Organization and Description of the Business

6 Months Ended

Jun. 30, 2013

Organization and Description of the Business

Organization and Description of the Business

1. Organization and Description of the Business

WCI Communities, Inc. (the “Company”) is a lifestyle community developer and luxury homebuilder in several of Florida’s coastal markets. Our business is organized into three operating segments: homebuilding, real estate services, and amenities. Our homebuilding operations design, sell, and build single- and multi-family homes targeting move-up, second-home, and active adult buyers. Our real estate service businesses include real estate brokerage and title services. Our amenities operations own and operate golf courses and country clubs, marinas and resort-style amenity facilities within many of our communities.

On August 4, 2008, WCI’s predecessor company and certain subsidiaries (the “Debtors”) filed voluntary petitions for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of Delaware. The Debtors filed a joint plan of reorganization (“Reorganization”), which was declared effective on September 3, 2009, and the Debtors emerged from bankruptcy on that date. In conjunction with the emergence from bankruptcy, the Company was formed as a holding company that owns 100% of the equity in WCI Communities, LLC and WCI Communities Management, LLC.