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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, 2020
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
tph-20201231_g1.jpg 
Tri Pointe Homes, 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.)
940 Southwood Blvd, Suite 200
Incline Village, Nevada 89451
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code (775413-1030
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareTPHNew 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 filerAccelerated 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 has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.
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 30, 2020, based on the closing price of $14.69 as reported by the New York Stock Exchange, was $1,878,986,765.
119,204,606 shares of common stock were issued and outstanding as of February 8, 2021.
DOCUMENTS INCORPORATED BY REFERENCE:
    Portions from the registrant’s proxy statement relating to its 2021 annual meeting of stockholders are incorporated by reference into Part III, Items 10, 11, 12, 13 and 14.



TRI POINTE HOMES, INC.
ANNUAL REPORT ON FORM 10-K
FOR THE YEAR ENDED DECEMBER 31, 2020
 
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.
 

- 1 -


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. The material risks that that may affect our business and may cause actual results to differ from these forward-looking statements include, but are not limited to, those set forth under the following “Summary of Risk Factors”.
Summary of Risk Factors
Risks Related to COVID-19
Our business has been and may continue to be materially affected by the ongoing COVID-19 pandemic.
Risks Related to Our Business
Our long-term growth depends upon our ability to identify and successfully acquire desirable land parcels at reasonable prices.
Our quarterly results of operations may fluctuate because of the seasonal nature of our business and other factors.
Our business is cyclical and subject to risks associated with the real estate industry, and adverse changes in general economic or business conditions could reduce the demand for homes and materially and adversely affect us.
Because most of our homebuyers finance the purchase of their homes, the terms and availability of mortgage financing can affect the demand for and the ability to complete the purchase of a home, which could materially and adversely affect us.
Interest rate increases or changes in federal lending programs or other regulations could lower demand for our homes, which could materially and adversely affect us.
Tax law changes that increase the after-tax costs of owning a home could prevent potential customers from buying our homes and adversely affect our financial performance.
We face numerous risks associated with controlling, purchasing, holding and developing land.
Adverse weather and natural disasters may increase costs, cause project delays and reduce consumer demand for housing.
- 2 -


Drought conditions in California and other areas in which we operate may negatively impact the economy, increase the risk of wildfires, cause us to incur additional costs, and delay or prevent new home deliveries.
We may be unable to find and retain suitable contractors and subcontractors at reasonable rates.
The supply of skilled labor may be adversely affected by changes in immigration laws and policies.
We could be responsible for employment-related liabilities with respect to our contractors’ employees.
We may incur costs, liabilities and reputational damage if our subcontractors engage in improper construction practices or install defective materials.
Raw material shortages and price fluctuations could cause delays and increase our costs.
Utility shortages or price increases could have an adverse impact on operations.
Some of our markets have been and may continue to be adversely affected by declining oil prices.
Government regulations and legal challenges may delay the start or completion of our communities, increase our expenses or limit our building or other activities.
We may be unable to obtain suitable bonding for the development of our housing projects.
We are subject to environmental laws and regulations that may impose significant costs, delays, restrictions or liabilities.
Changes in global or regional climate conditions and governmental response to such changes may limit, prevent or increase the costs of our planned or future growth activities.
We may be unable to develop our communities successfully or within expected timeframes.
Negative publicity or poor relations with our homebuyers could negatively impact our sales and reputation.
The homebuilding industry is highly competitive, and if our competitors are more successful or offer better value to potential homebuyers, our business could decline.
Increases in our cancellation rate could have a negative impact on our home sales revenue and homebuilding margins.
Homebuilding is subject to products liability, home warranty and construction defect claims and other litigation in the ordinary course of business that can be significant and may not be covered by insurance.
Our ability to promptly sell one or more properties for reasonable prices in response to changing economic, financial and investment conditions may be limited and we may be forced to hold non-income producing properties for extended periods.
Fluctuations in real estate values may require us to write-down the book value of our real estate assets.
The geographic concentration of our operations in certain regions subjects us to an increased risk of loss of revenue or decreases in the market value of our land and homes in those regions from factors which may affect any of those regions.
Inflation could materially and adversely affect us by increasing the costs of land, raw materials and labor, negatively impacting housing demand, raising our costs of capital, and decreasing our purchasing power.
Acts of war, terrorism, civil unrest or outbreaks of contagious disease may seriously harm our business.
Laws and regulations governing the residential mortgage, title insurance, and property and casualty insurance industries could materially and adversely affect our financial performance.
We are subject to litigation and claims that could materially and adversely affect us.
Information technology failures and data security breaches could harm our business.
A major health and safety incident relating to our business could be costly in terms of potential liabilities and reputational damage.
Increases in tariffs and retaliatory responses may cause increases in the prices of some of the construction materials that we use and may negatively affect the national and local economies.
Increases in taxes or government fees could increase our costs, which could materially and adversely affect us.
- 3 -


Risks Related to Our Indebtedness
Our use of leverage in executing our business strategy exposes us to significant risks.
We may require significant additional capital in the future and may not be able to secure adequate funds on acceptable terms.
Our access to capital and our ability to obtain additional financing could be affected by any downgrade of our credit ratings.
Our current financing arrangements contain, and our future financing arrangements likely will contain, restrictive covenants relating to our operations.
Higher interest rates on our debt may materially and adversely affect our financial performance.
Failure to hedge effectively against interest rate changes may materially and adversely affect our financial performance.
Risks Related to Our Organization and Structure
We are and will continue to be dependent on key personnel and certain members of our management team.
Termination of the employment agreements with the members of our management team could be costly and prevent a change in control of our company.
Certain anti-takeover defenses and applicable law may limit the ability of a third-party to acquire control of us.
We may change our operational policies, investment guidelines and our business and growth strategies without stockholder consent, which may subject us to different and more significant risks in the future.
If we fail to maintain an effective system of internal controls, we may not be able to accurately determine our financial results or prevent fraud. As a result, our stockholders could lose confidence in our financial results, which could materially and adversely affect us and the market price of our common stock.
Changes in accounting rules, assumptions and/or judgments could delay the dissemination of our financial statements and cause us to restate prior period financial statements.
Our joint venture investments could be materially and adversely affected by lack of sole decision making authority, reliance on co-venturers’ financial condition and disputes between us and our co-venturers.
Risks Related to Ownership of Our Common Stock
We do not intend to pay dividends on our common stock for the foreseeable future.
Future sales of our common stock or other securities convertible into our common stock could cause the market value of our common stock to decline and could result in dilution of stockholders’ shares.
Future offerings of debt securities, which would rank senior to our common stock in the event of our bankruptcy or liquidation, and future offerings of equity securities that may be senior to our common stock for the purposes of dividend and liquidating distributions, may adversely affect the market price of our common stock.
Non-U.S. holders may be subject to United States federal income tax on gain realized on the sale or disposition of shares of our common stock.
There is no assurance that the existence of a stock repurchase program will result in repurchases of our common stock or enhance long term stockholder value, and repurchases, if any, could affect our stock price and increase its volatility and will diminish our cash reserves.
EXPLANATORY NOTES
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 Homes, Inc., a Delaware corporation, and its consolidated subsidiaries.
Effective January 15, 2021, the Company changed its corporate name from “TRI Pointe Group, Inc.” to “Tri Pointe Homes, Inc.”
- 4 -


PART I.
- 5 -


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 operating in 15 markets across ten states and the District of Columbia.
For the year ended December 31, 2020, we operated with a portfolio of the following six quality homebuilding brands:
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 the D.C. metro area.
Effective January 15, 2021, we consolidated our six regional homebuilding brands into one unified name—Tri Pointe Homes. For purposes of this annual report on Form 10-K, the results of our homebuilding operations will be organized into the six reportable segments of which such operations consisted during the year ended December 31, 2020.
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, 2020, our operations consisted of 112 active selling communities and 35,641 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 $240,000 to $2.3 million, and home sizes, ranging from approximately 1,160 to 5,520 square feet. See “Description of Projects and Communities under Development” below. For the years ended December 31, 2020 and 2019, we delivered 5,123 and 4,921 homes, respectively, and the average sales price of our new homes delivered was approximately $631,000 and $624,000, 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 divisions 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, Colorado, the District of Columbia, Maryland, Nevada, North Carolina, South Carolina, 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
- 6 -


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.
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.
- 7 -


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 and land development), with centralized management in those functions in which we believe central control is required (such as approval of land acquisitions, financial, treasury, human resources and legal matters). We have also made significant investments in systems and infrastructure to operate our business efficiently and to support the planned future growth of our company as a result of executing our expansion strategy.
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, 2020, we owned or controlled, pursuant to land option contracts or purchase contracts, an aggregate of 35,641 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, 2020.
 
Lots
Owned
Lots
Controlled (1)
Lots
Owned or
Controlled
Maracay 1,919 2,209 4,128 
Pardee Homes11,990 1,850 13,840 
Quadrant Homes861 103 964 
Trendmaker Homes3,739 3,246 6,985 
Tri Pointe Homes3,449 4,384 7,833 
Winchester Homes662 1,229 1,891 
Total22,620 13,021 35,641 
______________________________________________
 
(1)Lots controlled for Trendmaker Homes and Winchester Homes include 2,083 and 179 lots, respectively, which represent our expected share of lots owned by our investments in unconsolidated land development joint ventures.

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, 2020 and includes information on current projects under development where we are building and selling homes as of December 31, 2020.
- 8 -


Maracay
County, Project, City
Year of
First
Delivery(1)
Total
Number of Lots(2)
Cumulative
Homes
Delivered 
as of
December 31, 2020
Lots
Owned as of
December 31, 2020
(3)
Backlog as of
December 31,2020
(4)(5)
Homes 
Delivered
for the Twelve
Months Ended
December 31, 2020
Sales Price
Range(in thousands)(6)
Phoenix, Arizona
City of Buckeye:
Arroyo Seco202044 11 33 30 11  $441 - $505
City of Chandler:
Windermere Ranch201991 63 28 27 43  $553 - $593
Canopy North2020129 30 26  $495 - $564
Canopy South2020112 29 29  $591 - $613
City of Gilbert:
Lakes At Annecy2019216 121 95 34 85 $326 - $392
Annecy P32021251 — 251 — — $287 - $355
Lakeview Trails201992 83 42 $618 - $716
Lakeview Trails II202168 — 68 33 — $618 - $716
Copper Bend202038 30 30 $492 - $511
Avocet at Waterston2020115 10 105 40 10 $560 - $645
Brighton at Waterston202088 13 75 33 13 $665 - $709
Domaine at Waterston2020128 122 30 $818 - $863
City of Goodyear:
Cottages at Rio Paseo201893 86  $243 - $264
Sedella202175 — 75 — —  $473 - $569
City of Mesa:
Cadence2021127 — 127 — —  $357 - $393
City of Peoria:
Legacy at The Meadows201774 71 —  $425 - $451
Estates at The Meadows2017272 206 66 34 44  $567 - $656
Deseo201994 46 48 34 40  $561 - $655
City of Phoenix:
Loma at Avance2019124 60 64 20 38  $426 - $485
Ranger at Avance2019145 57 88 28 55  $470 - $547
Piedmont at Avance201999 37 62 35  $565 - $583
Alta at Avance202026 11 15 11 11  $683 - $712
Whispering Hills 70's202280 — 80 — —  $467 - $496
Whispering Hills 80's202232 — 32 — —  $538 - $557
Whispering Hills 100's202253 — 53 — —  $549 - $609
Town of Queen Creek
Madera 50's2022105 — 105 — —  $363 - $453
Madera 60's202270 — 70 — —  $431 - $544
Madera 75's202291 — 91 — —  $513 - $606
Pathfinder South At Spur Cross202053 25 28 27 25  $528 - $548
Pathfinder North At Spur Cross202065 13 52 17 13  $611 - $628
Closed CommunitiesN/A— — — — 146 
Phoenix, Arizona Total3,050 956 1,919 479 662 
Tucson, Arizona
Closed CommunitiesN/A— — — — 
Tucson, Arizona Total    2 
Maracay Total3,050 956 1,919 479 664 







- 9 -


Pardee Homes
County, Project, City
Year of
First
Delivery(1)
Total
Number of Lots(2)
Cumulative
Homes
Delivered 
as of
December 31, 2020
Lots
Owned as of
December 31, 2020
(3)
Backlog as of
December 31,2020
(4)(5)
Homes 
Delivered
for the Twelve
Months Ended
December 31, 2020
Sales Price
Range(in thousands)(6)
California
San Diego County:
Sendero2019112 106 45 $1,470 - $1,610
Vista Santa Fe201944 43 25 $1,910 - $2,010
Carmel2019105 76 29 24 29 $1,700 - $1,900
Vista Del Mar201979 61 18 17 28 $1,750 - $1,900
Highlands202152 — 52 22 — $2,100 - $2,300
Sendero Collection202176 — 76 — — $1,400 - $1,500
Pacific Highlands Ranch PA 9C202442 — 42 — — TBD
Lake Ridge2018129 108 21 21 31 $820 - $880
Veraz2018111 106 60 $450 - $520
Solmar201974 70 — 61 $410 - $510
Solmar Sur2021108 — 108 12 — $420 - $520
Marea2020143 — 143 19 — $420 - $490
PA61 Rancho Las Brisas & Affordable2021203 — 203 — — TBD
Castello2021101 — 101 — — $475 - $510
Meyer2021192 — 192 — — $360 - $410
Zutano2021178 — 178 — — $425 - $450
Pomelo2022106 — 106 — — $525 - $560
Avoc2022141 — 141 — — $600 - $650
Bahia2022126 — 126 — — $565 - $600
South Otay MesaTBD893 — 893 — — TBD
Los Angeles County:
Cresta201867 55 12 21 $840 - $900
Verano201795 76 19 14 21 $550 - $690
Arista2017143 116 27 20 25 $745 - $820
Lyra2019141 83 58 35 50  $660 - $770
Sola2019189 118 71 41 57  $560 - $650
Luna2020114 19 95 39 19  $620 - $720
Strata2021292 — 292 — —  $550 - $670
Skyline Ranch FutureTBD334 — 334 — —  TBD
Riverside County:
Canyon Hills Future 70 x 115TBD125 — 125 — — TBD
Westlake2020163 48 115 55 48 $325 - $360
Daybreak2017159 158 35 $360 - $390
Elan201995 35 60 23 $390 - $425
Mira201980 22 58 11 12 $365 - $395
Avid201968 28 40 11 $340 - $365
Vita2019131 47 84 27 19 $315 - $340
Sundance Future Active AdultTBD330 — 330 — — TBD
Avena201884 80 28 $455 - $485
Overland202185 — 85 18 — $500 - $540
Kadence201885 83 34 $425 - $435
Newpark201893 76 17 16 34 $450 - $500
Easton201892 62 30 27 28 $490 - $550
Compass2021113 — 113 22 — $450 - $515
Tournament Hills FutureTBD268 — 268 — — TBD
Terramor202275 — 75 — — TBD
Arroyo2020110 38 72 67 38 $310 - $340
Cienega2020106 39 67 57 39 $300 - $335
Centerstone2020120 114 40 $320 - $340
Landmark2021130 — 130 24 — $355 - $385
Horizon2021130 — 130 26 — $380 - $440
- 10 -


Atwell FutureTBD3,742 — 3,742 — — TBD
San Joaquin County:
Bear CreekTBD1,252 — 1,252 — — TBD
Closed Communities— — — — 261 
California Total12,026 1,759 10,267 696 1,088 
Nevada
Clark County:
Tera Luna201863 55 — 26  $620 - $670
Tera Luna Ridge202153 — 53 — —  $530 - $640
Strada 2.0201962 59 54  $465 - $555
Strada 3.0202130 — 30 — — $504 - $589
Arden202079 21 58 14 21 $410 - $450
Capri2020114 23 91 18 23 $325 - $355
Arden 2.02022154 — 154 — — $370 - $400
Capri 2.02022214 — 214 — — $300 - $325
Pebble Estate FutureTBD— — — TBD
Evolve201974 72 47 $305 - $340
Midnight Ridge2020104 36 68 23 36 $560 - $710
Axis201752 53 — $860 - $1,125
Axis at the Canyons201926 20 $840 - $965
Cobalt2017107 102 28 $385 - $465
Nova Ridge at the Cliffs201930 18 12 15 $780 - $940
Corterra201853 52 18 $455 - $545
Highline202059 11 48 11  $500 - $600
Indogo2018202 125 77 48  $350 - $400
Larimar2018106 65 41 34 $380 - $440
Blackstone2018105 82 23 33 $430 - $535
35 x 90 ProductTBD140 — 140 — — TBD
Cirrus201954 40 14 33 $390 - $430
Sandalwood2020116 21 95 28 21 $750 - $1,050
Latitude202199 — 99 — — $390 - $430
Atlas202190 — 90 — — $440 - $490
Contour2021116 — 116 — — $335 - $360
Hualapai & Patrick202285 — 85 — — $430 - $450
Kings Canyon202290 — 90 — — $570 - $610
Overlook202293 — 93 — — $650 - $710
Closed CommunitiesN/A— — — — 66 
Nevada Total2,578 855 1,723 136 525 
Pardee Total14,604 2,614 11,990 832 1,613 

- 11 -


Quadrant Homes
County, Project, City
Year of
First
Delivery(1)
Total
Number of Lots(2)
Cumulative
Homes
Delivered 
as of
December 31, 2020
Lots
Owned as of
December 31, 2020
(3)
Backlog as of
December 31,2020
(4)(5)
Homes 
Delivered
for the Twelve
Months Ended
December 31, 2020
Sales Price
Range(in thousands)(6)
Washington
Snohomish County:
Trailside at Meadowdale Beach, Edmonds202138 — 38 — — $750 - $800
Cypress, Lynnwood202142 — 42 — — $545 - $665
King County:
Vareze, Kirkland202082 40 42 17 40 $760 - $955
Cedar Landing, North Bend2019138 64 74 27 40 $850 - $985
Monarch Ridge, Sammamish201959 41 18 17 28 $1,000 - $1,285
Overlook at Summit Park, Maple Valley2019126 70 56 28 41 $645 - $810
Aurea, Sammamish201941 33 24 $675 - $821
Aldea, Newcastle2019129 70 59 17 32 $665 - $920
Lario, Bellevue202046 31 15 31 $905 - $1,197
Lakeview Crest, Renton202017 13 10  $1,400 - $1,875
Eagles Glen, Sammamish202010  $1,150 - $1,555
Willows 124, Redmond2023173 — 173 — — $720 - $930
Finn Meadows, Kirkland202010 $1,050 - $1,245
Elliot Farms, Renton202245 — 45 — — $620 - $675
Woodlands Reserve, Kirkland202237 — 37 — — $945 - $1,350
Hazelwood Gardens, Newcastle202115 — 15 — — $1,200 - $1,360
Kitsap County:
Blue Heron, Poulsbo202285 — 85 — — $556 - $726
McCormick Villages, Port Orchard202188 88 — — $483 - $538
Poulsbo Meadows, Poulsbo202146 — 46 — — $528 - $564
Closed Communities N/A— — — — 33 N/A
Washington Total1,227 366 861 139 286 
Quadrant Homes Total1,227 366 861 139 286 
 



- 12 -


Trendmaker Homes
County, Project, City
Year of
First
Delivery(1)
Total
Number of Lots(2)
Cumulative
Homes
Delivered 
as of
December 31, 2020
Lots
Owned as of
December 31, 2020
(3)
Backlog as of
December 31,2020
(4)(5)
Homes 
Delivered
for the Twelve
Months Ended
December 31, 2020
Sales Price
Range(in thousands)(6)
Texas
Fort Bend County:
Cross Creek Ranch 45', FulshearTBD15 — 15 — — TBD
Cross Creek Ranch 60', Fulshear201362 38 24 26 $470 - $539
Cross Creek Ranch 65', Fulshear2013103 72 31 13 13 $518 - $588
Cross Creek Ranch 70', Fulshear2013112 100 12 29 $602 - $605
Cross Creek Ranch 90', Fulshear201357 45 12 11 $756 - $790
Fulshear Run 1/2 Acre, Richmond2016145 52 93 $579 - $725
Harvest Green 75', Richmond201581 57 24 20 17 $529 - $605
Sienna Plantation 80', Missouri CityTBD26 — 26 10 — $603 - $680
Sienna Plantation 85', Missouri City201554 50 14 $611 - $670
Grayson Woods 60'201942 23 19 22 $473 - $530
Grayson Woods 70'201939 16 23 14 14 $556 - $629
Haven at Seven Lakes (Land)TBD129 — 129 — — TBD
Woodforest (Land)TBD132 — 132 — — TBD
Harris County:
The Groves, Humble2015117 104 13 15 $345 - $373
Lakes of Creekside 80'201617 16 — $505 - $641
Lakes of Creekside 65'202018 15 $435 - $491
Lakes at CreeksideTBD135 — — — TBD
Balmoral 50'201946 39 11 $265
Bridgeland '80, Cypress2015142 122 20 24 $610 - $713
Bridgeland 70'201841 28 13 22 $554 - $627
Villas at Bridgeland 50'201848 25 23 $350 - $396
Falls at Dry Creek201929 16 13 11 13 $576 - $651
Grant-Cyp-RosehillTBD428 — 428 — — TBD
Hidden Arbor Traditions, Cypress TBD156 130 26 $395 - $495
Clear Lake, Houston (Land)2015772 708 64 27 112 $469 - $720
Indian Hills (Land)TBD72 — 72 — — TBD
Northgrove, TomballTBD25 18 — — TBD
Montgomery County:
Clopton FarmsTBD340 — 340 — — TBD
Grand Central Park202026 22 $320 - $361
RodriguezTBD342 — 342 — — TBD
Villas at Royal Brook, Porter201927 15 12 12 $349 - $363
Waller County:
LakeHouse2019351 109 242 39 78 $359 - $624
Williamson County:
Rancho Sienna 60'201651 50 — 17 $363 - $495
Highlands at Mayfield Ranch 50'2019105 58 47 33 28 $371 - $432
Highlands at Mayfield Ranch 60'201946 39 25 $382 - $415
Meyer Ranch202033 26 15 $310 - $369
Rancho Sienna 50'201974 29 45 20 21 $338 - $399
Palmera Ridge201966 44 22 21 28 $310 - $345
Hays County:
6 Creeks 50' Section 1 & 2 50'202035 29 29 $347 - $356
6 Creeks 60' Section 1 & 2 60'202015 13 13 $374
Travis County:
Turner's Crossing (Land)TBD324 — 324 — — TBD
Williamson County:
Bar W (Land)TBD152 — 152 — — TBD
Cressman Tract (Land)TBD85 — 85 — — TBD
BrysonTBD12 — 12 — — TBD
- 13 -


Collin County:
Creeks of Legacy, Celina202173 — 73 40 — $360 - $431
Retreat at Craig Ranch, McKinney2012165 163 $375 - $415
Denton County:
Lennon Creek, Hickory Creek2022119 — 119 — — $336 - $403
Paloma Creek, Little Elm2015267 207 60 19 30 $307 - $395
Parks at Legacy, Prosper201755 52 20 $384 - $495
Stark Farms, Denton202125 — 25 — $293 - $356
Valencia, Little Elm201682 70 12 11 13 $370 - $444
Kaufman County:
Gateway Parks, Forney202036 30 27 $290 - $385
Rockwall County:
Heath Golf and Yacht, Heath2016122 96 26 12 22 $440 - $520
Woodcreek, Fate2017177 118 59 24 30 $290 - $370
Tarrant County:
Chisholm Trail Ranch, Fort Worth2017122 83 39 16 19 $290 - $350
Lakes of River Trails, Fort Worth2011178 162 16 12 $360 - $425
Ventana, Benbrook201796 78 18 23 $345 - $430
View at the Reserve, Mansfield2022310 — 310 — — $318 - $422
Closed CommunitiesN/A— — — — 101 
Texas Total6,954 3,083 3,739 498 910 
Trendmaker Homes Total6,954 3,083 3,739 498 910 

- 14 -


Tri Pointe Homes
 
County, Project, City
Year of
First
Delivery(1)
Total
Number of Lots(2)
Cumulative
Homes
Delivered 
as of
December 31, 2020
Lots
Owned as of
December 31, 2020
(3)
Backlog as of
December 31,2020
(4)(5)
Homes 
Delivered
for the Twelve
Months Ended
December 31, 2020
Sales Price
Range(in thousands)(6)
Southern California
Orange County:
Varenna at Orchard Hills, Irvine2016135 124 11 10 23  $1,258 - $1,312
Cerise at Canvas202064 56 31  $757 - $821
Violet at Canvas202073 24 49 26 24  $567 - $740
Claret at Canvas202087 26 61 29 26  $585 - $694
Riverside County:
Citron @ Bedford2019101 88 13 13 42  $400 - $424
Cassis at Rancho Soleo202079 18 61 33 18  $522 - $540
Cava at Rancho Soleo202063 15 48 35 15  $405 - $450
Cerro at Rancho Soleo2020103 18 85 25 18  $380 - $435
Los Angeles County:
Tierno at Aliento201763 49 14 14 —  $704 - $732
Tierno II at Aliento201863 62 31  $704 - $732
Mystral201978 77 29  $629 - $685
San Bernardino County:
Ivy at The Preserve2019113 49 64 16 44  $367 - $445
Hazel at The Preserve2020133 62 71 27 62  $386 - $437
Tempo at The Resort202080 18 62 33 18  $529 - $597
Delia2021123 — 123 — — TBD
Closed CommunitiesN/A— — — — 197 
Southern California Total1,358 638 720 294 555 
Northern California
Santa Clara County:
Blanc at Glen Loma201949 27 22 21 22  $735 - $785
Noir at Glen Loma201964 28 36 32 19  $919 - $969
Lotus at Urban OakTBD123 — 123 — —  $870 - $1,020
Solano County:
Lantana at the Villages2019133 92 41 39 37  $513 - $563
Marigold at the Villages2021119 — 119 — —  $531 - $568
Shimmer at One Lake202145 — 45 17 —  $625 - $665
Splash at One Lake202172 — 72 — —  $575 - $622
San Joaquin County:
River Islands202064 56 42  $549 - $601
Alameda County:
Palm, Fremont201931 25 17 $2,250 - $2,392
Ellis at Central Station, Oakland2020128 123 $740 - $815
Sonoma County:
Riverfront Petaluma202135 — 35 12 — $740 - $901
Sacramento County:
Natomas202194 — 94 — — $400 - $456
Mangini - Brookstone202096 35 61 33 35 $671 - $776
Mangini - Waterstone202077 32 45 25 32 $715 - $838
Placer County:
La Madera2019102 49 53 22 39 $468 - $563
Radiance2021103 — 103 — — $510 - $532
Illumination2021110 — 110 — — $469 - $500
Timbercove202118 — 18 13 — $468 - $498
San Francisco County:
Cambridge Street (SFA)202154 — 54 — — $1,160 - $1,430
El Dorado County:
Serrano Village J7202265 — 65 — — $588 - $613
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Closed CommunitiesN/A— — — — 153 
Northern California Total1,582 301 1,281 268 367 
California Total2,940 939 2,001 562 922 
Colorado
Douglas County:
Terrain Ravenwood Village (3500)2018157 136 21 18 48  $390 - $441
Trails at Crowfoot2021100 — 100 —  TBD
Sterling Ranch Alley202097 11 86