Deutsche Bank 6th Annual Global Industrials and Basic Materials...

Deutsche Bank 6th Annual Global Industrials and Basic Materials Conference

Maracay Homes – Pardee Homes – Quadrant Homes – Trendmaker Homes – TRI Pointe Homes – Winchester Homes

Forward Looking Statement

Various statements contained in this presentation, including those that express a belief, expectation or intention, as well asthose that are not statements of historical fact, are forward-looking statements. These forward-looking statements may includeprojections and estimates concerning the timing and success of specific projects, our ability to achieve the anticipated benefitsof the Weyerhaeuser Real Estate Company (WRECO) transaction and our future production, operational and financial results,financial condition, prospects, and capital spending. Our forward-looking statements are generally accompanied by wordssuch as “estimate,” “project,” “predict,” “believe,” “expect,” “intend,” “anticipate,” “potential,” “plan,” “goal,” “will,” or other words that convey future events or outcomes. The forward-looking statements in this presentation speak only as of the date of this presentation, and we disclaim any obligation to update these statements unless required by law, and we caution you not to rely on them unduly. These forward-looking statements are inherently subject to significant business, economic, competitive,regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyondour control. The following factors, among others, may cause our actual results, performance or achievements to differmaterially from any future results, performance or achievements expressed or implied by these forward-looking statements: theeffect of general economic conditions, including employment rates, housing starts, interest rate levels, availability of financingfor home mortgages and strength of the U.S. dollar; market demand for our products, which is related to the strength of thevarious U.S. business segments and U.S. and international economic conditions; levels of competition; the successfulexecution of our internal performance plans, including restructuring and cost reduction initiatives; global economic conditions;raw material prices; energy prices; the effect of weather; 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; theeffect of land use, environment and other governmental regulations; legal proceedings; risks relating to any unforeseenchanges to or effects on liabilities, future capital expenditures, revenues, expenses, earnings, synergies, indebtedness,financial condition, losses and future prospects; the risk that disruptions from the WRECO transaction will harm our business;our ability to achieve the benefits of the WRECO transaction in the estimated amount and the anticipated timeframe, if at all;our ability to integrate WRECO successfully and to achieve the anticipated synergies therefrom; changes in accountingprinciples; our relationship, and actual and potential conflicts of interest, with Starwood Capital Group or its affiliates; andadditional factors discussed under the sections captioned “Risk Factors” included in our annual and quarterly reports filed withthe Securities and Exchange Commission. The foregoing list is not exhaustive. New risk factors may emerge from time to timeand it is not possible for management to predict all such risk factors or to assess the impact of such risk factors on ourbusiness.

Presenters

Mike GrubbsChief Financial Officer

• 28 years of real estate and homebuilding experience

• Former SVP / CFO of William Lyon Homes

• Previously, real estate accountant at Kenneth Leventhal

Doug BauerChief Executive Officer

• 28 years of real estate and homebuilding experience

• Former President and COO of William Lyon Homes

• Previously, managed WLH Northern California Division

Chris MartinVP Finance and Investor Relations

TRI Pointe Group’s senior management has significant experience running a large, geographically diverse, growth-oriented public homebuilder. Deep managerial talent at each operating division with key local relationships supports dynamic tailored growth strategies.

3

• 25 years of real estate experience

• Former VP Finance and Treasurer at LNR Property LLC

• Previously, Vice President at Wells Fargo Bank

• Family of Regional Homebuilders

• Building in 8 States Under 6 Premium Brands in 12 Major Markets

• 2015 Builder of the Year

Market: Greater Puget Sound Area

LTM Orders: 389 LTM Deliveries: 335

LTM HB Revenue: $146,550 LTM ASP: $437

Lots Owned or Controlled: 1,497Markets: Washington DC,

Richmond

LTM Orders: 370

LTM Deliveries:396

LTM HB Revenue: $275,789

LTM ASP: $696

Lots Owned or Controlled: 2,675

Markets: Phoenix, Tucson




All lots owned or controlled as of March 31, 2015. The term “Adjusted” includes GAAP results plus legacy TRI Pointe operations for the period prior to July 7, 2014, the closing date of the WRECO transaction. See “Reconciliation of Non-GAAP Financial Measures” in the appendix of

the presentation.

Adjusted LTM Orders: 3,474 Adjusted LTM Deliveries: 3,260

Adjusted LTM HB Revenue: $1,778,637 Adjusted LTM ASP: $546


Markets: Orange County, Los

Angeles, San Diego, San

Francisco Bay Area, Denver

LTM Orders: 695

LTM Deliveries: 543


LTM ASP:$794


Leading Brand Names Targeted to Specific Markets

Markets: Los Angeles/Ventura, Inland

Empire, San Diego, Las Vegas

LTM Orders: 1,033

LTM Deliveries: 1,065


LTM ASP: $474


Market: Houston, Austin (expansion)




5

105

161

99

85

2.3

3.2

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

0

20

40

60

80

100

120

140

160

180

1Q14 1Q15Orders Deliveries Absorption

Orders, Deliveries and Absorption Rate

For the quarters ended March 31, 2014 and 2015

1Q14 1Q15

$356K $382K

Average Sales Price of Deliveries

53%

Arizona

• Founded in 1991 – acquired by WRECO in 2006 – over 7,700

homes delivered since inception

• Broad range of product offerings in Phoenix and Tucson

markets with appeal to affluent first-time and move-up

segments

• Base prices range from low $200k to over $500k

• 2014 Deliveries of 396 – 3 year goal of 700 annually

• 2,186 Lots owned and controlled

6

54

100

4754

2.9

3.7

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

0

20

40

60

80

100

120




85%

Nevada

• Established in 1969 - over 30,000 homes delivered in Las

Vegas

• Development of master-planned communities and

merchant home building operations

• Base prices range from low $200k to high $500k



7

1Q14 1Q15

$377K $340K


191

208

88

1145.0

6.1

2.0

2.5

3.0

3.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

0

50

100

150

200

250




9%

California

• Founded in 1921 – over 68,000 homes delivered in CA and

NV since 1969

• A Home for Every Buyer – diverse product portfolio of both

premier SFA and SFD Homes with base prices from low

$200k to over $2.3M

• Master-plan developer and home builder in LA / Ventura,

Inland Empire, San Diego and Las Vegas



8

1Q14 1Q15

$564K $590K


98

150

78

93

2.6

4.9

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

5.5

6.0

0

20

40

60

80

100

120

140

160




53%

Washington State

• Founded in 1959 - delivered over 15,000 homes since inception

• Focus on 6 core counties in the Puget Sound area targeting

premium entry level through move-up segment offering

Northwest contemporary designs with high level of customization

• Base prices range from low $200k to over $900k



9

1Q14 1Q15

$399K $466K


143

132130

108

2.2

1.7

1.0

1.5

2.0

2.5

3.0

3.5

4.0

0

20

40

60

80

100

120

140

160




8%

Texas

• Founded in 1971 – over 12,000 homes delivered since

inception – acquired by WRECO in 1980

• Broad reach of product type with base prices ranging from

mid $300k to mid $700k

• Affordable luxury homes built primarily in suburban

locations with select land development opportunities



10

1Q14 1Q15

$472K $520K


16

74

10

33

5.3

3.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

5.5

6.0

0

10

20

30

40

50

60

70

80



For the quarters ended March 31, 2014 and 2015 on an adjusted

basis1)

363%

Colorado

• Established Colorado operations in 2012.

• Diversified offerings targeting premium entry level through

move-up SFD products with base prices ranging from high

$200k to low $600k


• 702 Lots owned and controlled

11

1Q14 1Q15

$380K $473K


(1) Includes legacy TRI Pointe operations for the first quarter of 2014. See “Reconciliation of Non-GAAP Financial Measures” in the appendix of this presentation.

122

262

82106

4.5

4.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

5.5

6.0

0

50

100

150

200

250

300



For the quarters ended March 31, 2014 and 2015 on an adjusted

basis1)

115%

California

• Founded in 2009 with Southern California operations and

established Northern California in 2011 focusing on growth

markets particularly coastal California.

• Diversified premium product offering with both SFA and SFD

with base prices ranging from mid $200k to over $1.6M

• 2014 Deliveries of 544 – 3 year goal of 1,200 annually


12

1Q14 1Q15

$842K $861K



76

107

6675

1.2

2.8

1.0

1.5

2.0

2.5

3.0

3.5

4.0

0

20

40

60

80

100

120




41%

Maryland and Virginia

• Founded in 1979 – over 19,000 homes delivered since

inception

• Your Home + Your Way – building broad product offering of

innovative and flexible home designs with base prices range

from mid $300k to over $1.5M



13

1Q14 1Q15

$709K $663K


Significant Land Supply

TRI Pointe Solutions

Significant Land Supply to Fuel Growth

Combined Lot Position

Market Owned Controlled Total Lots % Owned Inventory Dollars LTM Deliveries(2) Years of

Supply

California 18,101 410 18,511 98% $1,416,803 1,251 14.8

Colorado 496 206 702 71% $73,588 70 10.0

Washington, D.C. (1) 2,337 338 2,675 87% $275,710 396 6.8

Arizona 1,249 937 2,186 57% $157,862 382 5.7

Nevada 1,733 34 1,767 98% $150,952 287 6.2

Texas 896 1,084 1,980 45% $183,157 539 3.7

Washington 938 559 1,497 63% $151,234 335 4.5

Total 25,750 3,568 29,318 88% $2,409,306 3,260 9.0

As of March 31, 2015

63%

2%

9%

8%

6%

7%5%

California

Colorado

Washington, D.C. (1)

Arizona

Nevada

Texas

Washington

Total Lots

(1) 15Includes lots in the greater Washington D.C. area.

(2) Includes legacy TRI Pointe operations for the period prior to July 7, 2014, the closing date of the WRECO transaction. See “Reconciliation of Non-GAAP Financial Measures” in the appendix of this presentation.

59%

3%

11%

7%

6%

8%

6%

Inventory Dollars

15

TRI Pointe Solutions

TRI Pointe Solutions – a wholly-owned subsidiary formed to provide

buyer services including mortgage and title insurance related services

100% owned by TRI Pointe Solutions

Title Agency arrangement in conjunction with First American Title

Licensed in Texas and Maryland

Anticipate licensing in Virginia in June 2015

Mortgage company

Joint venture with imortgage

Licensed in Arizona, Washington, Colorado, Virginia, Maryland and

Texas

Anticipate licensing in Nevada and California by June 2015

16

First Quarter 2015 Highlights

2015 First Quarter Highlights

FIRST QUARTER HIGHLIGHTS AND COMPARISONS TO FIRST QUARTER 2014Net income $15.3M; $0.09 per diluted shareHome sale revenue up 55% to $374.3MNew home orders increased 79% to 1,194New home deliveries up 31% to 668 with increased average sales price of 18% to $560kHomebuilding gross margin of 19.9%Adjusted homebuilding gross margin of 21.8%(1)

SG&A expense improved to 13.8% compared to 16.1%

FIRST QUARTER HIGHLIGHTS AND COMPARISONS TO FIRST QUARTER 2014– “Adjusted”(1)(2)

Home sale revenue up 19% to $374.3MNew home orders increased 48% to 1,194New home deliveries up 11% to 668 with increased average sales price of 7% to $560k

(1) See “Reconciliation of Non-GAAP Financial Measures” in the appendix of the presentation.

(2) The term “Adjusted” includes GAAP results plus legacy TRI Pointe operations for the first quarter of 2014. 18

Arizona15%

California27%

Maryland4%

Nevada8%

Colorado6%

Texas23%

Virginia7%

Washington10%

Active Selling Communities and Absorption Rate

19

93

117

2.45

3.52

1.00

1.50

2.00

2.50

3.00

3.50

4.00

0

20

40

60

80

100

120

140

2014 2015

Communities Absorption Rate

26%

Active Communities and Absorption RateAs of and for the quarters ended March 31, 2014 and 2015

Communities by StateAs of March 31, 2015

Arizona14%

California39%

Maryland4%

Nevada8%

Colorado6%

Texas11%

Virginia5%

Washington13%

New Home Orders – First Quarter Results

667

1,194

805

1,194

0

200

400

600

800

1,000

1,200

1,400

2014 2015

GAAP

Adjusted

First Quarter - New Home OrdersFor the quarters ended March 31, 2014 and 2015 – GAAP and on an adjusted

basis(1)


Orders by StateFor the quarter ended March 31, 2015

20

Incre

ase 7

9%

YO

Y

Incre

ase 4

8%

YO

Y

Arizona13%

California33%

Maryland5%

Nevada8%

Colorado5%

Texas16%

Virginia6%

Washington14%

508

668

600

668

0

100

200

300

400

500

600

700

800

2014 2015

GAAP

Adjusted

New Home Deliveries – First Quarter Results

Deliveries by StateFor the quarter ended March 31, 2015


First Quarter – New Home DeliveriesFor the quarters ended March 31, 2014 and 2015- GAAP and on an adjusted

basis(1)

21

Incre

ase 3

1%

YO

Y

Incre

ase 1

1%

YO

Y

Arizona7%

California47%

Maryland5%

Nevada4%

Colorado7%

Texas14%

Virginia9%

Washington7%

Backlog – Units and Dollar Value (“GAAP”)

Backlog – Units and Dollar ValueAs of March 31, 2014 and 2015 (dollars in thousands)

Dollar Value by StateAs of March 31, 2015

1,056

1,558

0

200

400

600

800

1000

1200

1400

1600

1800

Units

$594,550

$943,352

$-

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000

$700,000

$800,000

$900,000

$1,000,000

$ Value

2014

2015

$563K $605K

Backlog ASP

22

Incre

ase 4

8%

YO

Y

Incre

ase 5

9%

YO

Y

Arizona7%

California47%

Maryland5%

Nevada4%

Colorado7%

Texas14%

Virginia9%

Washington7%

Backlog – Units and Dollar Value (“Adjusted”)(1)

Backlog – Units and Dollar Value (“Adjusted”)As of and for the quarters ended March 31, 2014 and 2015 (dollars in thousands)

Dollar Value by StateAs of March 31, 2015

1,251

1,558

0

200

400

600

800

1000

1200

1400

1600

1800

Units

$752,242

$943,352

$-

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000

$700,000

$800,000

$900,000

$1,000,000

$ Value

2014

2015

$601K $605K

Average Sales Price

(1) Includes legacy TRI Pointe operations for the first quarter of 2014. See “Reconciliation of Non-GAAP Financial Measures” in the appendix of this presentation. 23

Incre

ase 2

5%

YO

Y

Incre

ase 2

5%

YO

Y

Arizona9%

California42%

Maryland5%

Nevada5%

Colorado4%

Texas15%

Virginia8%

Washington12%

Home Sales Revenue

$241,902

$374,265

$314,714

$374,265

$0

$100,000

$200,000

$300,000

$400,000

$500,000

GAAP

Adjusted

First Quarter – Home Sales RevenueFor the quarter ended March 31, 2014 and 2015 (dollars in thousands)

Home Sales Revenue by StateFor the quarter ended March 31, 2015

$476K $525K $560K $560K

Average Sales Price

24

Incre

ase 5

5%

YO

Y

Incre

ase 1

9%

YO

Y

Selected Balance Sheet Metrics

$450 $450

$0

$100

$200

$300

$400

$500

4.375% Senior Notes 5.875% Senior Notes

• In May 2015, the Company

increased its unsecured revolving

credit facility from $425 million

to $550 million with an

additional $150 million

accordion feature in order to

provide additional liquidity for

working capital requirements to

fund growth.

25

$ in thousands 3/31/2015 12/31/2014

Cash and cash equivalents $ 106,573 $ 170,629

Real estate inventories $ 2,409,306 $ 2,280,183

Debt $ 1,210,024 $ 1,162,179

Stockholders' equity $ 1,470,602 $ 1,454,180

Net debt-to-capital 45.1% 44.4%

Selected Balance Sheet Metrics

Debt Maturities (in millions)

2015 Full Year and Second Quarter Outlook

Re-iterate 2015 Outlook

Increase home deliveries by 25% over the 2014 deliveries of the combined company(1)

Average sales price of homes delivered of $550,000

Expand homebuilding gross margins for the year as compared to GAAP 2014 results; delivering full year homebuilding gross margin of approximately 21%

Improve the SG&A as a % of home sales revenue to a range of 10.5% to 11.0%

Open 55 new communities and grow active selling community count by 15% to 20% by end of the year

Earn $1.15 to $1.30 on a fully diluted per share basis

(1) Includes legacy TRI Pointe operations for the periods prior to July 7, 2014, the closing date of the WRECO transaction. 27

Second Quarter 2015 Update and Outlook

New home orders up 45% for the month of April over the combined company(1) results for the comparable month a year ago

Anticipate delivering approximately 50% of the 1,558 homes in backlog as of March 31, 2015

Open 16 new communities and close out of 9 communities, resulting in 124 active selling communities as of June 30, 2015

Anticipate flat homebuilding gross margins on deliveries in 2Q15 as compared to 1Q15

(1) Includes legacy TRI Pointe operations for the month of April 2014. 28

Appendix

History of TRI Pointe and WRECO Transaction

2014I

Blueprint of an IPO - Growth of the Next Generation Homebuilder

3

2009 2010 2011 2012 2013

April 2009:

• TRI Pointe Homes was established in 2009 to capitalize on the unique market opportunities of the housing recovery in CA and other Southwestern markets.

• Began fee building projects with The Irvine Company and Resmark Capital

• Fee building was a capital efficient method of establishing the company

• Receives a $150mm equity commitment from Starwood Capital Group – base capital that forms a strong balance sheet for growth

September 2010:

2009-2010 – The Framework

Housing Recovery + Opportunity

2011-2013 Rapid Expansion -Deployment of Starwood Capital

353

511

1,903

0

200

400

600

800

1000

1200

1400

1600

1800

2000

2011 2012 2013

TRI Pointe Homes Investment + Lot Acquisition = 14 New Communities

2011: Opened

Northern California

2012: Opened

Colorado

• TRI Pointe Homes, “TPH” rings the Opening Bell

• The first home builder to go public since 2004

• Priced outside range at 1.7 multiple, raising $232.7 million

• Initial public offering was 13,689,000 shares at $17.00 per share

January 31st, 2013 – The IPO

November 2013 – The Merger Announcement

6

• TRI Pointe Homes (“TRI Pointe”) and Weyerhaeuser Company (“Weyerhaeuser”) entered into a definitive agreement in which Weyerhaeuser Real Estate Company (“WRECO”) was combined with TRI Pointe in a “Reverse Morris Trust” transaction.

• TRI Pointe issued 129.7 million shares to Weyerhaeuser shareholders through a “split”; immediately after the closing of the transaction, Weyerhaeuser and TRI Pointe shareholders owned approximately 80.4% and 19.6% respectively, of the combined company.

• Weyerhaeuser also received $739 million cash payment as part of the transaction funded by $900 million unsecured senior notes issued in June 2014.

TRI Pointe Homes (TPH) + Weyerhaeuser Real Estate Company (WRECO)

July 2014 – The Merger Closing

6

• Second largest home building merger in history.

• Corporate name will be TRI Pointe Group while regional brands will be maintained. Central functions have been consolidated in Irvine, CA, with all integration and transition completed.

• The combined company will focus on some of the most attractive housing marketing in the US and has a combined land position of over 30,000 lots owned and controlled.(2)

• Growth oriented, pure-play homebuilder represents attractive investment at current point in the housing cycle.

• Transaction combines industry-leading management at TRI Pointe with WRECO’s strong local market franchise and experienced management teams.

TRI Pointe Group – Top 10 National Home Builder by Equity Market Capitalization(1)

(1) Equity market value of $2.5bn based on 161,340,261 shares outstanding at the closing price of $15.26 on November 26, 2014(2) Includes land under a purchase contract or option contract as of September 30, 2014

Best-in-Class Executive Leadership Team

• Chairman and CEO of Starwood

Capital Group since 1991

• Former Chairman and CEO of

Starwood Hotels & Resorts

• Current Chairman and CEO of

Starwood Property Trust, Inc.

Barry S. SternlichtChairman of the Board

Thomas Mitchell President and COO

Douglas BauerChief Executive Officer

Michael Grubbs

Chief Financial Officer

• 28 years of real estate and

homebuilding experience

• Former President and COO of

William Lyon Homes

• Previously, managed WLH

Northern California Division



• Former EVP and Southern

California Regional President at

William Lyon Homes



• Former SVP / CFO of William

Lyon Homes

• Previously, real estate

accountant at Kenneth Leventhal

Operational Management Team

Pardee

SD- Beth Fischer

IE- Mike Taylor

LV- Klif Andrews

Combined Yrs in Industry: 65

Winchester

Alan Shapiro

Yrs in Industry: 29

Trendmaker

Will Holder

Yrs in Industry: 21

Quadrant

Ken Krivanec

Yrs in Industry: 25

Maracay

Andy Warren

Yrs in Industry: 27

84

Employees

Working together for over 20 years, TRI Pointe senior management has significant experience running a large, geographically diverse, growth-oriented public homebuilder. Deep managerial talent at each operating division with key local relationships

supports dynamic tailored growth strategies.

97

Employees

149

Employees154

Employees

277

Employees

TRI Pointe Homes

So Cal – Tom Grable

No Cal – Jeff Frankel

Denver – Matt Osborn

Combined Yrs in Industry: 65

218

Employees

Note: Employee numbers as of December 2014

Supplemental Data and Reconciliation

Reconciliation of Non-GAAP Financial Measures(unaudited)

In this presentation, we utilize certain financial measures that are non-GAAP financial measures as defined by the Securities and

Exchange Commission. We present these measures because we believe they and similar measures are useful to management and

investors in evaluating the Company’s operating performance and financing structure. We also believe these measures facilitate the

comparison of our operating performance and financing structure with other companies in our industry. Because these measures are not

calculated in accordance with Generally Accepted Accounting Principles (“GAAP”), they 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.

The following table reconciles homebuilding gross margin percentage, as reported and prepared in accordance with GAAP, to the non-

GAAP measure adjusted homebuilding gross margin percentage. We believe this information is meaningful as it isolates the impact that

leverage has on homebuilding gross margin and permits investors to make better comparisons with our competitors, who adjust gross

margins in a similar fashion.

Three Months Ended

March 31,

2015 % 2014 %

(dollars in thousands)

Home sales $ 374,265 100.0 % $ 241,902 100.0 %

Cost of home sales 299,907 80.1 % 191,268 79.1 %

Homebuilding gross margin 74,358 19.9 % 50,634 20.9 %

Add: interest in cost of home sales 6,711 1.8 % 3,300 1.4 %

Add: impairments and lot option abandonments 345 0.1 % 429 0.2 %

Adjusted homebuilding gross margin $ 81,414 21.8 % $ 54,363 22.5 %

Homebuilding gross margin percentage 19.9 % 20.9 %

Adjusted homebuilding gross margin percentage 21.8 % 22.5 %

39

Reconciliation of Non-GAAP Financial Measures (cont’d)(unaudited)

The merger with Weyerhaeuser Real Estate Company (“WRECO”) was accounted for as a "reverse acquisition" of TRI Pointe by WRECO

in accordance with ASC Topic 805, "Business Combinations." As a result, legacy TRI Pointe's financial results are not included in the

combined company’s GAAP results for any period prior to July 7, 2014, the closing date of the merger. This schedule provides certain

supplemental financial and operations information of the combined company that is “Adjusted" to include legacy TRI Pointe stand-alone

operations. No other adjustments have been made to the supplemental combined company information provided and this information is

summary only and may not necessarily be indicative of the results had the merger occurred at the beginning of the periods presented or

the financial condition to be expected for the remainder of the year or any future date or period.

The following schedule provides certain supplemental financial and operations information of the combined company that is “Adjusted" to

include legacy TRI Pointe stand-alone operations for the three month ending March 31, 2104 as though the WRECO merger was

completed on January 1, 2014.

Three Months Ended

March 31, 2015 March 31, 2014

Combined Legacy Combined Combined Legacy Combined

Reported Adjustments Adjusted Reported Adjustments Adjusted

Supplemental Operating Data: (dollars in thousands)

Home sales revenue $ 374,265 NA $ 374,265 $ 241,902 $ 72,812 314,714

Net new home orders 1,194 NA 1,194 667 138 805

New homes delivered 668 NA 668 508 92 600

Average selling price of homes

delivered $ 560 NA $ 560 $ 476 $ 791 $ 525

Average selling communities 113.0 NA 113.0 90.7 10.0 100.7

Selling communities at end of period 117 NA 117 93 10 103

Cancellation rate 11 % NA 11 % 15 % 8 % 14 %

Backlog (estimated dollar value) $ 943,352 NA $ 943,352 $ 594,550 $ 157,692 $ 752,242

Backlog (homes) 1,558 NA 1,558 1,056 195 1,251

Average selling price in backlog 605 NA 605 563 809 601

40

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