
100
|
|
|
27
|
|
|
73
|
|
|
1
|
|
|
1
|
|
|
$335 - $375
|
Landsdale TND Neo SFD
|
2015
|
|
77
|
|
|
17
|
|
|
60
|
|
|
7
|
|
|
3
|
|
|
$440 - $468
|
Howard County:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Walnut Creek, Ellicott City
|
2014
|
|
25
|
|
|
24
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
$1,209
|
Montgomery County:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cabin Branch, Clarksburg
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cabin Branch SFD
|
2014
|
|
359
|
|
|
95
|
|
|
264
|
|
|
36
|
|
|
4
|
|
|
$504 - $735
|
Cabin Branch Avenue Townhomes
|
TBD
|
|
121
|
|
|
—
|
|
|
121
|
|
|
—
|
|
|
—
|
|
|
TBD
|
Cabin Branch Townhomes
|
2014
|
|
507
|
|
|
146
|
|
|
361
|
|
|
22
|
|
|
15
|
|
|
$384 - $437
|
Preserve at Stoney Spring
|
N/A
|
|
5
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
N/A
|
Poplar Run, Silver Spring
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Poplar Run SFD
|
2010
|
|
305
|
|
|
256
|
|
|
49
|
|
|
19
|
|
|
7
|
|
|
$625 - $771
|
Poplar Run Single Family Neos
|
2016
|
|
29
|
|
|
15
|
|
|
14
|
|
|
13
|
|
|
—
|
|
|
$545 - $635
|
Potomac Highlands, Potomac
|
2017
|
|
23
|
|
|
1
|
|
|
22
|
|
|
3
|
|
|
1
|
|
|
$1,191 - $1,289
|
Glenmont MetroCenter, Silver Spring
|
2016
|
|
171
|
|
|
14
|
|
|
157
|
|
|
2
|
|
|
7
|
|
|
$455 - $538
|
Twinbrook Metro, Rockville
|
2018
|
|
61
|
|
|
—
|
|
|
61
|
|
|
—
|
|
|
—
|
|
|
TBD
|
Maryland Total
|
|
|
2,128
|
|
|
647
|
|
|
1,481
|
|
|
123
|
|
|
46
|
|
|
|
Virginia
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Fairfax County:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Stuart Mill & Timber Lake, Oakton
|
2014
|
|
14
|
|
|
7
|
|
|
7
|
|
|
5
|
|
|
—
|
|
|
$1,363 - $1,675
|
Stuart Mill -Lots for Sale, Oakton
|
N/A
|
|
5
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
N/A
|
Prince William County:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Villages of Piedmont, Haymarket
|
2015
|
|
168
|
|
|
55
|
|
|
113
|
|
|
26
|
|
|
6
|
|
|
$370 - $432
|
Loudoun County:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
English Manor Villas
|
2014
|
|
58
|
|
|
56
|
|
|
2
|
|
|
1
|
|
|
7
|
|
|
$495 - $545
|
Glenmere at Brambleton SFD
|
2014
|
|
100
|
|
|
100
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
$650 - $733
|
West Park SFD
|
2018
|
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
TBD
|
Vistas at Lansdowne, Lansdowne
|
2015
|
|
120
|
|
|
39
|
|
|
81
|
|
|
8
|
|
|
1
|
|
|
$569 - $670
|
Westgrove, Fairfax
|
2018
|
|
24
|
|
|
—
|
|
|
24
|
|
|
—
|
|
|
—
|
|
|
TBD
|
Willowsford Grant II, Aldie
|
2017
|
|
24
|
|
|
—
|
|
|
24
|
|
|
6
|
|
|
—
|
|
|
$1,200 - $1,326
|
Willowsford Greens, Aldie
|
2014
|
|
33
|
|
|
32
|
|
|
1
|
|
|
1
|
|
|
2
|
|
|
$760 - $840
|
Willowsford Greens-Lots for Sale
|
N/A
|
|
5
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
N/A
|
Virginia Total
|
|
|
552
|
|
|
289
|
|
|
263
|
|
|
47
|
|
|
20
|
|
|
|
Winchester Total
|
|
|
2,680
|
|
|
936
|
|
|
1,744
|
|
|
170
|
|
|
66
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Combined Company Total
|
|
|
32,487
|
|
|
7,022
|
|
|
25,134
|
|
|
1,734
|
|
|
758
|
|
|
|
(1)
|
Year of first delivery for future periods is based upon management’s estimates and is subject to change.
|
(2)
|
The number of homes to be built at completion is subject to change, and there can be no assurance that we will build these homes.
|
(3)
|
Owned lots as of
March 31, 2017
include owned lots in backlog as of
March 31, 2017
.
|
(4)
|
Backlog consists of homes under sales contracts that had not yet been delivered, and there can be no assurance that delivery of sold homes will occur.
|
(5)
|
Of the total homes subject to pending sales contracts that have not been delivered as of
March 31, 2017
,
1,065
homes are under construction,
298
homes have completed construction, and
371
homes have not started construction.
|
(6)
|
Sales price range reflects base price only and excludes any lot premium, buyer incentives and buyer-selected options, which may vary from project to project. Sales prices for homes required to be sold pursuant to affordable housing requirements are excluded from sales price range. Sales prices reflect current pricing and might not be indicative of past or future pricing.
|
Item 3.
|
Quantitative and Qualitative Disclosures about Market Risk
|
Item 4.
|
Controls and Procedures
|
Item 1.
|
Legal Proceedings
|
Item 1A.
|
Risk Factors
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
|
|
Total number of shares purchased
|
|
Average price paid per share
|
|
Total number of shares purchased as part of publicly announced program
|
|
Approximate dollar value of shares that may yet be purchased under the program
(1)
|
||||||
January 1, 2017 to January 31, 2017
(2)
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
57,918,332
|
|
February 1, 2017 to February 28, 2017
(3)
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
100,000,000
|
|
March 1, 2017 to March 31, 2017
|
|
39,387
|
|
|
$
|
12.49
|
|
|
39,387
|
|
|
$
|
99,507,882
|
|
Total
|
|
39,387
|
|
|
$
|
12.49
|
|
|
39,387
|
|
|
|
Item 6.
|
Exhibits
|
Exhibit
Number
|
|
Exhibit Description
|
|
|
|
|
Amended and Restated Certificate of Incorporation of TRI Pointe Group, Inc. (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K (filed July 7, 2015))
|
|
|
|
|
|
Amended and Restated Bylaws of TRI Pointe Group, Inc. (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K (filed October 27, 2016))
|
|
|
|
|
|
Specimen Common Stock Certificate of TRI Pointe Group, Inc. (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K (filed Dec. July 7, 2015))
|
|
|
|
|
10.1
*
|
|
Form of Performance-Based Cash Award Agreement (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K (filed February 28, 2017))
|
|
|
|
10.2
*
|
|
Form of Performance-Based Restricted Stock Unit Award Agreement (total shareholder return) (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K (filed February 28, 2017))
|
|
|
|
10.3
*
|
|
Form of Performance-Based Restricted Stock Unit Award Agreement (earnings per share) (incorporated by reference to Exhibit 10.3 to the Company's Current Report on Form 8-K (filed February 28, 2017))
|
|
|
|
10.4
*
|
|
Form of Time-Vested Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.4 to the Company's Current Report on Form 8-K (filed February 28, 2017))
|
|
|
|
|
Chief Executive Officer Section 302 Certification of the Sarbanes-Oxley Act of 2002
|
|
|
|
|
|
Chief Financial Officer Section 302 Certification of the Sarbanes-Oxley Act of 2002
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Chief Executive Officer Section 906 Certification of the Sarbanes-Oxley Act of 2002
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Chief Financial Officer Section 906 Certification of the Sarbanes-Oxley Act of 2002
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101
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The following materials from TRI Pointe Group, Inc.’s Quarterly Report on Form 10-Q for the three months ended March 31, 2017, formatted in eXtensible Business Reporting Language (XBRL): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Comprehensive Income, (iv) Consolidated Statement of Cash Flows, and (v) Condensed Notes to Consolidated Financial Statement.
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TRI Pointe Group, Inc.
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By:
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/s/ Douglas F. Bauer
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Douglas F. Bauer
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Chief Executive Officer
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By:
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/s/ Michael D. Grubbs
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Michael D. Grubbs
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Date: April 26, 2017
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Chief Financial Officer
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1 Year TRI Pointe Homes Chart |
1 Month TRI Pointe Homes Chart |
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