UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________________________________________________________________

FORM 10-K

_______________________________________________________________________________

(Mark One)

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2019

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission File Number 1-35796

 p

TRI Pointe Group, Inc.

(Exact Name of Registrant as Specified in Its Charter)

_______________________________________________________________________________

Delaware	61-1763235
(State or other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

19540 Jamboree Road, Suite 300

Irvine, California 92612

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code (949) 438-1400

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol	Name of each exchange on which registered
Common Stock, par value $0.01 per share	TPH	New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  ☒    No  ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.    Yes  ☐    No  ☒

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes  ☐    No   ☒

The aggregate market value of the registrant’s common stock held by non-affiliates of the registrant on June 28, 2019, based on the closing price of $11.97 as reported by the New York Stock Exchange, was $1,671,655,364.

136,080,148 shares of common stock were issued and outstanding as of February 6, 2020.

DOCUMENTS INCORPORATED BY REFERENCE:

Portions from the registrant’s proxy statement relating to its 2020 annual meeting of stockholders are incorporated by reference into Part III, Items 10, 11, 12, 13 and 14.

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TRI Pointe Group, Inc.

ANNUAL REPORT ON FORM 10-K

FOR THE YEAR ENDED DECEMBER 31, 2019

Table of Contents

		Page Number
	Part I
Item 1.	Business	4
Item 1A.	Risk Factors	21
Item 1B.	Unresolved Staff Comments	40
Item 2.	Properties	40
Item 3.	Legal Proceedings	40
Item 4.	Mine Safety Disclosures	40
	Part II
Item 5.	Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	41
Item 6.	Selected Financial Data	43
Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	45
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	65
Item 8.	Financial Statements and Supplementary Data	65
Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	65
Item 9A.	Controls and Procedures	65
Item 9B.	Other Information	67
	Part III
Item 10.	Directors, Executive Officers and Corporate Governance	67
Item 11.	Executive Compensation	67
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	67
Item 13.	Certain Relationships and Related Transactions, and Director Independence	67
Item 14.	Principal Accounting Fees and Services	67
	Part IV
Item 15.	Exhibits, Financial Statement Schedules	67
Item 16.	Form 10-K Summary	114
	Signatures	114

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CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS

This annual report on Form 10-K contains certain statements that are “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These forward-looking statements are based on our current intentions, beliefs, expectations and predictions for the future, and you should not place undue reliance on these statements. These statements use forward-looking terminology, are based on various assumptions made by us, and may not be accurate because of risks and uncertainties surrounding the assumptions that are made.

Factors listed in this section—as well as other factors—may cause actual results to differ significantly from the forward-looking statements included in this annual report on Form 10-K. There is no guarantee that any of the events anticipated by the forward-looking statements in this annual report on Form 10-K will occur, or if any of the events occurs, there is no guarantee what effect, if any, it will have on our operations, financial condition, or share price.

We undertake no, and hereby disclaim any, obligation to update or revise any forward-looking statements, unless required by law. However, we reserve the right to make such updates or revisions from time to time by press release, periodic report, or other method of public disclosure without the need for specific reference to this annual report on Form 10-K. No update or revision shall be deemed to indicate that other statements not addressed by that update or revision remain correct or create an obligation to provide any other updates or revisions.

Forward-Looking Statements

Forward-looking statements that are included in this annual report on Form 10-K are generally accompanied by words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “future,” “goal,” “intend,” “likely,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “should,” “strategy,” “target,” “will,” “would,” or other words that convey the uncertainty of future events or outcomes. These forward-looking statements may include, but are not limited to, statements regarding our strategy, projections and estimates concerning the timing and success of specific projects and our future production, land and lot sales, outcome of legal proceedings, operational and financial results, including our estimates for growth, financial condition, sales prices, prospects and capital spending.

Risks, Uncertainties and Assumptions

The major risks and uncertainties—and assumptions that are made—that affect our business and may cause actual results to differ from these forward-looking statements include, but are not limited to:

• the effect of general economic conditions, including employment rates, housing starts, interest rate levels, availability of financing for home mortgages and strength of the U.S. dollar;

• market demand for our products, which is related to the strength of the various U.S. business segments and U.S. and international economic conditions;

• the availability of desirable and reasonably priced land and our ability to control, purchase, hold and develop such parcels;

• access to adequate capital on acceptable terms;

• geographic concentration of our operations, particularly within California;

• levels of competition;

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

• raw material and labor prices and availability;

• oil and other energy prices;

• the effect of U.S. trade policies, including the imposition of tariffs and duties on homebuilding products and retaliatory measures taken by other countries;

• the effect of weather, including the re-occurrence of drought conditions in California;  

• the risk of loss from earthquakes, volcanoes, fires, floods, droughts, windstorms, hurricanes, pest infestations and other natural disasters, and the risk of delays, reduced consumer demand, and shortages and price increases in labor or materials associated with such natural disasters;

• transportation costs;

• federal and state tax policies;

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

• legal proceedings or disputes and the adequacy of reserves;

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• risks relating to any unforeseen changes to or effects on liabilities, future capital expenditures, revenues, expenses, earnings, synergies, indebtedness, financial condition, losses and future prospects;

• changes in accounting principles;

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

• other factors described in “Risk Factors.”

EXPLANATORY NOTE

As used in this annual report on Form 10-K, references to “TRI Pointe”, “the Company”, “we”, “us”, or “our” in this annual report on Form 10-K (including in the consolidated financial statements and related notes thereto in this annual report on Form 10-K) refer to TRI Pointe Group, Inc., a Delaware corporation (“TRI Pointe Group”), and its consolidated subsidiaries.

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PART I.

Item 1. Business

Our Company  

TRI Pointe was founded in April 2009, near the end of an unprecedented downturn in the national homebuilding industry.  Since then, we have grown from a Southern California fee homebuilder into a regionally focused national homebuilder with a portfolio of the following six quality homebuilding brands operating in 15 markets across ten states:

• Maracay in Arizona;

• Pardee Homes in California and Nevada;

• Quadrant Homes in Washington;

• Trendmaker Homes in Texas;

• TRI Pointe Homes in California, Colorado and the Carolinas; and

• Winchester Homes in Maryland and Virginia.

Our growth strategy is to capitalize on high demand in selected “core” markets with favorable population and employment growth as a result of proximity to job centers or primary transportation corridors. As of December 31, 2019, our operations consisted of 137 active selling communities and 30,029 lots owned or controlled.  See “Lots Owned or Controlled” below.  Our construction expertise across an extensive product offering allows us flexibility to pursue a wide array of land acquisition opportunities and appeal to a broad range of potential homebuyers, including buyers of entry-level, move-up, luxury and active adult homes.  As a result, we build across a variety of base sales price points, ranging from approximately $190,000 to $2.0 million, and home sizes, ranging from approximately 1,200 to 5,520 square feet.  See “Description of Projects and Communities under Development” below.  For the years ended December 31, 2019 and 2018, we delivered 4,921 and 5,071 homes, respectively, and the average sales price of our new homes delivered was approximately $624,000 and $640,000, respectively.

Our founders firmly established our core values of quality, integrity and excellence.  These are the driving forces behind our innovative designs and strong commitment to our homebuyers.

Our Competitive Strengths

We believe the following strengths provide us with a significant competitive advantage in implementing our business strategy:

Experienced and Proven Leadership

Douglas Bauer, our Chief Executive Officer, and Thomas Mitchell, our President and Chief Operating Officer, have worked together for over 30 years and have a successful track record of managing and growing a public homebuilding company.  Their combined real estate industry experience includes land acquisition, financing, entitlement, development, construction, marketing and sales of single-family detached and attached homes in communities in a variety of markets.  In addition, the management teams at each of our homebuilding subsidiaries have substantial industry knowledge and local market expertise. We believe that our management teams’ prior experience, extensive relationships and strong local reputations provide us with a competitive advantage in securing projects, obtaining entitlements, building quality homes and completing projects within budget and on schedule.

Focus on High Growth Core Markets

Our business is well-positioned to continue to capitalize on the broader national housing market.  We are focused on the design, construction and sale of innovative single-family detached and attached homes in major metropolitan areas in Arizona, California, the Carolinas, Colorado, Maryland, Nevada, Texas, Virginia and Washington.  These markets are generally characterized by high job growth and increasing populations, which typically create strong demand for new housing.  We believe they represent attractive homebuilding markets with opportunities for long-term growth and that we have strong land positions strategically located within these markets.  Moreover, our management teams have deep, local market knowledge of the homebuilding and development industries.  We believe this experience and strong relationships with local market participants enable us to source, acquire and entitle land efficiently.

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Strong Operational Discipline and Controls

Our management teams pursue a hands-on approach.  Our strict operating discipline and attention to controls, including financial accountability at the project management level, is a key part of our strategy to maximize returns while minimizing risk.

Acquire Attractive Land Positions While Reducing Risk

We believe that our reputation and extensive relationships with land sellers, master plan developers, financial institutions, brokers and other builders enable us to continue to acquire well-positioned land parcels in our target markets and provide us access to a greater number of acquisition opportunities.  We believe our expertise in land development and planning enables us to create desirable communities that meet or exceed our homebuyers’ expectations, while operating at competitive costs.

Increase Market Position in Growth Markets

We believe that there are opportunities to expand profitably in our existing and target markets, and we continually review our selection of markets based on both aggregate demographic information and our own operating results.  We use the results of these reviews to re-allocate our investments to those markets where we believe we can maximize our profitability and return on capital.  While our primary growth strategy has focused on increasing our market position in our existing markets, we recently expanded our homebuilding operations to the Carolinas and the Dallas–Fort Worth region in Texas. We intend to continue, on an opportunistic basis, to explore expansion into other markets through organic growth and/or acquisition.

Provide Superior Design and Homeowner Experience and Service

We consider ourselves a “progressive” homebuilder driven by an exemplary homeowner experience, cutting-edge product development and exceptional execution.  Our core operating philosophy is to provide a positive, memorable experience to our homeowners through active engagement in the building process, tailoring our product to homeowners’ lifestyle needs and enhancing communication, knowledge and satisfaction.  We believe that the new generation of home buying families has different ideas about the kind of home buying experience it wants.  As a result, our selling process focuses on the home’s features, benefits, quality and design, in addition to the traditional metrics of price and square footage.  In addition, we devote significant resources to the research and design of our homes to better meet the needs of our homebuyers.  Through our LivingSmart® platform, we provide homes that we believe are earth-friendly, enhance homeowners’ comfort, promote a healthier lifestyle and deliver tangible operating cost savings versus less efficient resale homes.  Collectively, we believe these steps enhance the selling process, lead to a more satisfied homeowner and increase the number of homebuyers referred to our communities.

Offer a Diverse Range of Products

We are a builder with a wide variety of product offerings that enable us to meet the specific needs of each of our core markets, which we believe provides us with a balanced portfolio and an opportunity to increase market share.  We have demonstrated expertise in effectively building homes across product offerings from entry-level through luxury and active adult.  We spend extensive time studying and designing our products through the use of architects, consultants and homebuyer focus groups for all levels and price points in our target markets.  We believe our diversified product strategy enables us to best serve a wide range of homebuyers, adapt quickly to changing market conditions and optimize performance and returns while strategically reducing portfolio risk.  Within each of our core markets we determine the profile of homebuyers we hope to address and design neighborhoods and homes with the specific needs of those homebuyers in mind.

Focus on Efficient Cost Structure and Target Attractive Returns

Our experienced management teams are vigilant in maintaining their focus on controlling costs.  We competitively bid new projects and phases while maintaining strong relationships with our trade partners by managing production schedules closely and paying our vendors on time.

We combine decentralized management in those aspects of our business in which we believe detailed knowledge of local market conditions is critical (such as governmental processing, construction, land acquisition, land development and sales and marketing), with centralized management in those functions in which we believe central control is required (such as approval of land acquisitions, financial, treasury, human resources and legal matters).  We have also made significant investments in

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systems and infrastructure to operate our business efficiently and to support the planned future growth of our company as a result of executing our expansion strategy.

Utilize Prudent Leverage

Our ongoing financial strategy includes redeployment of cash flows from continuing operations and debt to provide us with the financial flexibility to access capital on the best terms available.  In that regard, we expect to employ prudent levels of leverage to finance the acquisition and development of our lots and construction of our homes.  See “Our Financing Strategy” below.

Lots Owned or Controlled

As of December 31, 2019, we owned or controlled, pursuant to land option contracts or purchase contracts, an aggregate of 30,029 lots.  We refer to lots that are under land option contracts as “controlled.” See “Acquisition Process” below. Lots owned or controlled include our share of lots controlled from our unconsolidated land development joint ventures. Investments in joint ventures are described in Note 6, Investments in Unconsolidated Entities, of the notes to our consolidated financial statements included elsewhere in this annual report on Form 10-K. The following table presents certain information with respect to our lots owned or controlled as of December 31, 2019.

	Lots Owned	Lots Controlled (1)	Lots Owned or Controlled
Maracay	2,099	1,631	3,730
Pardee Homes	13,126	141	13,267
Quadrant Homes	977	126	1,103
Trendmaker Homes	2,852	1,182	4,034
TRI Pointe Homes	2,771	3,399	6,170
Winchester Homes	1,020	705	1,725
Total	22,845	7,184	30,029

______________________________________________

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

Description of Projects and Communities under Development

Our lot inventory includes land that we are holding for future development.  The development of these lots will be subject to a variety of marketing, regulatory and other factors and in some cases we may decide to sell the land prior to development.  The following table presents project information relating to each of our markets as of December 31, 2019 and includes information on current projects under development where we are building and selling homes as of December 31, 2019.

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Maracay

County, Project, City	Year of First Delivery(1)	Total Number of Lots(2)	Cumulative Homes Delivered  as of December 31, 2019	Lots Owned as of December 31, 2019(3)	Backlog as of December 31,2019(4)(5)	Homes  Delivered for the Twelve Months Ended December 31, 2019	Sales Price Range(in thousands)(6)
Phoenix, Arizona
City of Buckeye:
Arroyo Seco	2020	44	—	44	—	—	$406 - $470
City of Chandler:
Mission Estates	2019	26	12	14	14	12	$537 - $598
Windermere Ranch	2019	91	20	71	21	20	$508 - $548
Canopy North	2020	129	—	7	—	—	$453 - $522
Canopy South	2020	112	—	7	—	—	$534 - $558
City of Gilbert:
Marathon Ranch	2018	63	59	4	3	50	$520 - $563
Lakes At Annecy	2019	216	36	180	36	36	$267 - $355
Annecy P3	2021	250	—	250	—	—	$226 - $301
Lakeview Trails	2019	92	41	51	27	41	$557 - $642
Lakeview Trails II	2020	68	—	68	—	—	$557 - $642
Copper Bend	2020	38	—	38	9	—	$484 - $503
Waterston	2020	331	—	331	—	—	$487 - $775
City of Goodyear:
Villages at Rio Paseo	2018	117	61	56	16	43	$193 - $224
Cottages at Rio Paseo	2018	93	81	12	3	50	$231 - $252
Sedella	2021	75	—	75	—	—	$441 - $520
City of Mesa:
Electron at Eastmark	2019	53	38	15	15	38	$364 - $441
Cadence	2021	127	—	127	—	—	$386 - $466
City of Peoria:
Legacy at The Meadows	2017	74	68	6	—	2	$425 - $451
Estates at The Meadows	2017	272	162	110	28	62	$510 - $599
Enclave at The Meadows	2018	126	70	56	31	41	$402 - $497
Deseo	2019	94	6	88	26	6	$507 - $601
City of Phoenix:
Navarro Groves	2018	54	53	1	—	29	$439 - $484
Loma @ Avance	2019	124	22	102	30	22	$379 - $438
Ranger @ Avance	2019	145	2	143	34	2	$416 - $488
Piedmont @ Avance	2019	99	2	97	31	2	$503 - $518
Alta @ Avance	2020	26	—	26	6	—	$611 - $640
Town of Queen Creek:
Pathfinder South At Spur Cross	2020	53	—	53	—	—	$474 - $494
Pathfinder North At Spur Cross	2020	65	—	65	—	—	$563 - $577
Closed Communities	N/A	—	—	—	—	55
Phoenix, Arizona Total		3,057	733	2,097	330	511
Tucson, Arizona
Oro Valley:
Desert Crest - Center Pointe Vistoso	2016	103	101	2	—	14	$262 - $307
Closed Communities	N/A	—	—	—	—	5
Tucson, Arizona Total		103	101	2	—	19
Maracay Total		3,160	834	2,099	330	530

Pardee Homes

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County, Project, City	Year of First Delivery(1)	Total Number of Lots(2)	Cumulative Homes Delivered  as of December 31, 2019	Lots Owned as of December 31, 2019(3)	Backlog as of December 31,2019(4)(5)	Homes  Delivered for the Twelve Months Ended December 31, 2019	Sales Price Range(in thousands)(6)
California
San Diego County:
Vista Santa Fe	2019	44	18	26	8	18	$1,858 - $1,970
Sendero	2019	112	61	51	29	61	$1,350 - $1,440
Terraza	2019	81	46	35	25	46	$1,350 - $1,430
Carmel	2019	105	47	58	8	47	$1,420 - $1,530
Vista Del Mar	2019	79	33	46	7	33	$1,580 - $1,730
Pacific Highlands Ranch Future	2020	115	—	115	—	—	TBD
Lake Ridge	2018	129	77	52	14	43	$710 - $840
Veraz	2018	111	46	65	1	36	$390 - $475
Marea	2020	143	—	143	—	—	$365 - $435
Solmar	2019	74	9	65	6	9	$380 - $470
Solmar Sur	2020	108	—	108	—	—	$380 - $470
PA61 Townhomes	2021	170	—	170	—	—	TBD
Meadowood	2021	844	—	844	—	—	$390 - $630
South Otay Mesa	TBD	893	—	893	—	—	TBD
Los Angeles County:
Verano	2017	95	55	40	5	18	$575 - $670
Arista	2017	143	91	52	11	23	$725 - $795
Cresta	2018	67	34	33	7	24	$800 - $890
Lyra	2019	141	33	108	15	33	$650 - $720
Sola	2019	189	61	128	24	61	$550 - $600
Luna	2020	114	—	114	—	—	$610 - $660
Skyline Ranch Future	TBD	626	—	626	—	—	$550 - $810
Riverside County:
Starling	2017	68	66	2	2	26	$425 - $440
Canyon Hills Future 70 x 115	TBD	125	—	125	—	—	TBD
Westlake	2020	163	—	163	—	—	$310 - $325
Elara	2016	260	257	3	2	55	$310 - $345
Daybreak	2017	159	123	36	12	49	$360 - $385
Cascade	2017	194	158	36	4	58	$335 - $355
Abrio	2018	113	70	43	14	38	$410 - $445
Beacon	2018	106	71	35	13	53	$490 - $525
Alisio	2019	84	51	33	7	51	$300 - $335
Vita	2019	114	28	86	6	28	$310 - $335
Avid	2019	69	17	52	2	17	$340 - $365
Elan	2019	100	12	88	14	12	$400 - $420
Mira	2019	91	10	81	7	10	$365 - $395
Sundance Future Active Adult	TBD	330	—	330	—	—	TBD
Avena	2018	84	52	32	12	27	$450 - $480
Tamarack	2018	84	78	6	5	23	$480 - $520
Braeburn	2018	82	45	37	16	37	$410 - $440
Spencers Crossing 35/36/37	2020	85	—	85	—	—	$485 - $515
Canvas	2018	89	58	31	17	50	$395 - $415
Kadence	2018	85	49	36	15	41	$415 - $430
Newpark	2018	93	42	51	9	34	$440 - $485
Easton	2018	92	34	58	6	29	$465 - $525
Audie Murphy Ranch	2020	52	—	52	—	—	$450 - $510
Tournament Hills Future	TBD	268	—	268	—	—	TBD
Arroyo	2020	110	—	110	—	—	$340 - $365
Cienega	2020	106	—	106	—	—	$315 - $345
Centerstone	2020	120	—	120	—	—	$315 - $335
Landmark	2020	86	—	86	—	—	$360 - $390
Horizon	2020	57	—	57	—	—	$405 - $430

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Atwell Future	2020	3,874	—	3,874	—	—	TBD
San Joaquin County:
Bear Creek	TBD	1,252	—	1,252	—	—	TBD
Closed Communities		—	—	—	—	83
California Total		12,978	1,832	11,146	323	1,173
Nevada
Clark County:
Strada	2017	83	79	4	3	20	$425 - $490
Strada 2.0	2019	92	5	87	13	5	$450 - $550
Linea	2018	123	108	15	12	60	$370 - $410
Arden	2020	79	—	79	—	—	$360 - $400
Capri	2020	114	—	114	—	—	TBD
Arden 2.0	2021	154	—	154	—	—	$370 - $400
Capri 2.0	2021	214	—	214	—	—	$300 - $325
Pebble Estate Future	TBD	8		8	—	—	TBD
Evolve	2019	74	25	49	18	25	$300 - $330
Corterra	2018	53	34	19	5	31	$450 - $545
Highline	2020	59	—	59	—	—	$454 - $555
Cobalt	2017	107	74	33	3	28	$380 - $455
Onyx	2018	88	52	36	14	38	$465 - $500
Axis	2017	52	50	2	—	17	$860 - $1,125
Axis at the Canyons	2019	26	12	14	4	12	$790 - $915
Midnight Ridge	2020	104	—	104	15	—	$515 - $640
Pivot	2017	88	86	2	—	42	$405 - $470
Nova Ridge	2017	81	69	12	1	30	$680 - $840
Nova Ridge at the Cliffs	2019	27	3	24	5	3	$680 - $840
Tera Luna	2018	116	29	87	8	25	$550 - $665
Indogo	2018	202	77	125	16	55	$300 - $360
Larimar	2018	106	31	75	8	27	$350 - $410
Blackstone	2018	105	49	56	5	44	$420 - $500
35 x 90 Product	TBD	140	—	140	—	—	TBD
Cirrus	2019	54	7	47	4	7	$360 - $395
Silverado Entry-Level	2021	96	—	96	—	—	$400 - $450
Silverado Move-Up	2021	93	—	93	—	—	$440 - $490
Silverado Courtyard Townhome	2021	116	—	116	—	—	$300 - $320
Sandalwood	2020	116	—	116	3	—	$735 - $885
Closed Communities	N/A	—	—	—	—	33
Nevada Total		2,770	790	1,980	137	502
Pardee Total		15,748	2,622	13,126	460	1,675

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Quadrant Homes

County, Project, City	Year of First Delivery(1)	Total Number of Lots(2)	Cumulative Homes Delivered  as of December 31, 2019	Lots Owned as of December 31, 2019(3)	Backlog as of December 31,2019(4)(5)	Homes  Delivered for the Twelve Months Ended December 31, 2019	Sales Price Range(in thousands)(6)
Washington
Snohomish County:
Grove North, Bothell	2019	43	11	32	14	11	$795 - $900
Grove South, Bothell	2019	9	8	1	1	8	$820
Trailside at Meadowdale Beach, Edmonds	2021	38	—	38	—	—	$730 - $780
Perrinville Townhomes, Lynnwood	2021	42	—	42	—	—	$535 - $655
King County:
Vareze, Kirkland	2020	82	—	82	—	—	$705 - $850
Cedar Landing, North Bend	2019	138	24	114	28	24	$755 - $890
Monarch Ridge, Sammamish	2019	59	13	46	16	13	$990 - $1,265
Overlook at Summit Park, Maple Valley	2019	126	29	97	8	29	$570 - $750
Aurea, Sammamish	2019	41	9	32	3	9	$665 - $808
Aldea, Newcastle	2019	129	38	91	19	38	$685 - $900
Lario, Bellevue	2020	46	—	46	—	—	$815 - $1,100
Lakeview Crest, Renton	2020	17	—	17	—	—	$1,450 - $1,620
Eagles Glen, Sammamish	2020	10	—	10	—	—	$1,100 - $1,700
Willows 124	2023	173	—	173	—	—	$680 - $890
Finn Meadows, Kirkland	2020	10	—	10	—	—	$880 - $1,100
Hazelwood Gardens, Newcastle	2021	15	—	15	—	—	$1,100 - $1,260
Kitsap County:
Blue Heron, Poulsbo	2022	85	—	85	—	—	$489 - $664
Poulsbo Meadows, Poulsbo	2021	46	—	46	—	—	$494 - $530
Closed Communities	N/A	—	—	—	—	125	N/A
Washington Total		1,109	132	977	89	257
Quadrant Homes Total		1,109	132	977	89	257

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Trendmaker Homes

County, Project, City	Year of First Delivery(1)	Total Number of Lots(2)	Cumulative Homes Delivered  as of December 31, 2019	Lots Owned as of December 31, 2019(3)	Backlog as of December 31,2019(4)(5)	Homes  Delivered for the Twelve Months Ended December 31, 2019	Sales Price Range(in thousands)(6)
Texas
Brazoria County:
Rise Meridiana	2016	47	43	4	1	13	$292 - $352
Fort Bend County:
Cross Creek Ranch 60’, Fulshear	2013