Profile: Standard Pacific Corp (SPF.N)
1 May 2015
Standard Pacific Corp. (SPF), incorporated on August 14, 1991, is engaged in building single-family attached and detached homes. The Company operates in two segments: homebuilding and financial services. The Company constructs homes within a range of price and size targeting a range of homebuyers, with an emphasis on move-up buyers. The Company operates in metropolitan markets in California, Florida, the Carolinas, Texas, Arizona and Colorado.
In addition, SPF provides mortgage financing services and title examination services. In June 2013, SPF completed the acquisition of select homebuilding assets from Centerline Homes homebuilding affiliates. In June 2014, the Company acquired homebuilding operations of Austin, Texas builder Streetman Homes.
Homebuilding operating segment is grouped into three divisions: California; Southwest, consisting of operating divisions in Arizona, Texas, Colorado and Nevada; and Southeast, consisting of operating divisions in Florida and the Carolinas. The Company builds homes in 25 markets through a total of 15 operating divisions. Its homes sizes typically range from approximately 1,500 to 3,500 square feet. As of December 31, 2013, the Company owned or controlled 35,175 home sites (including joint ventures) and had 180 active selling communities. For the year ended December 31, 2013, approximately 79% of SPF’s deliveries were single-family detached homes. The remainders of its deliveries were single family attached homes, generally townhomes and condominiums configured with eight or fewer units per building.
In Financial Services segment, the Company includes mortgage financing and title services operations. Its mortgage financing operation provides mortgage financing to homebuyers in substantially all of the markets in which the Company operates, and sells substantially all of the loans it originates in the secondary mortgage market. Its title services operation provides title examinations for homebuyers in Texas.
The Company provides mortgage loans to many of its homebuyers through its mortgage financing subsidiary, Standard Pacific Mortgage. Standard Pacific Mortgage’s principal sources of revenue are fees generated from loan originations, net gains on the sale of loans and net interest income earned on loans during the period they are held prior to sale. It sells substantially all of the loans it originates in the secondary mortgage market, with servicing rights released on a non-recourse basis. In Texas, the Company acts as a title insurance agent performing title examination services for its Texas homebuyers through its title service subsidiary, SPH Title, Inc.
Standard Pacific Corp
15360 Barranca Pkwy
IRVINE CA 92618-2215