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Standard Pacific Management Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: SPF

During the second quarter, we were able to raise base prices at over 70 communities, and we're able to reduce incentives to the lowest levels in over 3 years. As we have done every quarter for quite some time now, I'd like to discuss our progress on our land strategy. We remain focused on obtaining land in A locations, and total land spend for the total second quarter was $131 million. As we discussed during our last call, the market for finished homesites in A locations remains overheated, so we have had greater recent success acquiring larger partially developed and undeveloped land parcels.

Leveraging our long-held expertise in master-planned development, we acquired over 1,100 move-up homesites through the purchase of the Palisades, a bank-owned master-planned community in Charlotte, North Carolina. And 286 move-up homesites to the bankruptcy court purchase of the Cordoba Ranch in Tampa, Florida. The acquisition of these 2 highly desirable parcels is a great example of the powerful combination created when we match the deep local market knowledge of our division operators with the expertise of our national land group in navigating the complexities of large, distressed transactions.

We also continue to have success here closer to home in Southern California. Just last week, following a very competitive RFP process, we were awarded the exclusive rights to negotiate with the City of Tustin to develop a 51-acre parcel at Tustin Legacy, located on the former -- on the side of the former Marine -- Tustin Marine base in one of the most high-profile master-planned communities in Southern California. The City of Tustin cited the strength of our community designs and development plan, as well as our legacy of building move-up communities in the local market as major reasons for selecting Standard Pacific Homes over our competition.

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