CalAtlantic Homes

CalAtlantic Group, Inc.
Subsidiary
Industry Home construction
Fate Merged into Lennar Corporation in 2018
Predecessors Standard Pacific Homes and Ryland Homes
Founded 2015
Headquarters Arlington, Virginia
Key people
 Scott D. Stowell, Chairman
Larry T. Nicholson, CEO & President
Jeff J. McCall, CFO
Production output
 14,229 deliveries
Revenue Increase $6.476 billion (2016)
Increase $0.484 billion (2016)
Total assets Increase $8.709 billion (2016)
Total equity Increase $4.207 billion (2016)
Number of employees
 3,055 (2016)[1]
Parent Lennar Corporation
Website www.calatlantichomes.com
Footnotes / references
[1]

CalAtlantic Group, Inc. is a home construction company based in Arlington, Virginia and was America's 4th largest homebuilder as of 2016.[2] The company built homes for more than 113,000 families during its 46-year history.[3] In June 2015, Standard Pacific Homes and Ryland Homes announced the companies were merging. The combined company was expected to be the nation's fourth largest home builder.[4][5] Following the merger the name was changed to CalAtlantic Group, Inc, traded on the NYSE under the ticker symbol CAA.[6] In February 2018, the company was acquired by Lennar Corporation (LEN), creating the largest homebuilder in the US with combined revenues of $17 billion and a presence in 21 states.[7]

Homebuilding

The company constructed homes within a wide range of price and size targeting a broad range of homebuyers. It operated in many of the largest housing markets in the country with operations in major metropolitan areas including those in California, Florida, Arizona, the Carolinas, Texas, Colorado and Nevada.[8] The company developed whole new subdivisions within urban metropolitan areas,[9] as well as smaller groupings of new homes,[10] and single homes like rural ranch properties.[11] The company was run through various regional divisions representing different parts of the United States.[12]

History

The company now known as Standard Pacific Homes was incorporated in 1961 by Arthur Svendsen and Ronald Foell, and began construction of its first subdivision in 1965.[13] Operations expanded to include San Diego in 1969,[14] Texas in 1978,[15] Arizona in 1998, Colorado in 2000, and Florida in 2002. It reached $1 billion in annual revenues for the first time in 1999.[16] After the merger, in 2016 the company invested $1.6 billion in land acquisition and development.[17] They were the fourth largest builder in the United States, building in seventeen states.[18] Builder Magazine also named CalAtlantic its builder of the year.[19] In August 2016, the company announced plans to develop 250 homes near Charlotte, North Carolina.[20] In June 2017, the company acquired Oakpointe, LLC and entered the Seattle market.[21][22] In July 2017, the company paid $10.94 million for a property in Miami-Dade County, Florida that was approved for 220 homes.[23]

In October 2017, CalAtlantic and Lennar Corporation agreed to a $5.7 billion merger. The combined company would become America's largest homebuilder, with combined revenues of $17 billion.[24]

References

  1. 1 2 "CalAtlantic Group, Inc. 2016 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ↑ "The Top 100: 2017". builderonline.com.
  3. ↑ advameg.com. "CalAtlantic Group, Inc. - FORM 8-K - EX-99.1 - PRESS RELEASE ANNOUNCING FINANCIAL RESULTS - April 28, 2011". getfilings.com.
  4. ↑ "Standard Pacific Corp. and The Ryland Group, Inc. Merge to Create CalAtlantic Group, Inc., America's Fourth Largest Homebuilding Company" (Press release). PRNewswire. October 1, 2015.
  5. ↑ Setter, Pat (June 10, 2017). "CalAtlantic Homes ramping up new projects across county". The San Diego Union-Tribune.
  6. ↑ http://www.bizjournals.com/washington/breaking_ground/2016/08/the-regions-top-homebuilders-havent-just-been.html
  7. ↑ Gara, Antoine. "Lennar And CalAtlantic Strike $5.7 Billion Merger To Create Nation's Largest Homebuilder".
  8. ↑ Research, Core Equity (7 June 2013). "Standard Pacific Corp. Is Definitely Worth A Look".
  9. ↑ http://www.builderonline.com/land/local-markets/calatlantic-opens-two-chicago-area-communities_o
  10. ↑ http://www.builderonline.com/land/local-markets/calatlantic-homes-announces-colorado-community_o
  11. ↑ "As CalAtlantic readies low-maintenance ranches in The Meadows, both younger and older buyers say they want single-level living". 20 May 2016.
  12. ↑ Chappell, Carisa Crawford (31 January 2017). "In Glen Burnie, Md. community, residents find comfort in the quaintness" – via www.washingtonpost.com.
  13. ↑ "Standard Pacific-Ryland merger will create a homebuilding colossus". 14 September 2015.
  14. ↑ Source, San Diego (1 June 2000). "Standard Pacific: A Great Choice In San Diego".
  15. ↑ "Standard Pacific Homes ramps up Dallas-area operations". 30 August 2012.
  16. ↑ "History of Standard Pacific Corporation – FundingUniverse". www.fundinguniverse.com.
  17. ↑ http://www.builderonline.com/money/profits/calatlantic-earnings-beat-estimates_o
  18. ↑ Salzman, Avi. "Home Builder CalAtlantic's Shares Have Room to Grow".
  19. ↑ http://www.builderonline.com/builder-100/leadership/2016-builder-of-the-year-calatlantic-group_o
  20. ↑ Fahey, Ashley (August 9, 2016). "National homebuilder to develop 250 homes at Rea Farms". American City Business Journals.
  21. ↑ "CalAtlantic Homes Enters Seattle Market" (Press release). PRNewswire. June 13, 2017.
  22. ↑ COLLINS, JEFF (June 15, 2017). "CalAtlantic acquires Seattle homebuilding operation". Orange County Register.
  23. ↑ Bandell, Brian (July 28, 2017). "National homebuilder pays $11M for approved development site in Miami-Dade". American City Business Journals.
  24. ↑ Gara, Antoine (October 30, 2017). "Lennar And CalAtlantic Strike $5.7 Billion Merger To Create Nation's Largest Homebuilder". Forbes.

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