TRI POINTE HOMES, INC.
Annual Report 2024
Madera,
Arizona
Alterra,
Washington
Citrine,
Las Vegas
Who we are
One of the largest homebuilders in the U.S., Tri Pointe Homes (NYSE: TPH) is a publicly
traded company and a recognized leader in customer experience, innovative design,
and environmentally responsible business practices. The company builds premium
homes and communities, operating in 12 states and the District of Columbia, with deep
ties to the communities it serves—some for as long as a century.
Tri Pointe Homes combines the financial resources, technology platforms and proven
leadership of a national organization with the regional insights, longstanding
community connections and agility of empowered local teams.
BAY AREA
INLAND EMPIRE
ORANGE COUNTY-
LOS ANGELES
SACRAMENTO
SAN DIEGO
ARIZONA
LAS VEGAS
WASHINGTON
AUSTIN
DALLAS-FORT WORTH
HOUSTON
COLORADO
UTAH
DC METRO
CHARLOTTE
RALEIGH
COASTAL CAROLINAS
ORLANDO
WEST
CENTR AL
EAST
KEY INCOME STATEMENT DATA
2024
2023
2022
Home Sales Revenue
$4,386,447
$3,654,035
$4,291,563
Homebuilding Gross Margin %
23.3%
22.3%
26.4%
SG&A Expense as a % of Home Sales Revenue
10.8%
11.0%
9.0%
Homebuilding Income from Operations
$552,584
$413,331
$746,516
Net Income Available to Common Stockholders
$458,029
$343,702
$576,060
Diluted Earnings per Share
$4.83
$3.45
$5.54
KEY BALANCE SHEET DATA
12/31/2024
12/31/2023
12/31/2022
Cash and Cash Equivalents
$970,045
$868,953
$889,664
Real Estate Inventories
$3,153,459
$3,337,483
$3,173,849
Total Homebuilding Debt
$917,504
$1,382,586
$1,378,051
Total Stockholders’ Equity
$3,335,710
$3,010,958
$2,832,389
Ratio of Homebuilding Debt-to-Capital
21.6%
31.5%
32.7%
OTHER DATA
2024
2023
2022
Net New Home Orders
5,657
6,122
4,377
New Homes Delivered
6,460
5,274
6,063
Average Sales Price of Homes Delivered
$679
$693
$708
Backlog of Homes at Fiscal Year End
1,517
2,320
1,472
Backlog Dollar Value at Fiscal Year End
$1,164,602
$1,612,114
$1,164,678
Lots Owned or Controlled
36,490
31,960
33,794
FINANCIAL AND OPER ATIONAL HIGHLIGHTS
(dollars in thousands except earnings per share)
New Homes Delivered
1
5,123
2020
6,188
2021
6,063
2022
5,274
2023
6,460
2024
52%
move-up
5%
luxury
41%
entry-level
2%
active adult
2024 % Orders by Segment
2 0 2 0
2 0 2 1
2 0 2 2
2 0 2 3
$0
$5
$10
$15
$20
$25
$30
$35
$18.32
$22.32
$28.04
$31.52
2 0 2 4
$36.08
2 0 2 0
2 0 2 1
2 0 2 2
2 0 2 3
20,000
40,000
60,000
80,000
100,000
120,000
121,883
109,644
101,018
95,531
2 0 2 4
92,452
Book Value per Share
2
Year-End Shares Outstanding
(in thousands)
1 For the years ended December 31, 2020 through 2024
2 Book Value per Share for each year presented is based on total stockholders’ equity as of year-end divided by common shares outstanding as of year-end.
Dear Stockholder
Tri Pointe Homes delivered outstanding results in 2024,
with a record 6,460 new home deliveries at an average sales
price of $679,000, generating home sales revenue of $4.4
billion. We continue to invest in our core market strategy,
with A locations that are close to employment, good schools
and lifestyle amenities. Our core land holdings, along with
our differentiated premium brand and customer-focused
strategy, allows us to attract a well-qualified and resilient
buyer profile, who aspires to our product, reinforcing our
long-term value proposition. This strategy contributed to a
homebuilding gross margin of 23.3% and diluted earnings
per share of $4.83. Additionally in 2024, we increased our
book value per share year-over-year by 14.5%. Finally, we
achieved record operating cash flows, reduced our
outstanding indebtedness, and finished 2024 with the
strongest balance sheet and liquidity to date.
Despite sticky inflation, elevated mortgage rates, and
uncertainty around the election, along with softer seasonal
sales trends in the second half of 2024, our core market,
A-location strategy, and measured approach to pace and
price has allowed us to capitalize on increased demand to
begin 2025.
We ended 2024 with 145 active selling communities, and
expect to open approximately 65 new communities in 2025.
We anticipate further growth in our three new organic
expansion markets: Salt Lake City, Orlando, and Coastal
Carolinas. In Salt Lake City, for example, we own or control
over 1,000 lots, have broken ground on our first project, and
plan to open two new communities in 2025. We also continue
to ramp up our operations in both Orlando and the Coastal
Carolinas, where we expect our first deliveries in 2026.
Our balance sheet remains strong, with $1.7 billion in total
liquidity as of the end of 2024, including $970 million of cash and
cash equivalents and an additional $694 million available under
our corporate credit facility. We generated $696 million of
operating cash flow during 2024 and repaid $450 million in senior
notes scheduled to mature in June 2024, reducing our home-
building debt-to-capital ratio from 31.5% to 21.6% year-over-year.
Stock repurchases remain a priority as we seek to improve
shareholder returns. Since 2015, we have reduced the number
of outstanding shares of our common stock by 43%, while
increasing book value per share by approximately 250%,
representing a 15% compounded annual growth rate. In
December 2024, our Board of Directors approved a new $250
million stock repurchase program, demonstrating our ongoing
commitment to efficiently returning capital to our
stockholders. During 2024, we repurchased approximately
4.0 million shares of common stock at an average price of
$36.97 for an aggregate dollar amount of $147 million, reducing
outstanding shares by approximately 3.2%.
Launched Tri Pointe
Connect and
Tri Pointe Assurance
for mortgage and
title services
2015
Homebuilder
of the Year
award2
Tri Pointe Homes
was formed and
began operations in
Southern California
$150 million
Starwood Capital
Group equity
commitment
Opened operations
in Northern
California
Expanded into
the Colorado
market
First initial public
offering of a
homebuilder
in over 10 years
SETTING THE FOUNDATION
Expanded into
the Austin market
#1 Rated Local
Management
Teams3
Millennial
“Responsive
Home”
completed
HIVE 100
Innovators award4
Expanded
into the
Sacramento
market
WRECO
transaction
closes
2014
Developer
of the Year
award1
Fortune® 100
Fastest-Growing
Companies
2010
2009
2011
2012
2013
2014
2015
2016
2017
This letter to stockholders contains “forward-looking statements.”
Please refer to the Cautionary Note Concerning Forward-Looking
Statements in the accompanying
annual report on Form 10-K.
1 Builder and Developer magazine, a national homebuilding publication, named Tri Pointe the Developer of the Year in 2014.
2 BUILDER magazine named Tri Pointe the Builder of the Year in 2015. The Builder of the Year Award is BUILDER magazine’s
highest yearly honor.
3 Leading homebuilding analyst firm Zelman & Associates found Tri Pointe to have the highest-rated local management teams
among public homebuilders in its 2015 survey of land developers and private homebuilders.
Tri Pointe Connect, now our wholly owned mortgage company,
continued to integrate into our core homebuilding business in
2024. We intend to make further investments in mortgage
technology systems designed to enhance the customer
experience in 2025. During 2024, we leveraged financing
programs through Tri Pointe Connect to provide our
homebuyers with interest rate buydowns and flexible financing
options, creating compelling reasons to purchase a new
Tri Pointe home.
As of December 31, 2024, our total lot count was over 36,000,
comprised of approximately 46% owned and 54% controlled.
Our land acquisition strategy continues to emphasize capital
efficiency, including the use of land bank arrangements and
joint venture structures.
We remain confident in the long-term outlook on housing,
driven by strong demographics of Millennial and Gen-Z
homebuyers, a persistent housing shortage, and reduced
competition from the resale market due to the lingering
lock-in effect. In particular, the maturing Millennial generation,
aged 29 to 44, represents 64% of our backlog financing with
Tri Pointe Connect.
We believe Tri Pointe is poised to expand upon our scale in
existing markets and to target new markets through organic
startup divisions or mergers and acquisitions. We increased
our investments in our Central and East regions to grow
community count and increase geographic diversification,
which allowed us to make significant gains in Texas, where we
achieved a 60% increase in deliveries in 2024, as well as the
Carolinas, where we achieved an 11% increase year-over-year.
Tri Pointe Homes earned coveted recognition in 2024 for its
corporate reputation and performance, including quality of
management, quality of products and services, innovation,
social responsibility and talent management. The company
was named to the 2024 Fortune World’s Most Admired
Companies™ list and awarded 2024 Developer of the Year.
Our strong culture and commitment to team member
engagement was evident through multiple Best Workplaces
awards from Great Place to Work® and Fortune magazine.
Additionally we achieved Great Places to Work-Certified™
status for the fourth consecutive year and were recognized
as one of 2024 PEOPLE® Companies that Care. Tri Pointe
Homes also received over 50 awards across various
categories including Product Design, Interior Merchandising,
Customer Experience, Innovative Use of Technology,
Marketing, and Professional Achievements.
We would like to thank our team members and trade
partners for an exceptional 2024, and we deeply appreciate
their efforts to deliver our homebuyers with a premium
product and experience. We also want to express our
gratitude to our board members and stockholders for their
continued support and guidance, and we look forward to
changing more lives in 2025.
Tri Pointe
Advantage
Insurance
Services
launched
Expanded
into the
Carolinas
Best Places
to Work
Award5 4th
consecutive year
2021-2024
Great Place to
Work®Certified
Company 7
Launched LiveAbility™,
our commitment to
build homes that
naturally adapt to
life’s changing needs
Announced
expansion
into Utah
Announced
expansion into the
Orlando and Coastal
Carolinas markets
Dunhill and Nathan
Carlisle Homes acquired
and become the Dallas-
Fort Worth Division
4 Recognizing housing’s most influential innovators, real estate media firm Hanley Wood
awarded Tri Pointe with a HIVE 100 Innovators award in the Business Management category.
5 Orange County Business Journal and Best Companies Group recognized Tri Pointe
as one of the Best Places to Work in Orange County in 2016, 2017, 2018 and 2019.
6 Builder and Developer magazine, a national homebuilding publication, named Tri Pointe
the Builder of the Year in 2019.
7 Tri Pointe Homes was recognized as a Great Place to Work-Certified™ Company in both
2021 and 2022.
8 Tri Pointe Homes was recognized in 2022 as a Fortune Best Workplace for Millennials™,
Women™, and in Construction™.
9 Tri Pointe Homes was recognized in 2023 as a Fortune Best Workplaces for Women™,
Construction™, Millennials™, and 100 Best Companies to Work For®.
Tri Pointe
Assurance
expanded into
escrow services
Tri Pointe unified
its six builder brands
under the name
Tri Pointe Homes®
Launched Altis,
Tri Pointe
Homes’
55+ brand
Fortune Best
Workplaces for
Millennials™, Women™
and in Construction™8
Fortune Best Workplaces
for Women™,
Construction™,
Millennials™, and 100 Best
Companies to Work For®9
Fortune World’s
Most Admired
CompaniesTM, Fortune
Best Workplaces for
WomenTM, ConstructionTM
and ParentsTM, and
2024 People Companies
that Care®
2019 Builder of
the Year award6
2020
2021
2022
2018
2023
2024
2019
Douglas F. Bauer
Chief Executive Officer
Steven J. Gilbert
Chairman of the Board
Updated
LivingSmart®
features based
on home
shopper research
Features
that foster
wellness and
clean air
Well-being by design
Technology that helps
you stay comfortable,
in control, and
connected from
anywhere
Materials that
come from
recycled and
sustainable
sources
Products and
technology that
reduce energy
use and
utility bills
Features and
landscape
design that help
conserve
water usage
Sustainability
We’ve been a leader in green building since 2001. Through
our LivingSmart® program and third-party programs such
as LEED®, ENERGY STAR® and Indoor airPLUS, as well
as our approach to land acquisition and land planning,
we are always looking for new and better ways to do
business in a considerate, sustainable and healthful way.
We are always looking for new ways to be a responsible
neighbor and extend a helping hand at every opportunity.
We established Tri Pointe C.A.R.E.S. (Charity, Advocacy,
Resources, Enrichment and Stewardship) to encourage team
members to use their positive energy, talent and expertise
to give back in support of their local communities. We believe
in the idea that a variety of perspectives brings innovative
ideas to the table and we want to include anyone and
everyone who wants to contribute to the mission.
Tri Pointe Homes is committed to a strong corporate
governance structure and practices that reflect a
commitment to accountability and transparency to our
stockholders and other stakeholders. At the management
level, we have appointed a Chief Sustainability Officer and
established an internal working group, which is responsible
for implementing our sustainability strategy and initiatives.
And our board of directors currently has six members,
all of whom, other than our Chief Executive Officer,
are independent under New York Stock Exchange (NYSE)
listing standards.
For more detailed information regarding Tri Pointe Homes’
approach to sustainability and other initiatives, please visit
our website at investors.tripointehomes.com/sustainability.
We recognize the importance of sustainability considerations
to our stakeholders and continue to look for ways to incorporate
sustainability into our initiatives.
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