Landsea Homes Corp Stock Price, News & Analysis

Landsea Homes Corporation (Nasdaq: LSEA) has appointed Susan Lattmann and Mollie Fadule to its Board of Directors, effective December 31, 2021. Lattmann brings over 30 years of experience in finance and corporate governance, having previously served as CFO at Bed Bath & Beyond. Fadule, with her extensive background in commercial real estate and investment management, is currently the Chief Financial and Investment Officer at JPI. CEO John Ho stated that their addition strengthens the company’s commitment to environmental, social, and governance initiatives, positioning Landsea for future success.

Landsea Homes Corporation (Nasdaq: LSEA) announced the acquisition of over 900 final lots in the Anthem master-planned community in Kyle, Texas. This 422-acre community, set to accommodate around 1,500 homes, is strategically located in one of the fastest-growing areas in the U.S. The new homes will feature Landsea's High Performance Home technology, including smart home automation and air purification systems. This acquisition exemplifies Landsea's commitment to expanding in desirable markets with robust local economies, aiming to meet the growing demand for homes in the greater Austin area.

Landsea Homes Corporation (Nasdaq: LSEA) plans to develop 139 new homes in Placentia, California, featuring a mix of traditional and back-to-back townhomes. The community, named Hudson, will incorporate Dutch woonerf design, enhancing pedestrian and cyclist accessibility. Homes will range from 806 to 1,349 square feet and include sustainable features and high-tech amenities. The location offers convenient access to entertainment and commuting options, making it appealing for various buyers. This expansion highlights Landsea's commitment to growth in the Orange County market.

Landsea Homes Corporation (Nasdaq: LSEA) has appointed Chris Porter as the new Chief Financial Officer. With over 30 years of experience in corporate finance across various sectors, Porter aims to leverage his expertise to manage the company's financial affairs.

Previously, he played key roles in senior housing development and real estate, where he raised approximately $1 billion in debt and equity. Porter expressed enthusiasm for contributing to Landsea Homes' growth in the competitive homebuilding industry.

Landsea Homes Corporation (Nasdaq: LSEA) reported third quarter financial results for 2021, showing a 130% increase in fully diluted earnings. Total revenue decreased 2% to $214.1 million, with home sales declining 4% to $208.9 million. However, net new home orders fell to 275 homes, revealing a 21% drop excluding acquisitions. The backlog grew 18% to 1,092 homes, valued at $606.2 million. Management raised the full-year revenue outlook, expecting $1,016 to $1,060 million for 2021, reflecting strong demand despite supply chain disruptions.

Landsea Homes Corporation (Nasdaq: LSEA) announced the acquisition of 69 homesites for a new community, The Groves, in Grand Island, Florida. Construction is set to begin in December with homes available for sale by summer 2022. The Groves aims to provide high-quality, attainable homes for entry-level buyers and is strategically located near several lakes and recreational activities. The company emphasizes sustainable, high-performance homes featuring modern technology and flexible living options to enhance the Florida living experience.

Landsea Homes Corporation (Nasdaq: LSEA) announced the closing of the final 43 homesites at Bulow Creek Preserve in Ormond Beach, Florida. This follows the earlier closure of 20 homesites in Phase 2. The community is strategically located near Bulow Creek State Park and features amenities such as a championship golf course. Homes will range from 1,813 to 2,607 square feet with modern designs catering to the Florida lifestyle. The company aims to establish itself as the sole homebuilder in this desirable area, highlighting its commitment to high-quality homebuilding.

Landsea Homes Corporation (Nasdaq: LSEA) announced the acquisition of 42 new homesites at The Courtyards at Waterstone in Palm Bay, Florida. The homes will feature various floorplans from 1,800 to 2,850 square feet and will include smart home automation technologies. Phase 1 of the project is set to offer single-family homes with modern designs, while pre-sales will begin in early 2022. This expansion aligns with the company's strategy to penetrate growing markets in Florida, enhancing its portfolio of sustainable, high-quality residential communities.

Landsea Homes Corporation (LSEA) has secured a $500 million unsecured revolving credit facility, with an additional $350 million borrowing capacity under certain conditions. This move aims to refinance existing secured debt, reduce interest costs, and enhance operational efficiency. The Company reported a remarkable 163% year-over-year revenue growth in Q2 and a 40% increase in unit backlog. Executives believe the new facility will allow them to capitalize on growth opportunities and compete effectively for land deals.