<SEC-DOCUMENT>0001753926-24-001015.txt : 20240522
<SEC-HEADER>0001753926-24-001015.hdr.sgml : 20240522
<ACCEPTANCE-DATETIME>20240522100033
ACCESSION NUMBER:		0001753926-24-001015
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		16
CONFORMED PERIOD OF REPORT:	20240522
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20240522
DATE AS OF CHANGE:		20240522

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HOVNANIAN ENTERPRISES INC
		CENTRAL INDEX KEY:			0000357294
		STANDARD INDUSTRIAL CLASSIFICATION:	OPERATIVE BUILDERS [1531]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		IRS NUMBER:				221851059
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08551
		FILM NUMBER:		24971838

	BUSINESS ADDRESS:	
		STREET 1:		90 MATAWAN ROAD, 5TH FLOOR
		CITY:			MATAWAN
		STATE:			NJ
		ZIP:			07747
		BUSINESS PHONE:		7327477800

	MAIL ADDRESS:	
		STREET 1:		90 MATAWAN ROAD, 5TH FLOOR
		CITY:			MATAWAN
		STATE:			NJ
		ZIP:			07747
</SEC-HEADER>
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<p style="margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">UNITED STATES</span><br/><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">SECURITIES AND EXCHANGE COMMISSION</span><br/><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">WASHINGTON, D.C. 20549</span></p>
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<p style="margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">CURRENT REPORT</span></p>
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<p style="margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">PURSUANT TO SECTION 13 OR 15(d) OF THE</span><br/><span style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">SECURITIES EXCHANGE ACT OF 1934</span></p>
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<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Jurisdiction</span></p>
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<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(IRS Employer</span></p>
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<p style="margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(Former Name or Former Address, if Changed Since</span><br/><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Last Report)</span></p>
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<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</span></p>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</span></p> </td> </tr> </tbody> </table>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</span></p> </td> </tr> </tbody> </table>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</span></p> </td> </tr> </tbody> </table>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</span></p> </td> </tr> </tbody> </table>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Securities registered pursuant to Section 12(b) of the Act.</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Title of each class</span></p> </td>
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<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Trading&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">symbol(s)</span></p> </td>
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<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Name of each exchange on&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">which registered</span></p> </td> </tr>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><ix:nonNumeric contextRef="D20240522_DepositarySharesEachRepresenting11000thOfAShareOf7625SeriesAPreferredStockCustomMember" name="dei:TradingSymbol" id="Tag4">HOVNP</ix:nonNumeric></span></p> </td>
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<p style="margin: 0pt; text-align: center;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The <ix:nonNumeric contextRef="D20240522_DepositarySharesEachRepresenting11000thOfAShareOf7625SeriesAPreferredStockCustomMember" name="dei:SecurityExchangeName" id="Tag3" format="ixt-sec:exchnameen">Nasdaq</ix:nonNumeric> Stock Market LLC</span></p> </td> </tr> </tbody> </table>
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<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(1) Each share of Class A Common Stock includes an associated Preferred Stock Purchase Right. Each Preferred Stock Purchase Right initially represents the right, if such Preferred Stock Purchase Right becomes exercisable, to purchase from the Company one ten-thousandth of a share of its Series B Junior Preferred Stock for each share of Common Stock. The Preferred Stock Purchase Rights currently cannot trade separately from the underlying Common Stock.</span></p>
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<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</span></p>
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<p style="margin: 0pt; text-align: right; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Emerging growth company</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span> <span style="font-family: 'Segoe UI Emoji'; font-size: 10pt; line-height: inherit;"><ix:nonNumeric contextRef="D20240522" name="dei:EntityEmergingGrowthCompany" id="Tag11" format="ixt-sec:boolballotbox">&#9744;</ix:nonNumeric></span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span> <span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Segoe UI Emoji'; font-size: 10pt; line-height: inherit;">&#9744;</span></p>
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<td style="width: 8%;"><span style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Item 2.02.</span></td>
<td style="width: 92%;"><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration: underline; font-family: 'Times New Roman'; line-height: inherit;">Results of Operations and Financial Condition</span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">.</span></td> </tr> </tbody> </table>
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<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">On </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">May</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 22</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">4</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, Hovnanian Enterprises, Inc. (the &#8220;Company&#8221;) issued a press release announcing its preliminary financial results for the fiscal </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">second</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> quarter ended </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">April 30</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">4</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. A copy of the press release is attached as Exhibit 99.1.</span></p>
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<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The information in this Current Report on Form 8-K and the Exhibit attached hereto is being furnished and shall not be deemed &#8220;filed&#8221; for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;), or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.</span></p>
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<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The attached earnings press release contains information about consolidated earnings before interest expense and income taxes (&#8220;EBIT&#8221;) and before depreciation and amortization (&#8220;EBITDA&#8221;) and before inventory impairments and land option write-offs and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">gain</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> on extinguishment of debt, net (&#8220;Adjusted EBITDA&#8221;) and also contains the ratio of Adjusted EBITDA to interest incurred, which are non-GAAP financial measures. The most directly comparable GAAP financial measure for EBIT, EBITDA and Adjusted EBITDA is net income. A reconciliation for historical periods of EBIT, EBITDA and Adjusted EBITDA to net income is contained in the earnings press release.</span></p>
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<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The attached earnings press release contains information about homebuilding gross margin, before cost of sales interest expense and land charges, and homebuilding gross margin percentage, before cost of sales interest expense and land charges, which are non-GAAP financial measures. The most directly comparable GAAP financial measures are homebuilding gross margin and homebuilding gross margin percentage, respectively. A reconciliation for historical periods of homebuilding gross margin, before cost of sales interest expense and land charges, and homebuilding gross margin percentage, before cost of sales interest expense and land charges, to homebuilding gross margin and homebuilding gross margin percentage, respectively, is contained in the earnings press release.</span></p>
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<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The attached earnings press release contains information about adjusted income before income taxes, which is defined as income before income taxes excluding land-related charges and </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">gain</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> on extinguishment of debt, net, which is a non-GAAP financial measure. The most directly comparable GAAP financial measure is income before income taxes. A reconciliation for historical periods of adjusted income before income taxes to income before income taxes is contained in the earnings press release.</span></p>
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<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">The attached earnings press release contains information about </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">earnings before interest and taxes return on investment (&#8220;EBIT ROI&#8221;), which i</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">s a non-GAAP financial measure.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> The most directly comparable GAAP financial measure is income before income taxes. A reconciliation for historical periods of EBIT ROI to income before income taxes is contained in the earnings press release.</span></p>
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<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Management believes EBITDA to be relevant and useful information as EBITDA is a standard measure commonly reported and widely used by analysts, investors and others to measure and benchmark the Company&#8217;s financial performance without the effects of various items the Company does not believe are characteristic of its ongoing operating performance. EBITDA does not take into account substantial costs of doing business, such as income taxes and interest expense. While many in the financial community consider EBITDA to be an important measure of comparative operating performance, it should be considered in addition to, but not as a substitute for, income before income taxes, net income and other measures of financial performance prepared in accordance with accounting principles generally accepted in the United States that are presented on the financial statements included in the Company&#8217;s reports filed with the Securities and Exchange Commission. Additionally, the Company&#8217;s calculation of EBITDA may be different than the calculation used by other companies, and, therefore, comparability may be affected.</span></p>
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<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Management believes homebuilding gross margin, before cost of sales interest expense and land charges, enables investors to better understand the Company&#8217;s operating performance. This measure is also useful internally, helping management to evaluate the Company&#8217;s operating results on a consolidated basis and relative to other companies in the Company&#8217;s industry. In particular, the magnitude and volatility of land charges for the Company, and for other homebuilders, have been significant and, as such, have made financial analysis of the Company&#8217;s industry more difficult. Homebuilding metrics excluding land charges, as well as interest amortized to cost of sales, and other similar presentations prepared by analysts and other companies are frequently used to assist investors in understanding and comparing the operating characteristics of homebuilding activities by eliminating many of the differences in companies&#8217; respective levels of impairments and levels of debt. Homebuilding gross margin, before cost of sales interest expense and land charges, should be considered in addition to, but not as an alternative to, homebuilding gross margin determined in accordance with GAAP as an indicator of operating performance.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Additionally, the Company&#8217;s calculation of homebuilding gross margin, before cost of sales interest expense and land charges, may be different than the calculation used by other companies, and, therefore, comparability may be affected.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Management believes adjusted income before taxes to be relevant and useful information because it provides a better metric of the Company&#8217;s operating performance. Adjusted income before taxes should be considered in addition to, but not as a substitute for, income before income taxes, net income and other measures of financial performance prepared in accordance with accounting principles generally accepted in the United States that are presented on the financial statements included in the Company&#8217;s reports filed with the Securities and Exchange Commission. Additionally, the Company&#8217;s calculation of adjusted income before taxes may be different than the calculation used by other companies, and, therefore, comparability may be affected.</span></p>
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<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Management believes EBIT ROI to be relevant and useful information because </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">it is a measure of operational performance irrespective of the capital structure of the Company</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">. </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">EBIT ROI should be considered in addition to, but not</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> as a substitute for income before income taxes</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> and other measures of financial performance prepared in accordance with accounting principles generally accepted in the United States that are presented on the financial statements included in the Company&#8217;s reports filed with the Securities and Exchange Commission. Additionally, the Company&#8217;s calculation of EBIT ROI may be different than the calculation used by other companies, and, therefore, comparability may be affected.</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
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<td style="width: 8%;"><span style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Item 9.01.</span></td>
<td style="width: 92%;"><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration: underline; font-family: 'Times New Roman'; line-height: inherit;">Financial Statements and Exhibits</span><span style="color: #000000; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">.</span></td> </tr> </tbody> </table>
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<td style="width: 4%;"><span style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(d)</span></td>
<td style="width: 96%;"><span style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: italic; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Exhibits.</span></td> </tr> </tbody> </table>
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<p style="margin: 0pt; page-break-after: avoid;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Exhibit 99.1</span></p> </td>
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<p style="margin: 0pt; page-break-after: avoid;"><a href="ex991_1.htm" class="LinkedExhibit" style="-sec-extract: exhibit;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Earnings Press Release-Fiscal </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Second</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> Quarter Ended </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">April 30</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">4</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">.</span></a></p> </td> </tr>
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<p style="margin: 0pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Exhibit 104</span></p> </td>
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<p style="margin: 0pt 0pt 0pt 7pt; text-indent: -7pt;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cover Page Interactive Data File (embedded within the Inline XBRL document)</span></p> </td> </tr> </tbody> </table>
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<p style="margin: 0pt; text-align: center; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; text-decoration: underline; line-height: inherit;">SIGNATURES</span></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</span></p>
<p style="margin: 0pt; text-indent: 45pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</span></p>
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<td colspan="2"><span style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">HOVNANIAN ENTERPRISES, INC.</span><br/></td> </tr>
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<td colspan="2"><span style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(Registrant)</span></td> </tr>
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<td><span style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">By:</span></td>
<td style="border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;"><span style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">/s/ Brad G. O&#8217;Connor</span></td> </tr>
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<td><br/></td>
<td><br/></td>
<td><span style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Name: Brad G. O&#8217;Connor</span></td> </tr>
<tr>
<td><br/></td>
<td><br/></td>
<td><span style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Title: Chief Financial Officer and Treasurer</span></td> </tr> </tbody> </table>
<p style="margin: 0pt; line-height: 1.2;"><br/></p>
<p style="margin: 0pt; line-height: 1.2;"><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Date: </span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">May</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 22</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">, 202</span><span style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">4</span></p> </div></div></body></html>
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<!--Created by Genesis Filings LLC, Powered by IRIS Carbon, Unique Code 664dc8f7e172760d4007394f, Generated At Wed, 22 May 2024 10:29:12 GMT-->
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>4
<FILENAME>hov-20240522_cal.xml
<DESCRIPTION>CALCULATION
<TEXT>
<XBRL>
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<!--Created by Genesis Filings LLC, Powered by IRIS Carbon, Unique Code 664dc8f7e172760d4007394f, Generated At Wed, 22 May 2024 10:29:12 GMT-->
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>5
<FILENAME>hov-20240522_lab.xml
<DESCRIPTION>LABEL
<TEXT>
<XBRL>
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<!--Created by Genesis Filings LLC, Powered by IRIS Carbon, Unique Code 664dc8f7e172760d4007394f, Generated At Wed, 22 May 2024 10:29:12 GMT-->
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    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityDomain" xlink:label="EntityDomain" xlink:title="EntityDomain" />
    <link:label xlink:type="resource" xlink:label="label_EntityDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityDomain" xml:lang="en-US" id="label_EntityDomain">Entity [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityDomain" xlink:to="label_EntityDomain" xlink:title="Label : EntityDomain to label_EntityDomain" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="StatementClassOfStockAxis" xlink:title="StatementClassOfStockAxis" />
    <link:label xlink:type="resource" xlink:label="label_StatementClassOfStockAxis" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_StatementClassOfStockAxis" xml:lang="en-US" id="label_StatementClassOfStockAxis">Class of Stock [Axis]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="StatementClassOfStockAxis" xlink:to="label_StatementClassOfStockAxis" xlink:title="Label : StatementClassOfStockAxis to label_StatementClassOfStockAxis" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd#us-gaap_ClassOfStockDomain" xlink:label="ClassOfStockDomain" xlink:title="ClassOfStockDomain" />
    <link:label xlink:type="resource" xlink:label="label_ClassOfStockDomain" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassOfStockDomain" xml:lang="en-US" id="label_ClassOfStockDomain">Class of Stock [Domain]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassOfStockDomain" xlink:to="label_ClassOfStockDomain" xlink:title="Label : ClassOfStockDomain to label_ClassOfStockDomain" />
    <link:loc xlink:type="locator" xlink:href="hov-20240522.xsd#hov_ClassACommonStock001ParValuePerShareCustomMember" xlink:label="ClassACommonStock001ParValuePerShareCustomMember" xlink:title="ClassACommonStock001ParValuePerShareCustomMember" />
    <link:label xlink:type="resource" xlink:label="label_ClassACommonStock001ParValuePerShareCustomMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_ClassACommonStock001ParValuePerShareCustomMember" xml:lang="en-US" id="label_ClassACommonStock001ParValuePerShareCustomMember">Class A Common Stock 001 Par Value Per Share Custom [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ClassACommonStock001ParValuePerShareCustomMember" xlink:to="label_ClassACommonStock001ParValuePerShareCustomMember" xlink:title="Label : ClassACommonStock001ParValuePerShareCustomMember to label_ClassACommonStock001ParValuePerShareCustomMember" />
    <link:loc xlink:type="locator" xlink:href="hov-20240522.xsd#hov_PreferredStockPurchaseRights1CustomMember" xlink:label="PreferredStockPurchaseRights1CustomMember" xlink:title="PreferredStockPurchaseRights1CustomMember" />
    <link:label xlink:type="resource" xlink:label="label_PreferredStockPurchaseRights1CustomMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PreferredStockPurchaseRights1CustomMember" xml:lang="en-US" id="label_PreferredStockPurchaseRights1CustomMember">Preferred Stock Purchase Rights1 Custom [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreferredStockPurchaseRights1CustomMember" xlink:to="label_PreferredStockPurchaseRights1CustomMember" xlink:title="Label : PreferredStockPurchaseRights1CustomMember to label_PreferredStockPurchaseRights1CustomMember" />
    <link:loc xlink:type="locator" xlink:href="hov-20240522.xsd#hov_DepositarySharesEachRepresenting11000thOfAShareOf7625SeriesAPreferredStockCustomMember" xlink:label="DepositarySharesEachRepresenting11000thOfAShareOf7625SeriesAPreferredStockCustomMember" xlink:title="DepositarySharesEachRepresenting11000thOfAShareOf7625SeriesAPreferredStockCustomMember" />
    <link:label xlink:type="resource" xlink:label="label_DepositarySharesEachRepresenting11000thOfAShareOf7625SeriesAPreferredStockCustomMember" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DepositarySharesEachRepresenting11000thOfAShareOf7625SeriesAPreferredStockCustomMember" xml:lang="en-US" id="label_DepositarySharesEachRepresenting11000thOfAShareOf7625SeriesAPreferredStockCustomMember">Depositary Shares Each Representing 11000th Of A Share Of 7625 Series A Preferred Stock Custom [Member]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DepositarySharesEachRepresenting11000thOfAShareOf7625SeriesAPreferredStockCustomMember" xlink:to="label_DepositarySharesEachRepresenting11000thOfAShareOf7625SeriesAPreferredStockCustomMember" xlink:title="Label : DepositarySharesEachRepresenting11000thOfAShareOf7625SeriesAPreferredStockCustomMember to label_DepositarySharesEachRepresenting11000thOfAShareOf7625SeriesAPreferredStockCustomMember" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentInformationLineItems" xlink:label="DocumentInformationLineItems" xlink:title="DocumentInformationLineItems" />
    <link:label xlink:type="resource" xlink:label="label_DocumentInformationLineItems" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DocumentInformationLineItems" xml:lang="en-US" id="label_DocumentInformationLineItems">Document Information [Line Items]</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentInformationLineItems" xlink:to="label_DocumentInformationLineItems" xlink:title="Label : DocumentInformationLineItems to label_DocumentInformationLineItems" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityRegistrantName" xlink:label="EntityRegistrantName" xlink:title="EntityRegistrantName" />
    <link:label xlink:type="resource" xlink:label="label_EntityRegistrantName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityRegistrantName" xml:lang="en-US" id="label_EntityRegistrantName">Entity, Registrant Name</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityRegistrantName" xlink:to="label_EntityRegistrantName" xlink:title="Label : EntityRegistrantName to label_EntityRegistrantName" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentType" xlink:label="DocumentType" xlink:title="DocumentType" />
    <link:label xlink:type="resource" xlink:label="label_DocumentType" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DocumentType" xml:lang="en-US" id="label_DocumentType">Document, Type</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentType" xlink:to="label_DocumentType" xlink:title="Label : DocumentType to label_DocumentType" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentPeriodEndDate" xlink:label="DocumentPeriodEndDate" xlink:title="DocumentPeriodEndDate" />
    <link:label xlink:type="resource" xlink:label="label_DocumentPeriodEndDate" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_DocumentPeriodEndDate" xml:lang="en-US" id="label_DocumentPeriodEndDate">Document, Period End Date</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="DocumentPeriodEndDate" xlink:to="label_DocumentPeriodEndDate" xlink:title="Label : DocumentPeriodEndDate to label_DocumentPeriodEndDate" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="EntityIncorporationStateCountryCode" xlink:title="EntityIncorporationStateCountryCode" />
    <link:label xlink:type="resource" xlink:label="label_EntityIncorporationStateCountryCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityIncorporationStateCountryCode" xml:lang="en-US" id="label_EntityIncorporationStateCountryCode">Entity, Incorporation, State or Country Code</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityIncorporationStateCountryCode" xlink:to="label_EntityIncorporationStateCountryCode" xlink:title="Label : EntityIncorporationStateCountryCode to label_EntityIncorporationStateCountryCode" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityFileNumber" xlink:label="EntityFileNumber" xlink:title="EntityFileNumber" />
    <link:label xlink:type="resource" xlink:label="label_EntityFileNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityFileNumber" xml:lang="en-US" id="label_EntityFileNumber">Entity, File Number</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityFileNumber" xlink:to="label_EntityFileNumber" xlink:title="Label : EntityFileNumber to label_EntityFileNumber" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityTaxIdentificationNumber" xlink:label="EntityTaxIdentificationNumber" xlink:title="EntityTaxIdentificationNumber" />
    <link:label xlink:type="resource" xlink:label="label_EntityTaxIdentificationNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityTaxIdentificationNumber" xml:lang="en-US" id="label_EntityTaxIdentificationNumber">Entity, Tax Identification Number</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityTaxIdentificationNumber" xlink:to="label_EntityTaxIdentificationNumber" xlink:title="Label : EntityTaxIdentificationNumber to label_EntityTaxIdentificationNumber" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine1" xlink:label="EntityAddressAddressLine1" xlink:title="EntityAddressAddressLine1" />
    <link:label xlink:type="resource" xlink:label="label_EntityAddressAddressLine1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityAddressAddressLine1" xml:lang="en-US" id="label_EntityAddressAddressLine1">Entity, Address, Address Line One</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressAddressLine1" xlink:to="label_EntityAddressAddressLine1" xlink:title="Label : EntityAddressAddressLine1 to label_EntityAddressAddressLine1" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressCityOrTown" xlink:label="EntityAddressCityOrTown" xlink:title="EntityAddressCityOrTown" />
    <link:label xlink:type="resource" xlink:label="label_EntityAddressCityOrTown" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityAddressCityOrTown" xml:lang="en-US" id="label_EntityAddressCityOrTown">Entity, Address, City or Town</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressCityOrTown" xlink:to="label_EntityAddressCityOrTown" xlink:title="Label : EntityAddressCityOrTown to label_EntityAddressCityOrTown" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressStateOrProvince" xlink:label="EntityAddressStateOrProvince" xlink:title="EntityAddressStateOrProvince" />
    <link:label xlink:type="resource" xlink:label="label_EntityAddressStateOrProvince" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityAddressStateOrProvince" xml:lang="en-US" id="label_EntityAddressStateOrProvince">Entity, Address, State or Province</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressStateOrProvince" xlink:to="label_EntityAddressStateOrProvince" xlink:title="Label : EntityAddressStateOrProvince to label_EntityAddressStateOrProvince" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressPostalZipCode" xlink:label="EntityAddressPostalZipCode" xlink:title="EntityAddressPostalZipCode" />
    <link:label xlink:type="resource" xlink:label="label_EntityAddressPostalZipCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityAddressPostalZipCode" xml:lang="en-US" id="label_EntityAddressPostalZipCode">Entity, Address, Postal Zip Code</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityAddressPostalZipCode" xlink:to="label_EntityAddressPostalZipCode" xlink:title="Label : EntityAddressPostalZipCode to label_EntityAddressPostalZipCode" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CityAreaCode" xlink:label="CityAreaCode" xlink:title="CityAreaCode" />
    <link:label xlink:type="resource" xlink:label="label_CityAreaCode" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_CityAreaCode" xml:lang="en-US" id="label_CityAreaCode">City Area Code</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="CityAreaCode" xlink:to="label_CityAreaCode" xlink:title="Label : CityAreaCode to label_CityAreaCode" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_LocalPhoneNumber" xlink:label="LocalPhoneNumber" xlink:title="LocalPhoneNumber" />
    <link:label xlink:type="resource" xlink:label="label_LocalPhoneNumber" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_LocalPhoneNumber" xml:lang="en-US" id="label_LocalPhoneNumber">Local Phone Number</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="LocalPhoneNumber" xlink:to="label_LocalPhoneNumber" xlink:title="Label : LocalPhoneNumber to label_LocalPhoneNumber" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_WrittenCommunications" xlink:label="WrittenCommunications" xlink:title="WrittenCommunications" />
    <link:label xlink:type="resource" xlink:label="label_WrittenCommunications" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_WrittenCommunications" xml:lang="en-US" id="label_WrittenCommunications">Written Communications</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="WrittenCommunications" xlink:to="label_WrittenCommunications" xlink:title="Label : WrittenCommunications to label_WrittenCommunications" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SolicitingMaterial" xlink:label="SolicitingMaterial" xlink:title="SolicitingMaterial" />
    <link:label xlink:type="resource" xlink:label="label_SolicitingMaterial" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SolicitingMaterial" xml:lang="en-US" id="label_SolicitingMaterial">Soliciting Material</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SolicitingMaterial" xlink:to="label_SolicitingMaterial" xlink:title="Label : SolicitingMaterial to label_SolicitingMaterial" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_PreCommencementTenderOffer" xlink:label="PreCommencementTenderOffer" xlink:title="PreCommencementTenderOffer" />
    <link:label xlink:type="resource" xlink:label="label_PreCommencementTenderOffer" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PreCommencementTenderOffer" xml:lang="en-US" id="label_PreCommencementTenderOffer">Pre-commencement Tender Offer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreCommencementTenderOffer" xlink:to="label_PreCommencementTenderOffer" xlink:title="Label : PreCommencementTenderOffer to label_PreCommencementTenderOffer" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="PreCommencementIssuerTenderOffer" xlink:title="PreCommencementIssuerTenderOffer" />
    <link:label xlink:type="resource" xlink:label="label_PreCommencementIssuerTenderOffer" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_PreCommencementIssuerTenderOffer" xml:lang="en-US" id="label_PreCommencementIssuerTenderOffer">Pre-commencement Issuer Tender Offer</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PreCommencementIssuerTenderOffer" xlink:to="label_PreCommencementIssuerTenderOffer" xlink:title="Label : PreCommencementIssuerTenderOffer to label_PreCommencementIssuerTenderOffer" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Security12bTitle" xlink:label="Security12bTitle" xlink:title="Security12bTitle" />
    <link:label xlink:type="resource" xlink:label="label_Security12bTitle" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_Security12bTitle" xml:lang="en-US" id="label_Security12bTitle">Title of 12(b) Security</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="Security12bTitle" xlink:to="label_Security12bTitle" xlink:title="Label : Security12bTitle to label_Security12bTitle" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_TradingSymbol" xlink:label="TradingSymbol" xlink:title="TradingSymbol" />
    <link:label xlink:type="resource" xlink:label="label_TradingSymbol" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_TradingSymbol" xml:lang="en-US" id="label_TradingSymbol">Trading Symbol</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="TradingSymbol" xlink:to="label_TradingSymbol" xlink:title="Label : TradingSymbol to label_TradingSymbol" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_NoTradingSymbolFlag" xlink:label="NoTradingSymbolFlag" xlink:title="NoTradingSymbolFlag" />
    <link:label xlink:type="resource" xlink:label="label_NoTradingSymbolFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_NoTradingSymbolFlag" xml:lang="en-US" id="label_NoTradingSymbolFlag">No Trading Symbol Flag</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="NoTradingSymbolFlag" xlink:to="label_NoTradingSymbolFlag" xlink:title="Label : NoTradingSymbolFlag to label_NoTradingSymbolFlag" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SecurityExchangeName" xlink:label="SecurityExchangeName" xlink:title="SecurityExchangeName" />
    <link:label xlink:type="resource" xlink:label="label_SecurityExchangeName" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_SecurityExchangeName" xml:lang="en-US" id="label_SecurityExchangeName">Security Exchange Name</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="SecurityExchangeName" xlink:to="label_SecurityExchangeName" xlink:title="Label : SecurityExchangeName to label_SecurityExchangeName" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityEmergingGrowthCompany" xlink:label="EntityEmergingGrowthCompany" xlink:title="EntityEmergingGrowthCompany" />
    <link:label xlink:type="resource" xlink:label="label_EntityEmergingGrowthCompany" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityEmergingGrowthCompany" xml:lang="en-US" id="label_EntityEmergingGrowthCompany">Entity, Emerging Growth Company</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityEmergingGrowthCompany" xlink:to="label_EntityEmergingGrowthCompany" xlink:title="Label : EntityEmergingGrowthCompany to label_EntityEmergingGrowthCompany" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AmendmentFlag" xlink:label="AmendmentFlag" xlink:title="AmendmentFlag" />
    <link:label xlink:type="resource" xlink:label="label_AmendmentFlag" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_AmendmentFlag" xml:lang="en-US" id="label_AmendmentFlag">Amendment Flag</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="AmendmentFlag" xlink:to="label_AmendmentFlag" xlink:title="Label : AmendmentFlag to label_AmendmentFlag" />
    <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCentralIndexKey" xlink:label="EntityCentralIndexKey" xlink:title="EntityCentralIndexKey" />
    <link:label xlink:type="resource" xlink:label="label_EntityCentralIndexKey" xlink:role="http://www.xbrl.org/2003/role/label" xlink:title="label_EntityCentralIndexKey" xml:lang="en-US" id="label_EntityCentralIndexKey">Entity, Central Index Key</link:label>
    <link:labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="EntityCentralIndexKey" xlink:to="label_EntityCentralIndexKey" xlink:title="Label : EntityCentralIndexKey to label_EntityCentralIndexKey" />
  </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
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<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>6
<FILENAME>hov-20240522.xsd
<DESCRIPTION>SCHEMA
<TEXT>
<XBRL>
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<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html><body><div><div style="font-family: 'times new roman', times; font-size: 10pt;">
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<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 16pt; font-weight: bold; line-height: inherit;">HOVNANIAN ENTERPRISES, INC.</font><font style="font-family: 'Times New Roman'; font-size: 12pt; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>














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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 16pt; font-weight: bold; line-height: inherit;">News Release</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 16pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














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<td><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Contact:</font></td>
<td><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Brad G. O&#8217;Connor</font></td>
<td><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Jeffrey T.&nbsp;</font>O&#8217;Keefe</font></td>














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<td><font style="font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">Chief Financial Officer</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&amp; Treasurer</font></font></td>
<td><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Vice President, Investor Relations</font></td>














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<td style="border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">732-747-7800</font></td>
<td style="border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; line-height: inherit; display: inline !important;">732-747-7800</font></td>














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<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; line-height: 1.2; text-align: center;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; line-height: inherit;">HOVNANIAN ENTERPRISES REPORTS FISCAL 20</font><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; line-height: inherit;">2</font><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; line-height: inherit;">4</font> <font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; line-height: inherit;">SECOND</font> <font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; line-height: inherit;">QUARTER</font> <font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; line-height: inherit;">RESULTS</font></font></p>
<p style="margin: 0pt; line-height: 1.2; text-align: center;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Income </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Before Income Taxes Increased </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">More Than</font> <font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">50</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">% Year</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">-Over-Year</font></font></p>
<p style="margin: 0pt; line-height: 1.2; text-align: center;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">170 Basis Points </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Year-Over-Year Increase in </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Homebuilding Gross Margin</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> Percentage</font></font></p>
<p style="margin: 0pt; line-height: 1.2; text-align: center;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Net Contracts per Community </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Increased </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Year-Over-Year to </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">13.9</font></font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold; line-height: inherit;">&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 12pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">MATAWAN</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, NJ,</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Ma</font><font style="font-family: 'Times New Roman'; line-height: inherit;">y </font><font style="font-family: 'Times New Roman'; line-height: inherit;">22</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> &#8211; Hovnanian Enterprises,</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Inc. (NYSE: HOV), a leading national homebuilder, reported results for its </font><font style="font-family: 'Times New Roman'; line-height: inherit;">fiscal</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">second</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">quarter</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">and six months </font><font style="font-family: 'Times New Roman'; line-height: inherit;">ende</font><font style="font-family: 'Times New Roman'; line-height: inherit;">d </font><font style="font-family: 'Times New Roman'; line-height: inherit;">April 30</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> 20</font><font style="font-family: 'Times New Roman'; line-height: inherit;">2</font><font style="font-family: 'Times New Roman'; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font></font></p>
<p style="margin: 0pt; text-indent: 0.7pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; text-indent: 0.7pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; line-height: inherit;">RESULTS FOR THE </font><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; line-height: inherit;">THREE</font><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; line-height: inherit;">-MONTH</font><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; line-height: inherit;"> AND SIX</font><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; line-height: inherit;">-</font><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; line-height: inherit;">MONTH PERIOD</font><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; line-height: inherit;">S</font> <font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; line-height: inherit;">END</font><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; line-height: inherit;">ED </font><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; line-height: inherit;">APRIL</font><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; line-height: inherit;"> 3</font><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; line-height: inherit;">0</font><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; line-height: inherit;">, 202</font><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; line-height: inherit;">:</font></font></p>
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<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0.35pt 0pt 28.52pt; padding-left: 7.48pt; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">T</font><font style="font-family: 'Times New Roman'; line-height: inherit;">o</font><font style="font-family: 'Times New Roman'; line-height: inherit;">tal</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">revenues </font><font style="font-family: 'Times New Roman'; line-height: inherit;">were</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">$</font><font style="font-family: 'Times New Roman'; line-height: inherit;">708</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.4</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">million in</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> the</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">second</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> quarter of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">fiscal 20</font><font style="font-family: 'Times New Roman'; line-height: inherit;">2</font><font style="font-family: 'Times New Roman'; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">compared with </font><font style="font-family: 'Times New Roman'; line-height: inherit;">$</font><font style="font-family: 'Times New Roman'; line-height: inherit;">703.7</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">million </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">the</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">same </font><font style="font-family: 'Times New Roman'; line-height: inherit;">quarter</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> of the prior year</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">For the six months ended April 30, 2024, total revenues were $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">1.30</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> billion compared with $1.22 billion in the first half of fiscal 2023.</font></font></li>














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<ul>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0.35pt 0pt 28.52pt; padding-left: 7.48pt; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Sale of homes revenues </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in</font><font style="font-family: 'Times New Roman'; line-height: inherit;">creased to $6</font><font style="font-family: 'Times New Roman'; line-height: inherit;">86.9</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> million (1,2</font><font style="font-family: 'Times New Roman'; line-height: inherit;">83</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> homes) in the fiscal 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> second qu</font><font style="font-family: 'Times New Roman'; line-height: inherit;">a</font><font style="font-family: 'Times New Roman'; line-height: inherit;">rter</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">compared with </font><font style="font-family: 'Times New Roman'; line-height: inherit;">$670.7 million (1,225 homes)</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> in the previous year&#8217;s second quarter. </font><font style="font-family: 'Times New Roman'; line-height: inherit;">During the six months ended April 30, 2024</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, sale of homes revenues increased to $1.26 billion (2,346 homes) compared with $1.17 billion (2,163 homes) in the previous year&#8217;s first six months.</font></font></li>














</ul>
<ul>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0.35pt 0pt 28.52pt; padding-left: 7.48pt; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Domestic unconsolidated joint venture</font><font style="font-family: 'Times New Roman'; line-height: inherit;">s<font style="font-size: 8pt;"><sup>(1)</sup></font></font><font style="font-family: 'Times New Roman'; line-height: inherit;">&nbsp;sale of homes revenues for the second quarter of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">fiscal </font><font style="font-family: 'Times New Roman'; line-height: inherit;">2024 increased 47.5% to $119.0 million (177 homes) compared with $80.7 million (121 homes) for the three months ended April 30, 2023. For the first half of fiscal 2024, domestic unconsolidated joint venture</font><font style="font-family: 'Times New Roman'; line-height: inherit;">s</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> sale of homes revenues increased 48.1% to $235.9 million (344 homes) compared with $159.3 (228 homes) in the six months ended April 30, 2023.</font></font></li>














</ul>
<ul>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0.35pt 0pt 28.52pt; padding-left: 7.48pt; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Sale of homes revenues, including domestic unconsolidated joint ventures, increased 7.3</font><font style="font-family: 'Times New Roman'; line-height: inherit;">%</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> to </font><font style="font-family: 'Times New Roman'; line-height: inherit;">$</font><font style="font-family: 'Times New Roman'; line-height: inherit;">805.9 million (1,460 homes) </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">second quart</font><font style="font-family: 'Times New Roman'; line-height: inherit;">er</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> of fiscal 2024 </font><font style="font-family: 'Times New Roman'; line-height: inherit;">compared with $751.4 million (1,346 homes) during the second quarter of fiscal 2023.</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">During the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">six months ended April 30, 2024</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, sale of homes revenues, including domestic unconsolidated joint ventures, increased </font><font style="font-family: 'Times New Roman'; line-height: inherit;">12.5</font><font style="font-family: 'Times New Roman'; line-height: inherit;">% to $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">1.50</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">b</font><font style="font-family: 'Times New Roman'; line-height: inherit;">illion (</font><font style="font-family: 'Times New Roman'; line-height: inherit;">2,690</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> homes) compared with $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">1.33</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">b</font><font style="font-family: 'Times New Roman'; line-height: inherit;">illion (</font><font style="font-family: 'Times New Roman'; line-height: inherit;">2,391</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> homes) during the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">first </font><font style="font-family: 'Times New Roman'; line-height: inherit;">half</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> of fiscal 2023.</font></font></li>














</ul>
<ul>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 0pt 28.52pt; padding-left: 7.48pt; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Homebuilding gross margin percentage, after </font><font style="font-family: 'Times New Roman'; line-height: inherit;">cost of sales </font><font style="font-family: 'Times New Roman'; line-height: inherit;">interest expense and land charges, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">was</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">19.5</font><font style="font-family: 'Times New Roman'; line-height: inherit;">% for</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">the</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">three months ended</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">April</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> 3</font><font style="font-family: 'Times New Roman'; line-height: inherit;">0</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">compared with</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">1</font><font style="font-family: 'Times New Roman'; line-height: inherit;">7</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.8</font><font style="font-family: 'Times New Roman'; line-height: inherit;">% </font><font style="font-family: 'Times New Roman'; line-height: inherit;">during </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">second</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> quarter</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">a year ago</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">During the first six months of fiscal 2024, homebuilding gross margin percentage, after cost of sales interest expense and land charges, was </font><font style="font-family: 'Times New Roman'; line-height: inherit;">18.9</font><font style="font-family: 'Times New Roman'; line-height: inherit;">% compared with 18.1% in the same period of the prior fiscal year.</font></font></li>














</ul>
<ul>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0.35pt 0pt 28.52pt; padding-left: 7.48pt; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Homebuilding gross margin percentage, before cost of sales interest expense and land charges, was </font><font style="font-family: 'Times New Roman'; line-height: inherit;">22.6</font><font style="font-family: 'Times New Roman'; line-height: inherit;">%</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">during the fiscal 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> second quarter compared with 2</font><font style="font-family: 'Times New Roman'; line-height: inherit;">0.9</font><font style="font-family: 'Times New Roman'; line-height: inherit;">% in last year&#8217;s second quarter. For the six </font><font style="font-family: 'Times New Roman'; line-height: inherit;">m</font><font style="font-family: 'Times New Roman'; line-height: inherit;">onths</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">ended April 30, 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, homebuilding gross margin percentage, before cost of sales interest expense and land</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">charges, was </font><font style="font-family: 'Times New Roman'; line-height: inherit;">22.3</font><font style="font-family: 'Times New Roman'; line-height: inherit;">% compared with 2</font><font style="font-family: 'Times New Roman'; line-height: inherit;">1.2</font><font style="font-family: 'Times New Roman'; line-height: inherit;">% in the first six months of the previous fiscal year.</font></font></li>














</ul>
<ul>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 0pt 28.52pt; padding-left: 7.48pt; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Total SG&amp;A was $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">7</font><font style="font-family: 'Times New Roman'; line-height: inherit;">9</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.0</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">million, or</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">11.</font><font style="font-family: 'Times New Roman'; line-height: inherit;">2</font><font style="font-family: 'Times New Roman'; line-height: inherit;">% </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of total revenues</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">second</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> quarter of fiscal </font><font style="font-family: 'Times New Roman'; line-height: inherit;">2024</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> compared with $75.5 million, or 10.7% of total revenues</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">second</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> quarter of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">fiscal 2023.</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Total SG&amp;A was $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">16</font><font style="font-family: 'Times New Roman'; line-height: inherit;">5</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.1</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> million, or </font><font style="font-family: 'Times New Roman'; line-height: inherit;">12.</font><font style="font-family: 'Times New Roman'; line-height: inherit;">7</font><font style="font-family: 'Times New Roman'; line-height: inherit;">% of total revenues, in the first </font><font style="font-family: 'Times New Roman'; line-height: inherit;">six months</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> of fiscal 2024</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> compared with </font><font style="font-family: 'Times New Roman'; line-height: inherit;">$</font><font style="font-family: 'Times New Roman'; line-height: inherit;">148.9</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> million, or </font><font style="font-family: 'Times New Roman'; line-height: inherit;">12</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.2% of total revenues</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">in the previous year&#8217;s first </font><font style="font-family: 'Times New Roman'; line-height: inherit;">half</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font></font></li>














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<ul>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0.35pt 10pt 28.52pt; padding-left: 7.48pt; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Total i</font><font style="font-family: 'Times New Roman'; line-height: inherit;">nterest </font><font style="font-family: 'Times New Roman'; line-height: inherit;">expense</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">as a percent of total revenues </font><font style="font-family: 'Times New Roman'; line-height: inherit;">was</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">4.3</font><font style="font-family: 'Times New Roman'; line-height: inherit;">% </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for th</font><font style="font-family: 'Times New Roman'; line-height: inherit;">e </font><font style="font-family: 'Times New Roman'; line-height: inherit;">second</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">quarter of fiscal 20</font><font style="font-family: 'Times New Roman'; line-height: inherit;">2</font><font style="font-family: 'Times New Roman'; line-height: inherit;">4</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">compared with </font><font style="font-family: 'Times New Roman'; line-height: inherit;">5.</font><font style="font-family: 'Times New Roman'; line-height: inherit;">1</font><font style="font-family: 'Times New Roman'; line-height: inherit;">% </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">second</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">quarter</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> of fiscal 20</font><font style="font-family: 'Times New Roman'; line-height: inherit;">2</font><font style="font-family: 'Times New Roman'; line-height: inherit;">3</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">For the six months ended April 30, 2024, total interest expense as a percent of total revenues was </font><font style="font-family: 'Times New Roman'; line-height: inherit;">4.7</font><font style="font-family: 'Times New Roman'; line-height: inherit;">% compared with 5.4% in the same period of the previous fiscal year.</font></font><br></li>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0.35pt 0pt 28.52pt; padding-left: 7.48pt; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Income</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> before income taxes</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">for t</font><font style="font-family: 'Times New Roman'; line-height: inherit;">he </font><font style="font-family: 'Times New Roman'; line-height: inherit;">second</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">quarter </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of fiscal 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">4</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">increased </font><font style="font-family: 'Times New Roman'; line-height: inherit;">5</font><font style="font-family: 'Times New Roman'; line-height: inherit;">0</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font><font style="font-family: 'Times New Roman'; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; line-height: inherit;">%</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> to</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">$</font><font style="font-family: 'Times New Roman'; line-height: inherit;">69</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.4</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">million</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">compared </font><font style="font-family: 'Times New Roman'; line-height: inherit;">with</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">$</font><font style="font-family: 'Times New Roman'; line-height: inherit;">46.1</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">million in </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">second</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">quarter of the prior </font><font style="font-family: 'Times New Roman'; line-height: inherit;">fiscal </font><font style="font-family: 'Times New Roman'; line-height: inherit;">year</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> For the first six months of fiscal 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, income before income taxes </font><font style="font-family: 'Times New Roman'; line-height: inherit;">increased </font><font style="font-family: 'Times New Roman'; line-height: inherit;">58.9% to </font><font style="font-family: 'Times New Roman'; line-height: inherit;">$</font><font style="font-family: 'Times New Roman'; line-height: inherit;">102.</font><font style="font-family: 'Times New Roman'; line-height: inherit;">0</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> million compared with $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">64.2</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> million during the first half of the prior fiscal year.</font></font></li>














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<ul>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0.35pt 0pt 28.52pt; padding-left: 7.48pt; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Net </font><font style="font-family: 'Times New Roman'; line-height: inherit;">income </font><font style="font-family: 'Times New Roman'; line-height: inherit;">increased </font><font style="font-family: 'Times New Roman'; line-height: inherit;">48.9%</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">to</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">$</font><font style="font-family: 'Times New Roman'; line-height: inherit;">50.8</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">million, or $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">6.66</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">per </font><font style="font-family: 'Times New Roman'; line-height: inherit;">diluted</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> common share, for the three months ended</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">April</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> 3</font><font style="font-family: 'Times New Roman'; line-height: inherit;">0</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> compared with </font><font style="font-family: 'Times New Roman'; line-height: inherit;">n</font><font style="font-family: 'Times New Roman'; line-height: inherit;">et </font><font style="font-family: 'Times New Roman'; line-height: inherit;">income of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">$</font><font style="font-family: 'Times New Roman'; line-height: inherit;">34.1</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">million</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, or $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">4.47</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">per </font><font style="font-family: 'Times New Roman'; line-height: inherit;">diluted</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> common share, in the</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">same </font><font style="font-family: 'Times New Roman'; line-height: inherit;">period</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> of the previous </font><font style="font-family: 'Times New Roman'; line-height: inherit;">fiscal </font><font style="font-family: 'Times New Roman'; line-height: inherit;">year.</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">For the first six months of fiscal 2024, net income was $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">74.7</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> million, or $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">9.57</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> per diluted common share, compared with net income of $52.9 million, or $6.74 per diluted common share, during the same period of fiscal 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">3</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font></font></li>














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<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0.35pt 0pt 28.52pt; padding-left: 7.48pt; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">EBITDA </font><font style="font-family: 'Times New Roman'; line-height: inherit;">increased</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> to</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">$</font><font style="font-family: 'Times New Roman'; line-height: inherit;">10</font><font style="font-family: 'Times New Roman'; line-height: inherit;">1</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font><font style="font-family: 'Times New Roman'; line-height: inherit;">9</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> million for the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">second</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> quarter of fiscal 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> compared with $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">86</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.6</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> million for the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">second</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> quarter </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of the prior year.</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> For the first six months of fiscal 2024, EBITDA was $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">16</font><font style="font-family: 'Times New Roman'; line-height: inherit;">6.4</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> million compared with $136.1 million in the same period of the prior year.</font></font></li>














</ul>
<ul>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0.35pt 0pt 28.52pt; padding-left: 7.48pt; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Consolidated contract</font><font style="font-family: 'Times New Roman'; line-height: inherit;">s</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">second</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">quarter of fiscal 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">4</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">increas</font><font style="font-family: 'Times New Roman'; line-height: inherit;">ed to</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">1,512 </font><font style="font-family: 'Times New Roman'; line-height: inherit;">homes</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> ($</font><font style="font-family: 'Times New Roman'; line-height: inherit;">785.8</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> million</font><font style="font-family: 'Times New Roman'; line-height: inherit;">) compared with </font><font style="font-family: 'Times New Roman'; line-height: inherit;">1,477</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> homes</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">($</font><font style="font-family: 'Times New Roman'; line-height: inherit;">785.7</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> million</font><font style="font-family: 'Times New Roman'; line-height: inherit;">) in the same quarter last year. Contracts, including domestic unconsolidated joint ventures, for the three months ended </font><font style="font-family: 'Times New Roman'; line-height: inherit;">April</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">3</font><font style="font-family: 'Times New Roman'; line-height: inherit;">0</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">increas</font><font style="font-family: 'Times New Roman'; line-height: inherit;">ed</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">to </font><font style="font-family: 'Times New Roman'; line-height: inherit;">1,761</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> homes</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> ($</font><font style="font-family: 'Times New Roman'; line-height: inherit;">961.2</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> million</font><font style="font-family: 'Times New Roman'; line-height: inherit;">) compared with </font><font style="font-family: 'Times New Roman'; line-height: inherit;">1,614</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> homes</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> ($</font><font style="font-family: 'Times New Roman'; line-height: inherit;">876.8</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> million</font><font style="font-family: 'Times New Roman'; line-height: inherit;">) in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">second</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> quarter of fiscal 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">3</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font></font></li>














</ul>
<ul>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0.35pt 0pt 27.32pt; padding-left: 7.48pt; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">As of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">April</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> 3</font><font style="font-family: 'Times New Roman'; line-height: inherit;">0</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">consolidated </font><font style="font-family: 'Times New Roman'; line-height: inherit;">community count</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">was</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">109</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> communities, compared with </font><font style="font-family: 'Times New Roman'; line-height: inherit;">1</font><font style="font-family: 'Times New Roman'; line-height: inherit;">1</font><font style="font-family: 'Times New Roman'; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> communities </font><font style="font-family: 'Times New Roman'; line-height: inherit;">April 30</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">3</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. Community count</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, including domestic</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">unconsolidated joint ventures</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> was </font><font style="font-family: 'Times New Roman'; line-height: inherit;">132</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">as </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">April 30</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> compared with </font><font style="font-family: 'Times New Roman'; line-height: inherit;">128</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> communities </font><font style="font-family: 'Times New Roman'; line-height: inherit;">at </font><font style="font-family: 'Times New Roman'; line-height: inherit;">April</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> 3</font><font style="font-family: 'Times New Roman'; line-height: inherit;">0</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, 2023</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">During the second quarter of fiscal 2024, three </font><font style="font-family: 'Times New Roman'; line-height: inherit;">open for sale </font><font style="font-family: 'Times New Roman'; line-height: inherit;">consolidated communities were contributed to a</font><font style="font-family: 'Times New Roman'; line-height: inherit;">n</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> unconsolidated joint venture. Over the past </font><font style="font-family: 'Times New Roman'; line-height: inherit;">twelve months, 11 </font><font style="font-family: 'Times New Roman'; line-height: inherit;">open for sale </font><font style="font-family: 'Times New Roman'; line-height: inherit;">consolidated communities were contributed to unconsolidated joint ventures.</font></font></li>














</ul>
<ul>
<li style="font-family: Symbol; font-size: 12pt; margin: 0pt 0.35pt 0pt 27.32pt; padding-left: 7.48pt; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Consolidated contracts per community increased</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">6.9</font><font style="font-family: 'Times New Roman'; line-height: inherit;">% year-over-year to </font><font style="font-family: 'Times New Roman'; line-height: inherit;">13.9</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> in the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">second</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> quarter of fiscal 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> compared with </font><font style="font-family: 'Times New Roman'; line-height: inherit;">13.0</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> contracts per community for the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">s</font><font style="font-family: 'Times New Roman'; line-height: inherit;">e</font><font style="font-family: 'Times New Roman'; line-height: inherit;">cond</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> quarter of fiscal 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">3</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Contracts per community</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, including domes</font><font style="font-family: 'Times New Roman'; line-height: inherit;">tic unconsolidated joint ventures, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">increased</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">5.6</font><font style="font-family: 'Times New Roman'; line-height: inherit;">% to </font><font style="font-family: 'Times New Roman'; line-height: inherit;">13.3</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">in the three months ended </font><font style="font-family: 'Times New Roman'; line-height: inherit;">April 30</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> compared with </font><font style="font-family: 'Times New Roman'; line-height: inherit;">12.6</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">contracts per community in the same quarter one year ago.</font></font></li>














</ul>
<ul>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0.35pt 0pt 28.52pt; padding-left: 7.48pt; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">The dollar value of consolidated contract backlog, as of</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">April 30</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">de</font><font style="font-family: 'Times New Roman'; line-height: inherit;">creased</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">14.7</font><font style="font-family: 'Times New Roman'; line-height: inherit;">% </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">$</font><font style="font-family: 'Times New Roman'; line-height: inherit;">1.13</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> b</font><font style="font-family: 'Times New Roman'; line-height: inherit;">illion compared with $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">1.</font><font style="font-family: 'Times New Roman'; line-height: inherit;">32</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> b</font><font style="font-family: 'Times New Roman'; line-height: inherit;">illion as of</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">April 30</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, 20</font><font style="font-family: 'Times New Roman'; line-height: inherit;">2</font><font style="font-family: 'Times New Roman'; line-height: inherit;">3</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. </font><font style="font-family: 'Times New Roman'; line-height: inherit;">The dollar value of contract backlog, including </font><font style="font-family: 'Times New Roman'; line-height: inherit;">domestic </font><font style="font-family: 'Times New Roman'; line-height: inherit;">unconsolidated joint ventures, as of</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">April 30</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">de</font><font style="font-family: 'Times New Roman'; line-height: inherit;">creased</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">2.1</font><font style="font-family: 'Times New Roman'; line-height: inherit;">%</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> to</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">1.51</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">b</font><font style="font-family: 'Times New Roman'; line-height: inherit;">illion</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">compared with </font><font style="font-family: 'Times New Roman'; line-height: inherit;">$</font><font style="font-family: 'Times New Roman'; line-height: inherit;">1.</font><font style="font-family: 'Times New Roman'; line-height: inherit;">54</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">b</font><font style="font-family: 'Times New Roman'; line-height: inherit;">illion as of</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">April 30</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, 20</font><font style="font-family: 'Times New Roman'; line-height: inherit;">2</font><font style="font-family: 'Times New Roman'; line-height: inherit;">3</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font></font></li>














</ul>
<ul>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 0pt 28.52pt; padding-left: 7.48pt; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">T</font><font style="font-family: 'Times New Roman'; line-height: inherit;">he </font><font style="font-family: 'Times New Roman'; line-height: inherit;">gross </font><font style="font-family: 'Times New Roman'; line-height: inherit;">contract cancellation rate </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">consolidated </font><font style="font-family: 'Times New Roman'; line-height: inherit;">contracts</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">was </font><font style="font-family: 'Times New Roman'; line-height: inherit;">14</font><font style="font-family: 'Times New Roman'; line-height: inherit;">% for the</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">second</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">quarter </font><font style="font-family: 'Times New Roman'; line-height: inherit;">ended</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">April 30</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">20</font><font style="font-family: 'Times New Roman'; line-height: inherit;">2</font><font style="font-family: 'Times New Roman'; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> compared with</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">18</font><font style="font-family: 'Times New Roman'; line-height: inherit;">% </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in the fiscal 20</font><font style="font-family: 'Times New Roman'; line-height: inherit;">2</font><font style="font-family: 'Times New Roman'; line-height: inherit;">3</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">second</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">quarter</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. The </font><font style="font-family: 'Times New Roman'; line-height: inherit;">gross </font><font style="font-family: 'Times New Roman'; line-height: inherit;">contract cancellation rate for</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">contracts</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">including </font><font style="font-family: 'Times New Roman'; line-height: inherit;">domestic </font><font style="font-family: 'Times New Roman'; line-height: inherit;">unconsolidated </font><font style="font-family: 'Times New Roman'; line-height: inherit;">joint ventures</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">w</font><font style="font-family: 'Times New Roman'; line-height: inherit;">as</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">13</font><font style="font-family: 'Times New Roman'; line-height: inherit;">% for the</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">second</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">quarter of fiscal 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> compared with</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">18</font><font style="font-family: 'Times New Roman'; line-height: inherit;">% in</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">the</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">second</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> quarter of the prior year</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font></font></li>














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<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 0pt 28.52pt; padding-left: 7.48pt; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">For the trailing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">twelve-month</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">period</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">our re</font><font style="font-family: 'Times New Roman'; line-height: inherit;">turn on equity (</font><font style="font-family: 'Times New Roman'; line-height: inherit;">ROE</font><font style="font-family: 'Times New Roman'; line-height: inherit;">)</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">was </font><font style="font-family: 'Times New Roman'; line-height: inherit;">39.5</font><font style="font-family: 'Times New Roman'; line-height: inherit;">% and </font><font style="font-family: 'Times New Roman'; line-height: inherit;">earnings before interest </font><font style="font-family: 'Times New Roman'; line-height: inherit;">and income taxes return on </font><font style="font-family: 'Times New Roman'; line-height: inherit;">investment</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> (EBIT ROI) </font><font style="font-family: 'Times New Roman'; line-height: inherit;">was</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">33.5</font><font style="font-family: 'Times New Roman'; line-height: inherit;">%</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> We believe for the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">most recently reported trailing </font><font style="font-family: 'Times New Roman'; line-height: inherit;">twelve</font><font style="font-family: 'Times New Roman'; line-height: inherit;">-</font><font style="font-family: 'Times New Roman'; line-height: inherit;">month period</font><font style="font-family: 'Times New Roman'; line-height: inherit;">s</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, we had the highest ROE and the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">third</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> highest EBIT ROI compared to </font><font style="font-family: 'Times New Roman'; line-height: inherit;">1</font><font style="font-family: 'Times New Roman'; line-height: inherit;">5</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> of our publicly traded peers.</font></font></li>














</ul>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;"><font style="font-size: 8pt;"><sup>(1)</sup></font>When we refer to &#8220;Domestic Unconsolidated Joint Ventures&#8221;, we are excluding results from our </font><font style="font-family: 'Times New Roman'; line-height: inherit;">multi-</font><font style="font-family: 'Times New Roman'; line-height: inherit;">community </font><font style="font-family: 'Times New Roman'; line-height: inherit;">unconsolidated joint venture in the Kingdom of Saudi Arabia </font><font style="font-family: 'Times New Roman'; line-height: inherit;">(KSA).</font></font></p>
<p style="margin: 0pt; line-height: 1.2;"><br></p>
<p style="margin: 0pt 0.35pt 0pt 0pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit; font-weight: bold;"><font style="font-family: 'Times New Roman Bold'; text-decoration: underline; line-height: inherit;">LIQUIDITY AND INVENTORY AS OF </font><font style="font-family: 'Times New Roman Bold'; text-decoration: underline; line-height: inherit;">APRIL 30</font><font style="font-family: 'Times New Roman Bold'; text-decoration: underline; line-height: inherit;">, 202</font><font style="font-family: 'Times New Roman Bold'; text-decoration: underline; line-height: inherit;">4</font><font style="font-family: 'Times New Roman Bold'; text-decoration: underline; line-height: inherit;">:</font></font></p>
<ul>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0.35pt 0pt 28.52pt; padding-left: 7.48pt; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">During the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">second</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">quarter of fiscal 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, land and land development spending </font><font style="font-family: 'Times New Roman'; line-height: inherit;">was</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">$</font><font style="font-family: 'Times New Roman'; line-height: inherit;">2</font><font style="font-family: 'Times New Roman'; line-height: inherit;">30.5</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">million</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">compared with </font><font style="font-family: 'Times New Roman'; line-height: inherit;">$</font><font style="font-family: 'Times New Roman'; line-height: inherit;">156.5</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">million </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in the same quarter </font><font style="font-family: 'Times New Roman'; line-height: inherit;">one year ago.</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">This is </font><font style="font-family: 'Times New Roman'; line-height: inherit;">essentially the same as</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">the first quarter of fiscal 2024, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">which was</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">the highest amount of quarterly land and land development spend since we started reporting it in fiscal 2010.</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">For the first half of fiscal 2024, land and land development spending was $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; line-height: inherit;">60.9</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> million compared with $290.9 million in the same period one year ago.</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> We are clearly focusing on growth</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font></font></li>














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<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0.35pt 0pt 28.52pt; padding-left: 7.48pt; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">T</font><font style="font-family: 'Times New Roman'; line-height: inherit;">otal</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> liquidity a</font><font style="font-family: 'Times New Roman'; line-height: inherit;">s of</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">April 30</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> 20</font><font style="font-family: 'Times New Roman'; line-height: inherit;">2</font><font style="font-family: 'Times New Roman'; line-height: inherit;">4</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">was </font><font style="font-family: 'Times New Roman'; line-height: inherit;">$</font><font style="font-family: 'Times New Roman'; line-height: inherit;">310.7</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">million</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">well </font><font style="font-family: 'Times New Roman'; line-height: inherit;">above</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> our targeted </font><font style="font-family: 'Times New Roman'; line-height: inherit;">liquidity</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> range of $170 million to $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">245 million</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font></font></li>














</ul>
<ul>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0.35pt 0pt 28.52pt; padding-left: 7.48pt; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">In the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">second</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> quarter of fiscal 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">approximately</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">6,3</font><font style="font-family: 'Times New Roman'; line-height: inherit;">00</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> lo</font><font style="font-family: 'Times New Roman'; line-height: inherit;">ts </font><font style="font-family: 'Times New Roman'; line-height: inherit;">were put under option or acquired in</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">63</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">consolidated communities.</font></font></li>














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<ul>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0.35pt 0pt 28.52pt; padding-left: 7.48pt; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">During the second quarter of fiscal 2024, repurchased </font><font style="font-family: 'Times New Roman'; line-height: inherit;">106,047 shares of common stock for $15</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.0 million or </font><font style="font-family: 'Times New Roman'; line-height: inherit;">an </font><font style="font-family: 'Times New Roman'; line-height: inherit;">average price of $141 per share.</font></font></li>














</ul>
<ul>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0.35pt 0pt 28.52pt; padding-left: 7.48pt; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">As of</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">April 30</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">our</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> total controlled </font><font style="font-family: 'Times New Roman'; line-height: inherit;">con</font><font style="font-family: 'Times New Roman'; line-height: inherit;">solidated </font><font style="font-family: 'Times New Roman'; line-height: inherit;">lots </font><font style="font-family: 'Times New Roman'; line-height: inherit;">were </font><font style="font-family: 'Times New Roman'; line-height: inherit;">36</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font><font style="font-family: 'Times New Roman'; line-height: inherit;">8</font><font style="font-family: 'Times New Roman'; line-height: inherit;">41</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">a</font><font style="font-family: 'Times New Roman'; line-height: inherit;">n</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">increase</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">compared with </font><font style="font-family: 'Times New Roman'; line-height: inherit;">both </font><font style="font-family: 'Times New Roman'; line-height: inherit;">2</font><font style="font-family: 'Times New Roman'; line-height: inherit;">8,657</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">lots at the end of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">second</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> quarter of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the previous year</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> and </font><font style="font-family: 'Times New Roman'; line-height: inherit;">3</font><font style="font-family: 'Times New Roman'; line-height: inherit;">3,576</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> lots</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> at </font><font style="font-family: 'Times New Roman'; line-height: inherit;">January</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">3</font><font style="font-family: 'Times New Roman'; line-height: inherit;">1</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. </font><font style="font-family: 'Times New Roman'; line-height: inherit;">B</font><font style="font-family: 'Times New Roman'; line-height: inherit;">ased on trailing twelve-month deliveries</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">the current position </font><font style="font-family: 'Times New Roman'; line-height: inherit;">equaled a</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">7.</font><font style="font-family: 'Times New Roman'; line-height: inherit;">3</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">years</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8217;</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> supply</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font></font></li>














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<p style="margin: 0pt; line-height: 1.2;"><font style="font-weight: bold;">&nbsp;</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="text-decoration: underline; font-weight: bold;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">D</font><font style="font-family: 'Times New Roman'; line-height: inherit;">EBT</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">REDUCTION</font><font style="font-family: 'Times New Roman'; line-height: inherit;">:</font></font></font></p>
<ul>
<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 0pt 28.52pt; padding-left: 7.48pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Subsequent to the end of the quarter, the Company paid $31.5 million in cash and issued an additional $93.5 million principal amount of 10.0% Senior Secured 1.75 Lien Term Loans under the Credit Agreement due January 31, 2028 to retire $168.7 million principal amount of debt comprised of $64.0 million principal amount of 13.5% Senior Unsecured Notes due February 1, 2026, $39.6 million principal amount of existing Senior Unsecured Term Loans under the Credit Facility due February 1, 2027 and $65.2 million principal amount of existing 5.0% Senior Notes due February 1, 2040.</font></li>














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<li style="font-family: Symbol; font-size: 10pt; margin: 0pt 0pt 0pt 28.52pt; padding-left: 7.48pt; text-indent: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Key benefits of the exchange are a </font><font style="font-family: 'Times New Roman'; line-height: inherit;">principal</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> reduction of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">$75 million of debt outstanding</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> and</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">a&nbsp;</font><font style="font-family: 'Times New Roman'; line-height: inherit;">reduction </font><font style="font-family: 'Times New Roman'; line-height: inherit;">in </font><font style="font-family: 'Times New Roman'; line-height: inherit;">annual interest </font><font style="font-family: 'Times New Roman'; line-height: inherit;">expense of approximately $8.5 million.</font></font></li>














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<p style="margin: 0pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; line-height: inherit;">FINANCIAL GUIDANCE<font style="font-size: 8pt;"><sup>(2)</sup></font>:</font></font></p>
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<font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">The Company is </font><font style="font-family: 'Times New Roman'; line-height: inherit;">providing</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">guidance for total </font><font style="font-family: 'Times New Roman'; line-height: inherit;">revenues</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">adjusted</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> homebuilding</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">gross margin, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">adjusted </font><font style="font-family: 'Times New Roman'; line-height: inherit;">income before income taxes and </font><font style="font-family: 'Times New Roman'; line-height: inherit;">adjusted </font><font style="font-family: 'Times New Roman'; line-height: inherit;">EBITDA</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">thir</font><font style="font-family: 'Times New Roman'; line-height: inherit;">d</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> quarter of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">fiscal 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> and </font><font style="font-family: 'Times New Roman'; line-height: inherit;">for </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> full fiscal year</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. Financial guidance </font><font style="font-family: 'Times New Roman'; line-height: inherit;">below assumes no adverse changes in current market conditions, including further deterioration in </font><font style="font-family: 'Times New Roman'; line-height: inherit;">our</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> supply chain</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> or</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> material increase</font><font style="font-family: 'Times New Roman'; line-height: inherit;">s</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> in mortgage rates, inflation </font><font style="font-family: 'Times New Roman'; line-height: inherit;">or cancellation rates</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> and excludes further impact to SG&amp;A expenses from phantom stock expense related solely to stock price movements from the closing price of $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">1</font><font style="font-family: 'Times New Roman'; line-height: inherit;">47</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.83</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">on</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">April 30</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font></font><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;"><br></font></font></div>
<div style="margin: 10pt 0pt; text-indent: 0pt; text-align: justify;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">For </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">thir</font><font style="font-family: 'Times New Roman'; line-height: inherit;">d</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> quarter of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">fiscal 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, total revenues are expected to be between $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">675</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">m</font><font style="font-family: 'Times New Roman'; line-height: inherit;">illion and $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">775</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">m</font><font style="font-family: 'Times New Roman'; line-height: inherit;">illion, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">adjusted </font><font style="font-family: 'Times New Roman'; line-height: inherit;">homebuilding </font><font style="font-family: 'Times New Roman'; line-height: inherit;">gross margin is expected to be between </font><font style="font-family: 'Times New Roman'; line-height: inherit;">21.5</font><font style="font-family: 'Times New Roman'; line-height: inherit;">% and </font><font style="font-family: 'Times New Roman'; line-height: inherit;">23.</font><font style="font-family: 'Times New Roman'; line-height: inherit;">5</font><font style="font-family: 'Times New Roman'; line-height: inherit;">%, adjusted income </font><font style="font-family: 'Times New Roman'; line-height: inherit;">before</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">income taxes</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">is expected to be between </font><font style="font-family: 'Times New Roman'; line-height: inherit;">$</font><font style="font-family: 'Times New Roman'; line-height: inherit;">65</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">million and $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">75</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">million</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> and</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> adjusted EBITDA is expected to be between $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">97</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> million and $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">107</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> million</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></div>
<div style="text-align: justify;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">For </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">full</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">fiscal </font><font style="font-family: 'Times New Roman'; line-height: inherit;">year</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, total revenues are expected to be between $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">2.75</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">b</font><font style="font-family: 'Times New Roman'; line-height: inherit;">illion and $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">3.00</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">b</font><font style="font-family: 'Times New Roman'; line-height: inherit;">illion, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">adjusted homebuilding </font><font style="font-family: 'Times New Roman'; line-height: inherit;">gross margin is expected to be between </font><font style="font-family: 'Times New Roman'; line-height: inherit;">21.5</font><font style="font-family: 'Times New Roman'; line-height: inherit;">% and </font><font style="font-family: 'Times New Roman'; line-height: inherit;">23.0</font><font style="font-family: 'Times New Roman'; line-height: inherit;">%, adjusted income </font><font style="font-family: 'Times New Roman'; line-height: inherit;">before income taxes </font><font style="font-family: 'Times New Roman'; line-height: inherit;">is expected to be between </font><font style="font-family: 'Times New Roman'; line-height: inherit;">$</font><font style="font-family: 'Times New Roman'; line-height: inherit;">265</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">million and $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">300</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">million</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> adjusted EBITDA is expected to be between $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">39</font><font style="font-family: 'Times New Roman'; line-height: inherit;">5</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> million and $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; line-height: inherit;">30</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> million</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> and fully diluted earnings per share is expected to be between $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">25</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> and $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">29</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. At the midpoint of our guidance, we anticipate our common</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> book value per </font><font style="font-family: 'Times New Roman'; line-height: inherit;">share</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">to increase by </font><font style="font-family: 'Times New Roman'; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; line-height: inherit;">5</font><font style="font-family: 'Times New Roman'; line-height: inherit;">% at October 31, 202</font><font style="font-family: 'Times New Roman'; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> to approximately $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">106</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> per</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">share compared to last year&#8217;s value at year-end of $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">73</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> per share.</font></font>
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<font style="font-size: 8pt;"><sup><font style="font-family: 'Times New Roman'; line-height: inherit;">(2)</font></sup></font><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">The Company cannot provide a reconciliation between its non-GAAP projections and the most directly comparable GAAP measures without unreasonable efforts because it is unable to predict with reasonable certainty the ultimate outcome of certain significant items required for the reconciliation. These items include, but are not limited to, land-related charges, inventory impairment</font><font style="font-family: 'Times New Roman'; line-height: inherit;">s</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> and land option write-offs and loss</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> (gain)</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> on extinguishment of debt</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, net</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. These items are uncertain, depend on various factors and could have a material impact on GAAP reported results.</font></font>
<p style="margin: 0pt 0pt 0pt 36pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-decoration: underline; line-height: inherit;">COMMENTS FROM MANAGEMENT:</font></p>














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<div style="text-align: justify;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8220;</font><font style="font-family: 'Times New Roman'; line-height: inherit;">Given</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> the rising mortgage rate environment, we are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">extremely </font><font style="font-family: 'Times New Roman'; line-height: inherit;">pleased with our performance during the second quarter of fiscal 2024. Our adjusted EBITDA and adjusted pretax income were </font><font style="font-family: 'Times New Roman'; line-height: inherit;">both </font><font style="font-family: 'Times New Roman'; line-height: inherit;">significantly </font><font style="font-family: 'Times New Roman'; line-height: inherit;">above the </font><font style="font-family: 'Times New Roman'; line-height: inherit;">high end</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> of our guidance,&#8221; stated Ara K. Hovnanian, Chairman of the Board, President and Chief Executive Officer, &#8220;</font><font style="font-family: 'Times New Roman'; line-height: inherit;">We are </font><font style="font-family: 'Times New Roman'; line-height: inherit;">firmly in the higher-for-longer mortgage rate enviro</font><font style="font-family: 'Times New Roman'; line-height: inherit;">nment</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> yet demand for new homes remains </font><font style="font-family: 'Times New Roman'; line-height: inherit;">resilient</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. Our contracts per community for the second quarter of fiscal 2024</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> increased to </font><font style="font-family: 'Times New Roman'; line-height: inherit;">13.9, which was 22% higher than the average second quarter contracts per community since 1997.</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> Website vis</font><font style="font-family: 'Times New Roman'; line-height: inherit;">its and foot traffic in our communities continues to be strong.</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8221;</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></div>
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<div style="text-align: justify;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8220;</font><font style="font-family: 'Times New Roman'; line-height: inherit;">A</font><font style="font-family: 'Times New Roman'; line-height: inherit;">fter paying down </font><font style="font-family: 'Times New Roman'; line-height: inherit;">over $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">741</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> million </font><font style="font-family: 'Times New Roman'; line-height: inherit;">of debt over the past several years, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">we are now in a position where we will </font><font style="font-family: 'Times New Roman'; line-height: inherit;">shift our </font><font style="font-family: 'Times New Roman'; line-height: inherit;">primary </font><font style="font-family: 'Times New Roman'; line-height: inherit;">focus </font><font style="font-family: 'Times New Roman'; line-height: inherit;">to</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> growth</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> rathe</font><font style="font-family: 'Times New Roman'; line-height: inherit;">r than </font><font style="font-family: 'Times New Roman'; line-height: inherit;">using cash flow for further debt reduction in the near term</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. </font><font style="font-family: 'Times New Roman'; line-height: inherit;">We expect future revenue growth </font><font style="font-family: 'Times New Roman'; line-height: inherit;">will facilitate the achievement of </font><font style="font-family: 'Times New Roman'; line-height: inherit;">both </font><font style="font-family: 'Times New Roman'; line-height: inherit;">economies of scale</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">and</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> higher levels of profit</font><font style="font-family: 'Times New Roman'; line-height: inherit;">s which </font><font style="font-family: 'Times New Roman'; line-height: inherit;">will improve our credit metrics and </font><font style="font-family: 'Times New Roman'; line-height: inherit;">enhance our balance sheet </font><font style="font-family: 'Times New Roman'; line-height: inherit;">by </font><font style="font-family: 'Times New Roman'; line-height: inherit;">increasing</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> equity</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> levels</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">T</font><font style="font-family: 'Times New Roman'; line-height: inherit;">he housing market continue</font><font style="font-family: 'Times New Roman'; line-height: inherit;">s</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> to be driven by an ongoing shortage of housing supply, a st</font><font style="font-family: 'Times New Roman'; line-height: inherit;">able</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> economy with low levels of unemployment and robust demographic trends. We are optimistic that we will be able to capitalize on these positive fundamentals and continue to deliver </font><font style="font-family: 'Times New Roman'; line-height: inherit;">top</font><font style="font-family: 'Times New Roman'; line-height: inherit;">-</font><font style="font-family: 'Times New Roman'; line-height: inherit;">t</font><font style="font-family: 'Times New Roman'; line-height: inherit;">ier</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> industry </font><font style="font-family: 'Times New Roman'; line-height: inherit;">returns</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> to our shareholders,&#8221; concluded Mr. Hovnanian.</font></font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></div>
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<div><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-decoration: underline; line-height: inherit;">WEBCAST INFORMATION:</font></div>
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<div style="text-align: justify;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Hovnanian Enterprises will webcast its fiscal 20</font><font style="font-family: 'Times New Roman'; line-height: inherit;">2</font><font style="font-family: 'Times New Roman'; line-height: inherit;">4</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">second</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">quarter</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> financial results conference call at 1</font><font style="font-family: 'Times New Roman'; line-height: inherit;">1</font><font style="font-family: 'Times New Roman'; line-height: inherit;">:</font><font style="font-family: 'Times New Roman'; line-height: inherit;">0</font><font style="font-family: 'Times New Roman'; line-height: inherit;">0 a.m. E.T. on</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">Wednesday</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">May</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> 22</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">20</font><font style="font-family: 'Times New Roman'; line-height: inherit;">2</font><font style="font-family: 'Times New Roman'; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. The webcast can be accessed live through the &#8220;Investor Relations&#8221; section of Hovnanian Enterprises&#8217; </font><font style="font-family: 'Times New Roman'; line-height: inherit;">w</font><font style="font-family: 'Times New Roman'; line-height: inherit;">ebsite at </font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">http://www.khov.com</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. For those who are not available to listen to the live webcast, an archive of the broadcast will be available under the &#8220;</font><font style="font-family: 'Times New Roman'; line-height: inherit;">Past Events</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&#8221; section of the Investor R</font><font style="font-family: 'Times New Roman'; line-height: inherit;">elations page on the Hovnanian w</font><font style="font-family: 'Times New Roman'; line-height: inherit;">ebsite at </font><font style="font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">http://www.khov.com</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. The archive will be available for 12 months.</font></font></div>
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<div><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-decoration: underline; line-height: inherit;">ABOUT HOVNANIAN ENTERPRISES, INC.:</font></div>
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<div style="margin: 0px; text-indent: 0px; text-align: justify; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Hovnanian Enterprises, Inc., founded in 1959 by Kevork S. Hovnanian, is headquartered in </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Matawan</font><font style="font-family: 'Times New Roman'; line-height: inherit;">, New Jersey</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> and, through its subsidiaries,</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> is one of the nation&#8217;s largest homebuilders with operations in Arizona, California, Delaware, Florida, Georgia, Maryland, New Jersey, Ohio, Pennsylvania, South Carolina, Texas, Virginia and West Virginia. The Company&#8217;s homes are marketed and sold under the trade name K. Hovnanian</font><font style="font-family: Symbol; vertical-align: super; line-height: inherit; font-size: 8pt;">&#61650;</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> Homes. A</font><font style="font-family: 'Times New Roman'; line-height: inherit;">dditionally, the Company&#8217;s subsidiaries, as developer</font><font style="font-family: 'Times New Roman'; line-height: inherit;">s of K. Hovnanian&#8217;s</font><font style="font-family: Symbol; vertical-align: super; line-height: inherit; font-size: 8pt;">&#61650;</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> Four Seasons communities, </font><font style="font-family: 'Times New Roman'; line-height: inherit;">make </font><font style="font-family: 'Times New Roman'; line-height: inherit;">the Company one of the nation&#8217;s largest builders of active </font><font style="font-family: 'Times New Roman'; line-height: inherit;">lifestyle</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">communities</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font></font>
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<font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Additional information on Hovnanian Enterprises, Inc. can be accessed through the &#8220;Investor Relations&#8221; section of the Hovnanian Enterprises&#8217; website at </font><font style="color: #0000ff; font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">http://www.khov.com</font><font style="font-family: 'Times New Roman'; line-height: inherit;">. To be added to Hovnanian's investor e-mail</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">list, please send an e-mail to </font><font style="color: #0000ff; font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">IR@khov.com</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> or sign up at </font><font style="color: #0000ff; font-family: 'Times New Roman'; text-decoration: underline; line-height: inherit;">http://www.khov.com</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font></font></div>
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<div><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; text-decoration: underline; line-height: inherit;">NON-GAAP FINANCIAL MEASURES:</font></div>
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<div style="text-align: justify; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Consolidated earnings before interest expense and income taxes (&#8220;EBIT&#8221;) and before depreciation and amortization (&#8220;EBITDA&#8221;) and before inventory impairment</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">s</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> and land option write-offs</font> <font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">and </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">gain</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> on extinguishment of debt, net </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">(&#8220;Adjusted EBITDA&#8221;) are not U.S. </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">generally accepted</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> accounting principles </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">&#8220;</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">GAAP</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">&#8221;</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">)</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> financial measures. The most directly comparable GAAP financial measure is net </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">income</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">. The reconciliation </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">for historical periods </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">of EBIT, EBITDA and Adjusted EBITDA to </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">net</font> <font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">income</font> <font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">is presented in a table attached to this earnings release.</font></font></div>
<div style="text-align: justify; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"><br></font></font><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Homebuilding</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> gross margin, before </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">cost</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> of sales interest expense and land charges</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">,</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> and homebuilding gross margin percentage, before </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">cost</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> of sales interest expense and land charges, are non-GAAP financial measures. The most directly comparable GAAP financial measures are homebuilding gross margin and homebuilding gross margin percentage, respectively.</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> The reconciliation for historical periods of homebuilding gross margin, before </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">cost</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> of sales interest expense and land charges, and homebuilding gross margin percentage, before </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">cost</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> of sales interest expense and land charges, to homebuilding gross margin and homebuilding gross margin percentage, respectively, is presented in a table attached to this earnings release.</font></font></div>
<div style="text-align: justify; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"><br></font></font><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Adjusted </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">i</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">ncome</font> <font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">before income taxes</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">, which is defined as income</font> <font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">b</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">efore </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">i</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">ncome </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">t</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">axes </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">e</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">xcluding </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">l</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">and-</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">r</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">elated </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">c</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">harges</font> <font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">and </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">gain</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> on extinguishment of debt, net </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">is a non-GAAP financial measure. The most directly comparable GAAP financial measure is </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">income</font> <font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">b</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">efore </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">i</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">ncome </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">t</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">axes. The reconciliation </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">for historical periods</font> <font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">of</font> <font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">adjusted </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">income before income taxes</font> <font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">to</font> <font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">income</font> <font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">b</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">efore </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">i</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">ncome </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">t</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">axes is presented in a table attached to this earnings release.</font></font></div>
<div style="text-align: justify; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"><br></font></font><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Total l</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">iquidity is </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">comprised of $</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">182.0</font> <font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">million of </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">cash and cash equivalents, $</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">3.7</font> <font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">million of restricted cash required to collateralize letters of credit and </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">$</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">125.0</font> <font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">mill</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">ion</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> availability under the </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">senior </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">secured revolving credit facility</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> as of</font> <font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">April 30</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">, 20</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">2</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">.</font></font>
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<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">FORWARD-LOOKING STATEMENTS</font></p>
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<p style="margin: 0pt; line-height: 1.2;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">All statements in this press release that are not historical facts should be considered as &#8220;Forward-Looking Statements&#8221; within the meaning of the &#8220;Safe Harbor&#8221; provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such forward-looking statements include but are not limited to statements related to the Company&#8217;s goals and expectations with respect to its financial results for future financial periods</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> and statements regarding demand for homes</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">, </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">mortgage rates, inflation, supply chain issues,</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> customer incentives</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> and underlying factors</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">. Although we believe that our plans, intentions and expectations reflected in, or suggested by, such forward-looking statements are reasonable, we can give no assurance that such plans, intentions or expectations will be achieved. By their nature, forward-looking statements: (i) speak only as of the date they are made, (ii) are not guarantees of future performance or results and (iii) are subject to risks, uncertainties and assumptions that are difficult to predict or quantify. Therefore, actual results could differ materially and adversely from those forward-looking statements </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">as a result of</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> a variety of factors. Such risks, uncertainties and other factors include, but are not limited to, (1)</font> <font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">changes in general and local economic, industry and business conditions and impacts of a significant homebuilding downturn; </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">(2</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">) </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">shortages in, and price fluctuations of, raw materials and labor</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">,</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> including due to </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">geopolitical events, </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">changes in trade policies</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">,</font> <font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">including</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> the imposition of tariffs and duties on homebuilding materials and products and related trade disputes with and retaliatory measures taken by other countries; </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">3</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">) </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">fluctuations in interest rates and the availability of mortgage financing</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">, including </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">as a result of </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">instability in the banking sector</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">; </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">(4)</font> <font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">adverse weather and other environmental conditions and natural disasters; (</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">5</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">) the seasonality of the Company&#8217;s business; (</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">6</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">) the availability and cost of suitable land and improved lots and sufficient liquidity to invest in such land and lots; (</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">7</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">) reliance on, and the performance of, subcontractors; (</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">8</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">) regional and local economic factors, including dependency on certain sectors of the economy, and employment levels affecting home prices and sales activity in the markets where the Company builds homes; (</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">9</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">) increases in cancellations of agreements of sale; (</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">10</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">) </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">increases in inflation; </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">11</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">) changes in tax laws affecting the after-tax costs of owning a home; (</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">12</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">) legal claims brought against us and not resolved in our favor, such as product liability litigation, warranty claims and claims made by mortgage investors; (</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">13</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">) levels of competition; (</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">14</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">) utility shortages and outages or rate fluctuations; (</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">15</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">) information technology failures and data security breaches; (</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">16</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">) negative publicity; </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">(17) high leverage and restrictions on the Company&#8217;s operations and activities imposed by the agreements governing the Company&#8217;s outstanding indebtedness; </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">(1</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">8</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">) availability and terms of financing to the Company; </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">(1</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">9</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">) the Company&#8217;s sources of liquidity; (20) changes in credit ratings; (21) government regulation, including regulations concerning development of land, the home building, sales and customer financing processes, tax laws and the environment; (22) operations through unconsolidated joint ventures with third parties; (23) significant influence of the Company&#8217;s controlling stockholders; (24) availability of net operating loss carryforwards; (25) loss of key management personnel or failure to attract qualified personnel; </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">26) public health issues such as major epidemic or pandemic; </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">and (</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">2</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">7</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">) certain risks, uncertainties and other factors described in detail in the Company&#8217;s Annual Report on Form 10-K for the fiscal year ended October 31, 20</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">2</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">3</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> and the Company&#8217;s Quarterly Reports on Form 10-Q for the quarterly periods during fiscal 202</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">4</font> <font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">and subsequent filings with the Securities and Exchange Commission. Except as otherwise required by applicable securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">as a result of</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> new information, future events, changed circumstances or any other reason</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">.</font> </font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Hovnanian Enterprises, Inc.</font></p>














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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">April 30, 2024</font></p>














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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Statements of consolidated operations</font></p>














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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(In thousands, except per share data)</font></p>














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<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;" colspan="4"></td>
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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Three Months Ended</font></p>














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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














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<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Six Months Ended</font></p>














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<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;" colspan="4"></td>
<td colspan="6" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">April 30,</font></p>














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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














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<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">April 30,</font></p>














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<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;" colspan="4"></td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2024</font></p>














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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2023</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2024</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2023</font></p>














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<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;" colspan="4"></td>
<td colspan="7" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(Unaudited)</font></p>














</td>
<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(Unaudited)</font></p>














</td>







</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 53%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Total revenues</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 1%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 10%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">708,380 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 1%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 1%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 10%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">703,661 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 1%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 1%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 10%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,302,576 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 1%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 1%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 10%; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,219,027 </font></p>














</td>







</tr>
<tr style="height: 16px;">
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Costs and expenses (1)</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">650,152 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">662,946 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,228,108 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,167,425 </font></p>














</td>







</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Gain on extinguishment of debt, net</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> - </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> - </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,371 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> - </font></p>














</td>







</tr>
<tr style="height: 16px;">
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Income from unconsolidated joint ventures</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">11,164 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">5,408 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 26,116 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 12,568 </font></p>














</td>







</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Income before income taxes</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">69,392 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 46,123 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp; 101,955 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 64,170 </font></p>














</td>







</tr>
<tr style="height: 16px;">
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Income tax provision</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">18,556 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 11,977 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 27,215 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 11,308 </font></p>














</td>







</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Net income</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">50,836 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 34,146 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 74,740 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 52,862 </font></p>














</td>







</tr>
<tr style="height: 16px;">
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Less: preferred stock dividends</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp; 2,669 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2,669 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">5,338 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">5,338 </font></p>














</td>







</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Net income available to common stockholders</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">48,167 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 31,477 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 69,402 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 47,524 </font></p>














</td>







</tr>
<tr style="height: 16px;">
<td colspan="16" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>







</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td colspan="16" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>







</tr>
<tr style="height: 16px;">
<td colspan="10" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Per share data:</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>







</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Basic:</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>







</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Net income per common share </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 7.12 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$ </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp; 4.68 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$ </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">10.22 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$ </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp; 7.05 </font></p>














</td>







</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 9.75pt; text-indent: -9.75pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Weighted average number of common shares outstanding</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp; 6,457 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">6,166 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">6,477 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">6,176 </font></p>














</td>







</tr>
<tr style="height: 16px;">
<td colspan="14" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Assuming dilution:</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>







</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="3" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Net income per common share </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 6.66 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$ </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp; 4.47 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$ </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp; 9.57 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$ </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp; 6.74 </font></p>














</td>







</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 9.75pt; text-indent: -9.75pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Weighted average number of common shares outstanding</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp; 6,902 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">6,462 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">6,920 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">6,463 </font></p>














</td>







</tr>






















</table>














</div>
<div style="line-height: 1.2; margin: 0px; text-indent: 0px;"><br></div>
<div style="line-height: 1.2;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(1)&nbsp; Includes inventory impairments and land option write-offs.</font></div>
<p style="line-height: 1.2; margin: 0px; text-indent: 0px;"><br></p>
<table cellspacing="0" cellpadding="0" style="height: 184px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 10px;">
<td colspan="16" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Hovnanian Enterprises, Inc.</font></p>














</td>







</tr>
<tr style="height: 16px;">
<td colspan="16" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">April 30, 2024</font></p>














</td>







</tr>
<tr style="height: 16px;">
<td colspan="16" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Reconciliation of income before income taxes excluding land-related charges and gain on extinguishment of debt, net to income before income taxes</font></p>














</td>







</tr>
<tr style="height: 16px;">
<td colspan="10" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(In thousands)</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>







</tr>
<tr style="height: 16px;">
<td colspan="16" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>







</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;" colspan="4">
<p style="margin: 0pt; text-align: right;"><br></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;" colspan="6">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Three Months Ended</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;"><br></td>
<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Six Months Ended</font></p>














</td>







</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;" colspan="4"></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;" colspan="6">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">April 30,</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;"><br></td>
<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">April 30,</font></p>














</td>







</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;" colspan="4"></td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2024</font></p>














</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2023</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2024</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2023</font></p>














</td>







</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;" colspan="4"></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;" colspan="6">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(Unaudited)</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;"><br></td>
<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(Unaudited)</font></p>














</td>







</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 53%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Income before income taxes</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">69,392 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 46,123 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">&nbsp; 101,955</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 64,170 </font></p>














</td>







</tr>
<tr style="height: 16px;">
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Inventory impairments and land option write-offs</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp; 237 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">137 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">539</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">614 </font></p>














</td>







</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Gain on extinguishment of debt, net</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> - </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> - </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: rgb(204, 238, 255);border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (1,371)</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: rgb(204, 238, 255);border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> - </font></p>














</td>







</tr>
<tr style="height: 10px;">
<td colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt 0pt 0pt 8.25pt; text-indent: -8.25pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Income before income taxes excluding land-related charges and gain on extinguishment of debt, net (1)</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">69,629 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 46,260 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">&nbsp; 101,123</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 64,784 </font></p>














</td>







</tr>






















</table>
<p style="margin: 0pt; text-align: justify;"><br></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(1) Income before income taxes excluding land-related charges and gain on extinguishment of debt, net is a non-GAAP financial measure. The most directly comparable GAAP financial measure is income before income taxes.</font></font></p>
<p style="margin: 0pt; text-align: justify;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>5</font></font></td>













</tr>



























</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br></div>













</div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;" colspan="12"><br></td>







</tr>
<tr style="height: 8.05pt;">
<td colspan="12" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Hovnanian Enterprises, Inc.</font></p>














</td>







</tr>
<tr style="height: 8.05pt;">
<td colspan="12" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">April 30, 2024</font></p>














</td>







</tr>
<tr style="height: 8.05pt;">
<td colspan="12" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Gross margin</font></p>














</td>







</tr>
<tr style="height: 8.05pt;">
<td colspan="12" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(In thousands)</font></p>














</td>







</tr>
<tr style="height: 8.05pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Homebuilding Gross Margin</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Homebuilding Gross Margin</font></p>














</td>







</tr>
<tr style="height: 8.05pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Three Months Ended</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Six Months Ended</font></p>














</td>







</tr>
<tr style="height: 8.05pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">April 30,</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">April 30,</font></p>














</td>







</tr>
<tr style="height: 8.05pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2024</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2023</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2024</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2023</font></p>














</td>







</tr>
<tr style="height: 8.05pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(Unaudited)</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(Unaudited)</font></p>














</td>







</tr>
<tr style="height: 8.05pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 53%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sale of homes</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 686,929 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">670,708 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,260,565 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,170,353 </font></p>














</td>







</tr>
<tr style="height: 8.05pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cost of sales, excluding interest expense and land charges (1)</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 531,385 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">530,759 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">979,833 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 921,722 </font></p>














</td>







</tr>
<tr style="height: 8.05pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 8.25pt; text-indent: -8.25pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Homebuilding gross margin, before cost of sales interest expense and land charges (2)</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 155,544 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">139,949 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">280,732 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 248,631 </font></p>














</td>







</tr>
<tr style="height: 8.05pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt 0pt 0pt 8.25pt; text-indent: -8.25pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cost of sales interest expense, excluding land sales interest expense </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">21,543 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">20,521 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp; 41,441 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">35,522 </font></p>














</td>







</tr>
<tr style="height: 8.05pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 8.25pt; text-indent: -8.25pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Homebuilding gross margin, after cost of sales interest expense, before land charges (2)</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 134,001 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">119,428 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">239,291 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 213,109 </font></p>














</td>







</tr>
<tr style="height: 8.05pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Land charges</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp; 237 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp; 137 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 539 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp; 614 </font></p>














</td>







</tr>
<tr style="height: 8.65pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Homebuilding gross margin</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 133,764 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">119,291 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">238,752 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: rgb(204, 238, 255); border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 212,495 </font></p>














</td>







</tr>
<tr style="height: 8.65pt;">
<td colspan="12" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>







</tr>
<tr style="height: 8.05pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Homebuilding gross margin percentage</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">19.5%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">17.8%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">18.9%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">18.1%</font></p>














</td>







</tr>
<tr style="height: 8.05pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt 0pt 0pt 8.25pt; text-indent: -8.25pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Homebuilding gross margin percentage, before cost of sales interest expense and land charges (2)</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">22.6%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">20.9%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">22.3%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">21.2%</font></p>














</td>







</tr>
<tr style="height: 8.05pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 8.25pt; text-indent: -8.25pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Homebuilding gross margin percentage, after cost of sales interest expense, before land charges (2)</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">19.5%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">17.8%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">19.0%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">18.2%</font></p>














</td>







</tr>






















</table>
<p style="margin:0pt"><br></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 140px;" width="100%">

<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Land Sales Gross Margin</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Land Sales Gross Margin</font></p>














</td>














</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Three Months Ended</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Six Months Ended</font></p>














</td>














</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">April 30,</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">April 30,</font></p>














</td>














</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2024</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2023</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2024</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2023</font></p>














</td>














</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(Unaudited)</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(Unaudited)</font></p>














</td>














</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 53%; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Land and lot sales</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp; 213 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">15,284 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 1,553 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 1%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">15,613 </font></p>














</td>














</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cost of sales, excluding interest (1)</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp; 117 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp; 9,863 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 882 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp; 9,940 </font></p>














</td>














</tr>
<tr style="height: 15px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 8.25pt; text-indent: -8.25pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Land and lot sales gross margin, excluding interest and land charges</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 96 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp; 5,421 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 671 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp; 5,673 </font></p>














</td>














</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Land and lot sales interest expense</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">- </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp; 904 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">- </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp; 925 </font></p>














</td>














</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Land and lot sales gross margin, including interest</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255); border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255); border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 96 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255); border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255); border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp; 4,517 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255); border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255); border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> 671 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255); border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255); border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp; 4,748 </font></p>














</td>














</tr>





























</table>
<p style="margin: 0pt;"><br></p>
<p style="margin: 0pt;"><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(1) Does not include cost associated with walking away from land options or inventory impairment losses which are recorded as Inventory impairment loss and land option write-offs in the Condensed Consolidated Statements of Operations.</font></font></p>
<p style="margin: 8pt 0pt; text-indent: 0pt; text-align: justify;"><font style="font-size: 10pt;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(2) Homebuilding gross margin, before cost of sales interest expense and land charges, and homebuilding gross margin percentage, before cost of sales interest expense and land charges, are non-GAAP financial measures. The most directly comparable GAAP financial measures are homebuilding gross margin and homebuilding gross margin percentage, respectively.</font></font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>6</font></font></td>













</tr>



























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<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br></div>













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<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 326px; width: 100%;" width="100%">

<tr>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;" colspan="12"><br></td>







</tr>
<tr style="height: 16px;">
<td colspan="12" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Hovnanian Enterprises, Inc. </font></p>














</td>







</tr>
<tr style="height: 16px;">
<td colspan="12" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">April 30, 2024 </font></p>














</td>







</tr>
<tr style="height: 16px;">
<td colspan="12" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Reconciliation of adjusted EBITDA to net income </font></p>














</td>







</tr>
<tr style="height: 16px;">
<td colspan="12" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(In thousands) </font></p>














</td>







</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Three Months Ended</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Six Months Ended</font></p>














</td>







</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">April 30,</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">April 30,</font></p>














</td>







</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2024</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2023</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2024</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2023</font></p>














</td>







</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(Unaudited)</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(Unaudited)</font></p>














</td>







</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 53%; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Net income </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 1%; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> $ </font></p>














</td>
<td style="padding: 0px 7px; vertical-align: bottom; width: 10%; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">50,836 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 1%; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 1%; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> $ </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 10%; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">34,146 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 1%; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 1%; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> $ </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 10%; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">74,740</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 1%; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 1%; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> $ </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 10%; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">52,862 </font></p>














</td>







</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Income tax provision </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">18,556 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">11,977 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">27,215</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">11,308 </font></p>














</td>







</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Interest expense </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: rgb(204, 238, 255);border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">30,512 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: rgb(204, 238, 255);border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">35,926 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: rgb(204, 238, 255);border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">60,861</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: rgb(204, 238, 255);border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">66,041 </font></p>














</td>







</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">EBIT (1)</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">99,904 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">82,049 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">162,816</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">130,211 </font></p>














</td>







</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Depreciation and amortization </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: rgb(204, 238, 255);border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">2,014</font> </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: rgb(204, 238, 255);border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">4,514 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: rgb(204, 238, 255);border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">3,612</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: rgb(204, 238, 255);border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">5,924 </font></p>














</td>







</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">EBITDA (2)</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">101,918</font> </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">86,563 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">166,428</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font></font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">136,135 </font></p>














</td>







</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Inventory impairments and land option write-offs </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">237 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">137 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">539</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">614 </font></p>














</td>







</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Gain on extinguishment of debt, net </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> - </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> - </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp; (1,371)</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> - </font></p>














</td>







</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Adjusted EBITDA (3)</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">10</font><font style="font-family: 'Times New Roman'; line-height: inherit;">2</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font><font style="font-family: 'Times New Roman'; line-height: inherit;">155</font> </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">86,700 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">16</font><font style="font-family: 'Times New Roman'; line-height: inherit;">5</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,5</font><font style="font-family: 'Times New Roman'; line-height: inherit;">96</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255); border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">136,749 </font></p>














</td>







</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>







</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Interest incurred </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">34,530 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">35,122 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">&nbsp; 66,491</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">69,448 </font></p>














</td>







</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>







</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Adjusted EBITDA to interest incurred </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">2.9</font><font style="font-family: 'Times New Roman'; line-height: inherit;">6</font> </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2.47 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">2.4</font><font style="font-family: 'Times New Roman'; line-height: inherit;">9</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1.97 </font></p>














</td>







</tr>






















</table>














</div>
<div style="line-height: 1.2;"><br></div>
<div style="line-height: 1.2;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(1)&nbsp; EBIT is a non-GAAP financial measure. The most directly comparable GAAP financial measure is net income. EBIT represents earnings before interest expense and income taxes.</font></div>
<div style="line-height: 1.2; margin: 8pt 0pt; text-indent: 0pt;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(2)&nbsp; EBITDA is a non-GAAP financial measure. The most directly comparable GAAP financial measure is net income. EBITDA represents earnings before interest expense, income taxes, depreciation and amortization.</font></div>
<div style="line-height: 1.2; text-align: justify;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(3)&nbsp; Adjusted EBITDA is a non-GAAP financial measure. The most directly comparable GAAP financial measure is net income. Adjusted EBITDA represents earnings before interest expense, income taxes, depreciation, amortization, inventory impairments and land option write-offs and gain on extinguishment of debt, net.</font></div>
<div style="line-height: 1.2;"><br>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 218px; width: 100%;" width="100%">

<tr style="height: 16px;">
<td colspan="12" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Hovnanian Enterprises, Inc.</font></p>














</td>














</tr>
<tr style="height: 16px;">
<td colspan="12" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">April 30, 2024 </font></p>














</td>














</tr>
<tr style="height: 16px;">
<td colspan="12" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Interest incurred, expensed and capitalized</font></p>














</td>














</tr>
<tr style="height: 16px;">
<td colspan="12" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(In thousands)</font></p>














</td>














</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Three Months Ended</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Six Months Ended</font></p>














</td>














</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">April 30,</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">April 30,</font></p>














</td>














</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2024</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2023</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2024</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2023</font></p>














</td>














</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(Unaudited)</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(Unaudited)</font></p>














</td>














</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 53%; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Interest capitalized at beginning of period</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="padding: 0px 7px; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">53,672</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">60,795</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">&nbsp; 52,060</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; width: 10%; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">59,600</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font></p>














</td>














</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plus: interest incurred</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">34,530</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">35,122</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">&nbsp; 66,491</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">69,448</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font></p>














</td>














</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Less: interest expensed</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(30,512)</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(35,926)</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(60,861)</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(66,041)</font></p>














</td>














</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Less: interest contributed to unconsolidated joint venture (1)</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"> (5,468)</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;"> -</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp; (5,468)</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(3,016)</font></p>














</td>














</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Plus: interest acquired from unconsolidated joint venture (2)</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;"> -</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">&nbsp; 283</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">&nbsp; -</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">&nbsp; 283</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font></p>














</td>














</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Interest capitalized at end of period (3)</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">52,222</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">60,274</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">&nbsp; 52,222</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">60,274</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font> </font></p>














</td>














</tr>





























</table>














</div>
<div style="line-height: 1.2;"><br></div>
<div style="line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><font style="color: #000000; font-family: 'Times New Roman'; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(1) Represents capitalized interest which was included as part of the assets contributed to joint ventures the company entered into during the six months ended April 30, 2024 and 2023, respectively. There was no impact to the Condensed Consolidated Statement of Operations as a result of these transactions.</font></font></div>
<div style="line-height: 1.2;">
<p style="margin: 8pt 0pt; text-align: left; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(2) Represents capitalized interest which was included as part of the assets purchased from a joint venture the company closed out during the six months ended April 30, 2023. There was no impact to the Condensed Consolidated Statement of Operations as a result of this transaction.</font></font></p>
<p style="margin: 0px; text-align: left; text-indent: 0px;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;"><font style="color: #000000; font-family: 'Times New Roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">(3) Capitalized interest amounts are shown gross before allocating any portion of impairments to capitalized interest.</font></font></p>
<div>
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<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>7</font></font></td>













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<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br></div>













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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;" colspan="12"><br></td>







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<tr style="height: 16px;">
<td colspan="12" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Hovnanian Enterprises, Inc.</font></p>














</td>







</tr>
<tr style="height: 16px;">
<td colspan="12" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">April 30, 2024</font></p>














</td>







</tr>
<tr style="height: 16px;">
<td colspan="12" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Calculation of Consolidated Adjusted EBIT ROI</font></p>














</td>







</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">TTM</font></p>














</td>







</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="6" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">For the quarter ended</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">ended</font></p>














</td>







</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(Dollars in thousands)</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">7/31/2023</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">10/31/2023</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1/31/2024</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">4/30/2024</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">4/30/2024</font></p>














</td>







</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 35%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Consolidated EBIT</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$103,164 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$157,478 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$62,912 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$99,904 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 1%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff; width: 10%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$423,458 </font></p>














</td>







</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Impairments and walk away</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$308 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$614 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$302 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$237 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$1,461 </font></p>














</td>







</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Loss </font><font style="font-family: 'Times New Roman'; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; line-height: inherit;">gain</font><font style="font-family: 'Times New Roman'; line-height: inherit;">)</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> on extinguishment of debt</font></font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$4,082 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$21,556 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$(1,371)</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$0 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$24,267 </font></p>














</td>







</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Adjusted EBIT</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$107,554 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$179,648 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$61,843 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$100,141 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$449,186 </font></p>














</td>







</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255);border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="9" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: rgb(204, 238, 255);border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">As of</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>







</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">4/30/2023</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">7/31/2023</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">10/31/2023</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1/31/2024</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">4/30/2024</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>







</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Total inventories</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$1,484,992 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$1,411,260 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$1,349,186 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$1,463,558 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$1,417,058 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>







</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt 0pt 0pt 8.05pt; text-indent: -8.05pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Less liabilities from inventory not owned, net of debt issuance costs</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">200,299 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">145,979 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">124,254 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">114,658 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">86,618 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>







</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Less capitalized interest</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">60,274 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">55,274 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">52,060 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">53,672 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">52,222 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>







</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt 0pt 0pt 8.05pt; text-indent: -8.05pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Plus </font><font style="font-family: 'Times New Roman'; line-height: inherit;">i</font><font style="font-family: 'Times New Roman'; line-height: inherit;">nvestments in and advances to unconsolidated joint ventures</font></font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">85,820 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">85,260 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">97,886 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">110,592 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">150,674 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Five</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Quarter</font></p>














</td>







</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Goodwill</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; background-color: rgb(204, 238, 255);border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Average</font></p>














</td>







</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 0pt 0pt 8.05pt; text-indent: -8.05pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Inventories less consolidated inventory not owned and capitalized interest plus liabilities from inventory not owned</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$1,310,239 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$1,295,267 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$1,270,758 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$1,405,820 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$1,428,892 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$1,342,195 </font></p>














</td>







</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Consolidated Adjusted EBIT ROI</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">33.5%</font></p>














</td>







</tr>






















</table>
<p style="margin: 0pt;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>8</font></font></td>













</tr>



























</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br></div>













</div>














</div>
<div style="line-height: 1.2;">
<p style="line-height: 12pt; margin: 10pt 0pt 0pt; text-align: center; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit; font-weight: bold;">HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIES</font></p>
<p style="line-height: 12pt; margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit; font-weight: bold;">CONDENSED CONSOLIDATED BALANCE SHEETS</font></p>
<p style="line-height: 12pt; margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit; font-weight: bold;">(In thousands, except per share data)</font></p>
<p style="line-height: 12pt; margin: 0pt; text-align: center;"><br></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 777px;" width="100%">

<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="2" style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">April 30,</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="2" style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">October 31,</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2024</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2023</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 12px;">
<td style="vertical-align: bottom; height: 12px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 12px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 12px;">
<p style="line-height: 9pt; margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(Unaudited)</font></p>














</td>
<td style="vertical-align: bottom; height: 12px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 12px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 12px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 12px;">
<p style="line-height: 9pt; margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(1)</font></p>














</td>
<td style="vertical-align: bottom; height: 12px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff; width: 71%; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">ASSETS</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 12%; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 12%; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; width: 1%; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Homebuilding:</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt 0pt 0pt 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cash and cash equivalents</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">181,966</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">434,119</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Restricted cash and cash equivalents</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">8,370</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">8,431</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt 0pt 0pt 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Inventories:</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sold and unsold homes and lots under development</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,135,232</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">998,841</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt 0pt 0pt 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Land and land options held for future development or sale</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">138,641</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">125,587</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 0pt 0pt 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Consolidated inventory not owned</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">143,185</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">224,758</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt 0pt 0pt 45pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Total inventories</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,417,058</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,349,186</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Investments in and advances to unconsolidated joint ventures</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">150,674</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">97,886</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt 0pt 0pt 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Receivables, deposits and notes, net</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">24,975</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">27,982</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Property and equipment, net</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">39,593</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">33,946</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt 0pt 0pt 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Prepaid expenses and other assets</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">72,</font><font style="font-family: 'Times New Roman'; line-height: inherit;">747</font></font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">69,886</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 45pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Total homebuilding</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">1,895,</font><font style="font-family: 'Times New Roman'; line-height: inherit;">383</font></font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2,021,436</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 12px; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff; height: 12px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 12px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 12px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 12px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 12px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 12px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 12px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 12px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Financial services</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">142,559</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">168,671</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 12px; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff; height: 12px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 12px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 12px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 12px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 12px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 12px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 12px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 12px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Deferred tax assets, net</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">279,</font><font style="font-family: 'Times New Roman'; line-height: inherit;">704</font></font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">302,833</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Total assets</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2,317,646</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2,492,940</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 13px;">
<td style="vertical-align: bottom; height: 13px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 13px;border-top-width:2.8pt; border-top-style:double; border-top-color:rgb(0, 0, 0) !important;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 13px;border-top-width:2.8pt; border-top-style:double; border-top-color:rgb(0, 0, 0) !important;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 13px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 13px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 13px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 13px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 13px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">LIABILITIES AND EQUITY</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Homebuilding:</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt 0pt 0pt 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Nonrecourse mortgages secured by inventory, net of debt issuance costs</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">85,557</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">91,539</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Accounts payable and other liabilities</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">379,367</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">415,480</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt 0pt 0pt 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Customers&#8217; deposits</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">45,619</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">51,419</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Liabilities from inventory not owned, net of debt issuance costs</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">86,618</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">124,254</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt 0pt 0pt 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Senior notes and credit facilities (net of discounts, premiums and debt issuance costs)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">932,957</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,051,491</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 0pt 0pt 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Accrued interest</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">18,220</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">26,926</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt 0pt 0pt 45pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Total homebuilding</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,548,338</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,761,109</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 12px;">
<td style="vertical-align: bottom; height: 12px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 12px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 12px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 12px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 12px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 12px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 12px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 12px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Financial services</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">122,262</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">148,181</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 12px;">
<td style="vertical-align: bottom; height: 12px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 12px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 12px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 12px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 12px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 12px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 12px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 12px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Income taxes payable</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,861</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Total liabilities</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">1,670</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,600</font></font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;border-bottom-width:2.8pt; border-bottom-style:double; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;border-bottom-width:2.8pt; border-bottom-style:double; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,911,151</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 13px; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff; height: 13px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 13px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 13px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 13px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 13px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 13px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 13px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 13px;">
<p style="line-height: 9pt; margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Equity:</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Hovnanian Enterprises, Inc. stockholders' equity:</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 32px;">
<td style="vertical-align: bottom; height: 32px;">
<p style="margin: 0pt 0pt 0pt 18pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Preferred stock, $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">0.01</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> par value - authorized </font><font style="font-family: 'Times New Roman'; line-height: inherit;">100,000</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> shares; issued and outstanding </font><font style="font-family: 'Times New Roman'; line-height: inherit;">5,600</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> shares with a liquidation preference of $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">140,000</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> at </font><font style="font-family: 'Times New Roman'; line-height: inherit;">April 30, 2024</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> and </font><font style="font-family: 'Times New Roman'; line-height: inherit;">October 31, 2023</font></font></p>














</td>
<td style="vertical-align: bottom; height: 32px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 32px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">135,299</font></p>














</td>
<td style="vertical-align: bottom; height: 32px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 32px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 32px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 32px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">135,299</font></p>














</td>
<td style="vertical-align: bottom; height: 32px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt 0pt 0pt 18pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Common stock, Class A, $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">0.01</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> par value - authorized </font><font style="font-family: 'Times New Roman'; line-height: inherit;">16,000,000</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> shares; issued</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> 6</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,288,200</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> shares at </font><font style="font-family: 'Times New Roman'; line-height: inherit;">April 30, 2024</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> and </font><font style="font-family: 'Times New Roman'; line-height: inherit;">6,247,308</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> shares at </font><font style="font-family: 'Times New Roman'; line-height: inherit;">October 31, 2023</font></font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">63</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">62</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 32px;">
<td style="vertical-align: bottom; height: 32px;">
<p style="margin: 0pt 0pt 0pt 18pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Common stock, Class B, $</font><font style="font-family: 'Times New Roman'; line-height: inherit;">0.01</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> par value (convertible to Class A at time of sale) - authorized </font><font style="font-family: 'Times New Roman'; line-height: inherit;">2,400,000</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> shares; issued </font><font style="font-family: 'Times New Roman'; line-height: inherit;">736,593</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> shares at </font><font style="font-family: 'Times New Roman'; line-height: inherit;">April 30, 2024</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> and </font><font style="font-family: 'Times New Roman'; line-height: inherit;">776,750</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> shares at </font><font style="font-family: 'Times New Roman'; line-height: inherit;">October 31, 2023</font></font></p>














</td>
<td style="vertical-align: bottom; height: 32px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 32px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">7</font></p>














</td>
<td style="vertical-align: bottom; height: 32px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 32px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 32px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 32px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">8</font></p>














</td>
<td style="vertical-align: bottom; height: 32px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt 0pt 0pt 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Paid in capital - common stock</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">747,001</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">735,946</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Accumulated deficit</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; line-height: inherit;">87,795</font></font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">)</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; line-height: inherit;">157,197</font></font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">)</font></p>














</td>














</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt 0pt 0pt 9pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Treasury stock - at cost &#8211; </font><font style="font-family: 'Times New Roman'; line-height: inherit;">1,007,426</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> shares of Class A common stock at </font><font style="font-family: 'Times New Roman'; line-height: inherit;">April 30, 2024</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> and 901,379 shares at</font><font style="font-family: 'Times New Roman'; line-height: inherit;">&nbsp;</font><font style="font-family: 'Times New Roman'; line-height: inherit;">October 31, 2023</font><font style="font-family: 'Times New Roman'; line-height: inherit;">; </font><font style="font-family: 'Times New Roman'; line-height: inherit;">27,669</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> shares of Class B common stock at </font><font style="font-family: 'Times New Roman'; line-height: inherit;">April 30, 2024</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> and </font><font style="font-family: 'Times New Roman'; line-height: inherit;">October 31, 2023</font></font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; line-height: inherit;">147,529</font></font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; line-height: inherit;">132,382</font></font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">)</font></p>














</td>














</tr>
<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt 0pt 0pt 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Total Hovnanian Enterprises, Inc. stockholders&#8217; equity</font></p>














</td>
<td style="vertical-align: bottom; height: 10px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 10px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">647,046</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 10px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 10px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">581,736</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Noncontrolling interest in consolidated joint ventures</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">53</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 10px;">
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Total equity</font></p>














</td>
<td style="vertical-align: bottom; height: 10px;border-bottom-width:2.8pt; border-bottom-style:double; border-bottom-color:rgb(0, 0, 0) !important;border-top-width:2.8pt; border-top-style:double; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 10px;border-bottom-width:2.8pt; border-bottom-style:double; border-bottom-color:rgb(0, 0, 0) !important;border-top-width:2.8pt; border-top-style:double; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">647,046</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 10px;border-bottom-width:2.8pt; border-bottom-style:double; border-bottom-color:rgb(0, 0, 0) !important;border-top-width:2.8pt; border-top-style:double; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 10px;border-bottom-width:2.8pt; border-bottom-style:double; border-bottom-color:rgb(0, 0, 0) !important;border-top-width:2.8pt; border-top-style:double; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">581,789</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Total liabilities and equity</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;border-bottom-width:2.8pt; border-bottom-style:double; border-bottom-color:rgb(0, 0, 0) !important;border-top-width:2.8pt; border-top-style:double; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;border-bottom-width:2.8pt; border-bottom-style:double; border-bottom-color:rgb(0, 0, 0) !important;border-top-width:2.8pt; border-top-style:double; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2,317,646</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;border-bottom-width:2.8pt; border-bottom-style:double; border-bottom-color:rgb(0, 0, 0) !important;border-top-width:2.8pt; border-top-style:double; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;border-bottom-width:2.8pt; border-bottom-style:double; border-bottom-color:rgb(0, 0, 0) !important;border-top-width:2.8pt; border-top-style:double; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2,492,940</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>





























</table>
<p style="line-height: 12pt; margin: 10pt 0pt; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(1) Derived from the audited balance sheet as of October 31, 2023</font></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>9</font></font></td>














</tr>





























</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br></div>














</div>














</div>
<div style="line-height: 1.2;">
<p style="line-height: 12pt; margin: 10pt 0pt 0pt; text-align: center; text-indent: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit; font-weight: bold;">HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIES</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit; font-weight: bold;">CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS</font></p>
<p style="line-height: 12pt; margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit; font-weight: bold;">(In thousands, except per share data)</font></p>
<p style="line-height: 12pt; margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit; font-weight: bold;">(Unaudited)</font></p>
<p style="line-height: 12pt; margin: 0pt; text-align: center;"><br></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 683px;" width="100%">

<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="6" style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Three Months Ended April 30,</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="7" style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Six Months Ended April 30,</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2024</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="2" style="vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2023</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="3" style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2024</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="2" style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2023</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: bottom; width: 49%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Revenues:</font></p>














</td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; width: 10%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; width: 10%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; width: 10%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; width: 10%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; width: 1%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Homebuilding: </font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt 0pt 0pt 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Sale of homes </font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">686,929</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">670,708</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,260,565</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,170,353</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 0pt 0pt 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Land sales and other revenues </font></p>














</td>
<td style="vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">4,284</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">18,750</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">9,576</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">22,307</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt 0pt 0pt 27pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Total homebuilding </font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">691,213</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">689,458</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,270,141</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,192,660</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 0pt 0pt 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Financial services </font></p>














</td>
<td style="vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">17,167</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">14,203</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">32,435</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">26,367</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt 0pt 0pt 27pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Total revenues </font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">708,380</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">703,661</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,302,576</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,219,027</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Expenses:</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Homebuilding: </font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt 0pt 0pt 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cost of sales, excluding interest </font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">531,502</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">540,622</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">980,715</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">931,662</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Cost of sales interest </font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">21,543</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">21,425</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">41,441</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">36,447</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt 0pt 0pt 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Inventory impairments and land option write-offs </font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">237</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">137</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">539</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">614</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 27pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Total cost of sales </font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">553,282</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">562,184</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,022,695</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">968,723</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt 0pt 0pt 18pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Selling, general and administrative </font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">46,489</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">50,456</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">95,426</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">98,374</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 27pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Total homebuilding expenses </font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">599,771</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">612,640</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,118,121</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,067,097</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Financial services </font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">12,023</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">10,152</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">23,494</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">19,205</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt 0pt 0pt 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Corporate general and administrative </font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">32,517</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">25,079</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">69,650</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">50,569</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Other interest </font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">8,969</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">14,501</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">19,420</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">29,594</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt 0pt 0pt 9pt;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">Other </font><font style="font-family: 'Times New Roman'; line-height: inherit;">(income) </font><font style="font-family: 'Times New Roman'; line-height: inherit;">expenses, net </font></font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; line-height: inherit;">3,128</font></font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">)</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">574</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 10pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; line-height: inherit;">2,577</font></font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">)</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">960</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 0pt 0pt 27pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Total expenses </font></p>














</td>
<td style="vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">650,152</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">662,946</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,228,108</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,167,425</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Gain on extinguishment of debt, net </font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,371</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">-</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Income from unconsolidated joint ventures </font></p>














</td>
<td style="vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">11,164</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">5,408</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">26,116</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">12,568</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Income before income taxes </font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">69,392</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">46,123</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">101,955</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">64,170</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">State and federal income tax provision: </font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">State </font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">5,231</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">1,083</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">7,437</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">3,294</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Federal </font></p>














</td>
<td style="vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">13,325</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">10,894</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">19,778</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">8,014</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt 0pt 0pt 27pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Total income taxes </font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">18,556</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">11,977</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">27,215</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">11,308</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Net income </font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">50,836</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">34,146</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">74,740</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">52,862</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Less: preferred stock dividends </font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2,669</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">2,669</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">5,338</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">5,338</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 18px;">
<td style="vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Net income available to common stockholders</font></p>














</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">48,167</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">31,477</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">69,402</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 18px; border-bottom-width: 2.8pt; border-bottom-style: double; border-bottom-color: rgb(0, 0, 0) !important;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">47,524</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold; line-height: inherit;">Per share data:</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Basic: </font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 17px;">
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 0pt 0pt 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Net income per common share </font></p>














</td>
<td style="vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">7.12</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">4.68</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">10.22</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">7.05</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 16px; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt 0pt 0pt 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Weighted-average number of common shares outstanding </font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">6,457</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">6,166</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">6,477</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">6,176</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Assuming dilution: </font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt 0pt 0pt 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Net income per common share </font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">6.66</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">4.47</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">9.57</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 10px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">6.74</font></p>














</td>
<td style="padding-bottom: 1.1pt; vertical-align: bottom; background-color: #cceeff; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>
<tr style="height: 16px;">
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-indent: 9pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">Weighted-average number of common shares outstanding </font></p>














</td>
<td style="vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">6,902</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">6,462</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">6,920</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">6,463</font></p>














</td>
<td style="vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&nbsp;</font></p>














</td>














</tr>





























</table>
<p style="margin: 0pt;">&nbsp;</p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>10</font></font></td>














</tr>





























</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br></div>














</div>














</div>
<div style="line-height: 1.2;">
<table cellspacing="0" cellpadding="0" style="height: 602px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 99.5912%; height: 16px;" colspan="17"><br></td>
</tr>
<tr style="height: 16px;">
<td colspan="17" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 99.5912%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">HOVNANIAN ENTERPRISES, INC.</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td colspan="17" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 99.5912%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE)</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td colspan="17" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 99.5912%;">
<p style="margin: 0pt;"><font style="font-size: 8pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">(SEGMENT DATA </font><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; line-height: inherit;">EXCLUDES</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> UNCONSOLIDATED JOINT VENTURES)</font></font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.9951%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 8.01308%;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 1.96239%;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 5.96893%;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 1.96239%;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 5.96893%;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 8.01308%;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 1.96239%;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 5.96893%;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 1.96239%;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 5.96893%;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 8.01308%;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 1.96239%;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 5.96893%;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 1.96239%;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 5.96893%;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 5.96893%;"><br></td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.9951%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="5" style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 23.8757%; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: rgb(0, 0, 0) !important; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Contracts (1)</font></p>














</td>
<td colspan="5" style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 23.8757%; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: rgb(0, 0, 0) !important; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Deliveries</font></p>














</td>
<td colspan="5" style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.8316%; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: rgb(0, 0, 0) !important; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Contract</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.9951%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="5" style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 23.8757%; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: rgb(0, 0, 0) !important; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Three Months Ended</font></p>














</td>
<td colspan="5" style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 23.8757%; border-left-width: 1px; border-left-style: solid; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Three Months Ended</font></p>














</td>
<td colspan="5" style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.8316%; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: rgb(0, 0, 0) !important; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Backlog</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.9951%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="5" style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 23.8757%; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: rgb(0, 0, 0) !important; border-right-color: rgb(0, 0, 0) !important; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">April 30,</font></p>














</td>
<td colspan="5" style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 23.8757%; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: rgb(0, 0, 0) !important; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">April 30,</font></p>














</td>
<td colspan="5" style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.8316%; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: rgb(0, 0, 0) !important; border-right-color: rgb(0, 0, 0) !important; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">April 30,</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.9951%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: rgb(0, 0, 0) !important; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="2" style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 7.93132%; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: rgb(0, 0, 0) !important; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">2024</font></p>














</td>
<td colspan="2" style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 7.93132%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">2023</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: rgb(0, 0, 0) !important; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">% Change</font></p>














</td>
<td colspan="2" style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 7.93132%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">2024</font></p>














</td>
<td colspan="2" style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 7.93132%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">2023</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">% Change</font></p>














</td>
<td colspan="2" style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 7.93132%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">2024</font></p>














</td>
<td colspan="2" style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 7.93132%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">2023</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">% Change</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.9951%; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: rgb(0, 0, 0) !important; border-right-color: rgb(0, 0, 0) !important; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-size: 8pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Northeast</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> (2)</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> (3)</font></font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.9951%; border-left-width: 1px; border-left-style: solid; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-size: 8pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">(DE,</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">MD,</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">NJ,</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">OH,</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">PA,</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">VA,</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">WV)</font></font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-left-width: 1px; border-left-style: solid; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">549</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">413</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">32.9%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">331</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">358</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(7.5)%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">800</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">875</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(8.6)%</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.9951%; border-left-width: 1px; border-left-style: solid; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-left-width: 1px; border-left-style: solid; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">326,975 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">260,320 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">25.6%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">197,708 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">211,535 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(6.5)%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">538,053 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">513,574 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">4.8%</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.9951%; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: rgb(0, 0, 0) !important; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: rgb(0, 0, 0) !important; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">595,583 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">630,315 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: rgb(0, 0, 0) !important; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(5.5)%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">597,305 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">590,880 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: rgb(0, 0, 0) !important; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1.1%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">672,566 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">586,942 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: rgb(0, 0, 0) !important; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">14.6%</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.9951%; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: rgb(0, 0, 0) !important; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-size: 8pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Southeast</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> (3)</font></font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.9951%; border-left-width: 1px; border-left-style: solid; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-size: 8pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">(FL,</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">GA,</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">SC)</font></font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-left-width: 1px; border-left-style: solid; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">164</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">275</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(40.4)%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">246</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">174</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">41.4%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">435</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">626</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(30.5)%</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.9951%; border-left-width: 1px; border-left-style: solid; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-left-width: 1px; border-left-style: solid; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">74,061 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">132,954 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(44.3)%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">128,369 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">100,905 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">27.2%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">202,343 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">351,392 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(42.4)%</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.9951%; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: rgb(0, 0, 0) !important; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: rgb(0, 0, 0) !important; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">451,591 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">483,469 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: rgb(0, 0, 0) !important; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(6.6)%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">521,825 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">579,914 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: rgb(0, 0, 0) !important; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(10.0)%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">465,156 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">561,329 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: rgb(0, 0, 0) !important; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(17.1)%</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.9951%; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: rgb(0, 0, 0) !important; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">West</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.9951%; border-left-width: 1px; border-left-style: solid; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-size: 8pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">(AZ,</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">CA,</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">TX)</font></font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-left-width: 1px; border-left-style: solid; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">799</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">789</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1.3%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">706</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">693</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1.9%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">783</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">817</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(4.2)%</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.9951%; border-left-width: 1px; border-left-style: solid; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-left-width: 1px; border-left-style: solid; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">384,774 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">392,418 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(1.9)%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">360,852 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">358,268 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0.7%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">389,094 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">459,819 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(15.4)%</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.9951%; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: rgb(0, 0, 0) !important; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: rgb(0, 0, 0) !important; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">481,569 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">497,361 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: rgb(0, 0, 0) !important; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(3.2)%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">511,122 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">516,981 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: rgb(0, 0, 0) !important; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(1.1)%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">496,927 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">562,814 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: rgb(0, 0, 0) !important; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(11.7)%</font></p>














</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 21.9951%; border-left-width: 1px; border-left-style: solid; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated Total</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 8.01308%; border-top-width: 1px; border-top-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: rgb(0, 0, 0) !important; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 8.01308%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 8.01308%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 5.96893%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.9951%; border-left-width: 1px; border-left-style: solid; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-left-width: 1px; border-left-style: solid; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,512</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,477</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2.4%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,283</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,225</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">4.7%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2,018</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2,318</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(12.9)%</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.9951%; border-left-width: 1px; border-left-style: solid; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-left-width: 1px; border-left-style: solid; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">785,810 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">785,692 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0.0%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">686,929 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">670,708 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2.4%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,129,490 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,324,785 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(14.7)%</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.9951%; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: rgb(0, 0, 0) !important; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: rgb(0, 0, 0) !important; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">519,716 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">531,951 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: rgb(0, 0, 0) !important; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(2.3)%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">535,408 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">547,517 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: rgb(0, 0, 0) !important; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(2.2)%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">559,708 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">571,521 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: rgb(0, 0, 0) !important; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(2.1)%</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.9951%; border-left-width: 1px; border-left-style: solid; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-size: 8pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Unconsolidated Joint Ventures (2)</font> <font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">(3) </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">)</font></font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-left-width: 1px; border-left-style: solid; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%; border-top-width: 1px; border-top-style: solid; border-top-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%; border-top-width: 1px; border-top-style: solid; border-top-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%; border-top-width: 1px; border-top-style: solid; border-top-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%; border-top-width: 1px; border-top-style: solid; border-top-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%; border-top-width: 1px; border-top-style: solid; border-top-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.9951%; border-left-width: 1px; border-left-style: solid; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(excluding KSA JV)</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-left-width: 1px; border-left-style: solid; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">249</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">137</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">81.8%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">177</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">121</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">46.3%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">528</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">295</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">79.0%</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.9951%; border-left-width: 1px; border-left-style: solid; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-left-width: 1px; border-left-style: solid; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">175,388 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">91,063 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">92.6%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">119,011 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">80,677 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">47.5%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">375,907 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">213,533 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">76.0%</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.9951%; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: rgb(0, 0, 0) !important; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: rgb(0, 0, 0) !important; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">704,369 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">664,693 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: rgb(0, 0, 0) !important; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">6.0%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">672,379 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">666,752 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: rgb(0, 0, 0) !important; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0.8%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">711,945 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">723,841 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: rgb(0, 0, 0) !important; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(1.6)%</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.9951%; border-left-width: 1px; border-left-style: solid; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Grand Total</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-left-width: 1px; border-left-style: solid; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.9951%; border-left-width: 1px; border-left-style: solid; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-left-width: 1px; border-left-style: solid; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,761</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,614</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">9.1%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,460</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,346</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">8.5%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2,546</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2,613</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(2.6)%</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.9951%; border-left-width: 1px; border-left-style: solid; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-left-width: 1px; border-left-style: solid; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">961,198 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">876,755 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">9.6%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">805,940 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">751,385 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">7.3%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,505,397 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,538,318 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(2.1)%</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.9951%; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: rgb(0, 0, 0) !important; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: rgb(0, 0, 0) !important; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">545,825 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">543,219 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: rgb(0, 0, 0) !important; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0.5%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">552,014 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">558,236 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: rgb(0, 0, 0) !important; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(1.1)%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">591,279 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">588,717 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: rgb(0, 0, 0) !important; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0.4%</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.9951%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%; border-top-width: 1px; border-top-style: solid; border-top-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%; border-top-width: 1px; border-top-style: solid; border-top-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%; border-top-width: 1px; border-top-style: solid; border-top-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%; border-top-width: 1px; border-top-style: solid; border-top-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%; border-top-width: 1px; border-top-style: solid; border-top-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%; border-top-width: 1px; border-top-style: solid; border-top-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.9951%; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: rgb(0, 0, 0) !important; border-right-color: rgb(0, 0, 0) !important; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">KSA JV Only</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-top-width: 1px; border-top-style: solid; border-top-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%; border-top-width: 1px; border-top-style: solid; border-top-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-top-width: 1px; border-top-style: solid; border-top-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%; border-top-width: 1px; border-top-style: solid; border-top-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-top-width: 1px; border-top-style: solid; border-top-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: rgb(0, 0, 0) !important; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%; border-top-width: 1px; border-top-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: rgb(0, 0, 0) !important; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-top-width: 1px; border-top-style: solid; border-top-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%; border-top-width: 1px; border-top-style: solid; border-top-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-top-width: 1px; border-top-style: solid; border-top-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: rgb(0, 0, 0) !important; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%; border-top-width: 1px; border-top-style: solid; border-left-width: 1px; border-left-style: solid; border-top-color: rgb(0, 0, 0) !important; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-top-width: 1px; border-top-style: solid; border-top-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%; border-top-width: 1px; border-top-style: solid; border-top-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-top-width: 1px; border-top-style: solid; border-top-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: rgb(0, 0, 0) !important; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.9951%; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: rgb(0, 0, 0) !important; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-left-width: 1px; border-left-style: solid; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">30</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 8pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">2</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font><font style="font-family: 'Times New Roman'; line-height: inherit;">900.0%</font></font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">5</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0.0%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">105</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2,223</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(95.3)%</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.9951%; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: rgb(0, 0, 0) !important; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-left-width: 1px; border-left-style: solid; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">7,133 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">157 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 8pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">4</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font><font style="font-family: 'Times New Roman'; line-height: inherit;">443.3%</font></font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,238 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0.0%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">19,853 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">348,976 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(94.3)%</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.9951%; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: rgb(0, 0, 0) !important; border-right-color: rgb(0, 0, 0) !important; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: rgb(0, 0, 0) !important; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">237,767 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">157,000 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: rgb(0, 0, 0) !important; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">51.4%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">247,600 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.01308%; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: rgb(0, 0, 0) !important; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0.0%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">189,076 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 1.96239%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">156,984 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.96893%; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-bottom-color: rgb(0, 0, 0) !important; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">20.4%</font></p>














</td>
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<td colspan="17" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">DELIVERIES INCLUDE EXTRAS</font></p>














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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Notes:</font></p>














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<p style="margin: 0pt;"><font style="font-size: 8pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; line-height: inherit;">1) Contracts are defined as new contracts signed during the period for the purchase of homes, less cancellations of prior contracts</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font></font></p>
<p style="margin: 0pt;"><font style="font-size: 8pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">(2) </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Reflects the reclassification of 38 homes and $32.3 million of contract backlog as of April 30, 2023 from the unconsolidated joint ventures to the consolidated Northeast segment. This is related to the assets and liabilities acquired from a joint venture the company closed out during the three months ended April 30, 2023.</font></font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(3) Reflects the reclassification of 86 homes and $70.1 million and 13 homes and $10.6 million of contract backlog as of April 30, 2024 from the consolidated Northeast and Southeast segments, respectively, to unconsolidated joint ventures. This is related to the assets and liabilities contributed to a joint venture the company entered into during the three months ended April 30, 2024.</font></p>
<p style="margin: 0pt;"><font style="font-size: 8pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">(4</font><font style="font-family: 'Times New Roman'; line-height: inherit;">) Represents home deliveries, home revenues and average prices for our unconsolidated homebuilding joint ventures for the period. We provide this data as a supplement to our consolidated results as an indicator of the volume managed in our unconsolidated homebuilding joint ventures. Our proportionate share of the income or loss of unconsolidated homebuilding and land development joint ventures is reflected as a separate line item in our consolidated financial statements under &#8220;Income from unconsolidated joint ventures&#8221;.</font></font></p>














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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">HOVNANIAN ENTERPRISES, INC.</font></p>














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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE)</font></p>














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<p style="margin: 0pt;"><font style="font-size: 8pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">(SEGMENT DATA </font><font style="font-family: 'Times New Roman'; font-weight: bold; text-decoration: underline; line-height: inherit;">EXCLUDES</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> UNCONSOLIDATED JOINT VENTURES)</font></font></p>














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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 21.981%; height: 15px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 8.00543%; background-color: rgb(255, 255, 255); margin-left: 0.1px; height: 15px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 24.0054%; background-color: rgb(255, 255, 255); margin-left: 0.1px; border-bottom: 1pt solid rgb(0, 0, 0); height: 15px;" colspan="5"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 24.0054%; background-color: rgb(255, 255, 255); margin-left: 0.1px; border-bottom: 1pt solid rgb(0, 0, 0); height: 15px;" colspan="5"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 21.9702%; background-color: rgb(255, 255, 255); margin-left: 0.1px; border-bottom: 1pt solid rgb(0, 0, 0); height: 15px;" colspan="5"><br></td>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.981%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Contracts (1)</font></p>














</td>
<td colspan="5" style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: rgb(0, 0, 0) !important; border-right-color: rgb(0, 0, 0) !important; width: 24.0054%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Deliveries</font></p>














</td>
<td colspan="5" style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; border-top-width: 1px; border-top-style: solid; border-right-width: 1px; border-right-style: solid; border-top-color: rgb(0, 0, 0) !important; border-right-color: rgb(0, 0, 0) !important; width: 21.9702%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Contract</font></p>














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<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.981%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="5" style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 24.0054%; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: rgb(0, 0, 0) !important; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Six Months Ended</font></p>














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<td colspan="5" style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 24.0054%; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-right-color: rgb(0, 0, 0) !important; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Six Months Ending</font></p>














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<td colspan="5" style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.9702%; border-right-width: 1px; border-right-style: solid; border-right-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Backlog</font></p>














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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.981%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














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<td colspan="5" style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 24.0054%; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: rgb(0, 0, 0) !important; border-right-color: rgb(0, 0, 0) !important; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">April 30,</font></p>














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<td colspan="5" style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 24.0054%; border-bottom-width: 1px; border-bottom-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: rgb(0, 0, 0) !important; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">April 30,</font></p>














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<td colspan="5" style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.9702%; border-bottom-width: 1px; border-bottom-style: solid; border-right-width: 1px; border-right-style: solid; border-left-width: 1px; border-left-style: solid; border-bottom-color: rgb(0, 0, 0) !important; border-right-color: rgb(0, 0, 0) !important; border-left-color: rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">April 30,</font></p>














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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














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<td colspan="2" style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">2024</font></p>














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<td colspan="2" style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">2023</font></p>














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<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">% Change</font></p>














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<td colspan="2" style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8%;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">2024</font></p>














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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">2023</font></p>














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<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">% Change</font></p>














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<td colspan="2" style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8%;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">2024</font></p>














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<td colspan="2" style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8%;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">2023</font></p>














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<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.97015%;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">% Change</font></p>














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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.981%;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-size: 8pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Northeast </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">(2) (3)</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></p>














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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.97015%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.981%;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-size: 8pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">(DE,</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">MD,</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">NJ,</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">OH,</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">PA,</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">VA,</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">WV)</font></font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">932</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">724</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">28.7%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">663</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">729</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(9.1)%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">800</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">875</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.97015%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(8.6)%</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.981%;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">575,728 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">446,170 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">29.0%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">387,697 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">422,409 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(8.2)%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">538,053 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">513,574 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.97015%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">4.8%</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.981%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">617,734 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">616,257 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0.2%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">584,762 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">579,436 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0.9%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">672,566 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">586,942 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.97015%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">14.6%</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.981%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-size: 8pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Southeast </font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">(3)</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.97015%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.981%;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-size: 8pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">(FL,</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">GA,</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">SC)</font></font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">274</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">439</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(37.6)%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">441</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">315</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">40.0%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">435</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">626</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.97015%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(30.5)%</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.981%;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">142,732 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">215,145 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(33.7)%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">233,997 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">174,641 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">34.0%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">202,343 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">351,392 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.97015%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(42.4)%</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.981%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">520,920 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">490,080 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">6.3%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">530,605 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">554,416 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(4.3)%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">465,156 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">561,329 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.97015%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(17.1)%</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.981%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">West&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.97015%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.981%;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-size: 8pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">(AZ,</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">CA,</font> <font style="font-family: 'Times New Roman'; line-height: inherit;">TX)</font></font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,433</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,102</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">30.0%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,242</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,119</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">11.0%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">783</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">817</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.97015%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(4.2)%</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.981%;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">691,702 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">539,505 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">28.2%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">638,871 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">573,303 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">11.4%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">389,094 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">459,819 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.97015%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(15.4)%</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.981%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">482,695 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">489,569 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(1.4)%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">514,389 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">512,335 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0.4%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">496,927 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">562,814 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.97015%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(11.7)%</font></p>














</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 21.981%;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Consolidated Total</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 8.00543%;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 8.00543%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 8.00543%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 5.97015%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.981%;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2,639</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2,265</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">16.5%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2,346</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2,163</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">8.5%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2,018</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2,318</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.97015%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(12.9)%</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.981%;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,410,162 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,200,820 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">17.4%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,260,565 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,170,353 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">7.7%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,129,490 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,324,785 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.97015%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(14.7)%</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.981%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">534,355 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">530,163 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0.8%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">537,325 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">541,079 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(0.7)%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">559,708 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">571,521 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.97015%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(2.1)%</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.981%;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-size: 8pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Unconsolidated Joint Ventures (2)</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> (3) (4)</font></font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.97015%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.981%;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(excluding KSA JV)</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">401</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">242</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">65.7%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">344</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">228</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">50.9%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">528</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">295</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.97015%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">79.0%</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.981%;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">275,493 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">162,744 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">69.3%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">235,946 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">159,347 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">48.1%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">375,907 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">213,533 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.97015%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">76.0%</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.981%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">687,015 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">672,496 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2.2%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">685,890 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">698,890 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(1.9)%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">711,945 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">723,841 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.97015%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(1.6)%</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.981%;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Grand Total</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.97015%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.981%;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">3,040</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2,507</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">21.3%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2,690</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2,391</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">12.5%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2,546</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2,613</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.97015%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(2.6)%</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.981%;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,685,655 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,363,564 </font></p>














</td>
<td style="background-color: #c0c0c0; padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">23.6%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,496,511 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,329,700 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">12.5%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,505,397 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,538,318 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.97015%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(2.1)%</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.981%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">554,492 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">543,903 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1.9%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">556,324 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">556,127 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0.0%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">591,279 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">588,717 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.97015%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0.4%</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.981%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.97015%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.981%;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">KSA JV Only</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.97015%;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.981%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">99</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">10</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">890.0%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">44</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0.0%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">105</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2,223</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.97015%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(95.3)%</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.981%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">21,241 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,555 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-size: 8pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">1</font><font style="font-family: 'Times New Roman'; line-height: inherit;">,</font><font style="font-family: 'Times New Roman'; line-height: inherit;">266.0%</font></font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">9,512 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0.0%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">19,853 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">348,976 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.97015%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(94.3)%</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 21.981%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">214,556 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">155,500 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">38.0%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">216,182 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 8.00543%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0.0%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">189,076 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 2%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 6%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">156,984 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 5.97015%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">20.4%</font></p>














</td>
</tr>















</table>












<br>
<table cellspacing="0" cellpadding="0" style="height: 160px; border-collapse: collapse; margin: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; text-indent: 0px; margin-left: 0.1px;" width="100%">

<tr style="height: 16px;">
<td colspan="18" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px; width: 100.618%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">DELIVERIES INCLUDE EXTRAS</font></p>














</td>














</tr>
<tr style="height: 16px;">
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Notes:</font></p>














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<td colspan="18" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 128px; width: 100.618%;">
<p style="margin: 0pt;"><font style="font-size: 8pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; line-height: inherit;">1) Contracts are defined as new contracts signed during the period for the purchase of homes, less cancellations of prior contracts</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font></font></p>
<p style="margin: 0pt;"><font style="font-size: 8pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">(2</font><font style="font-family: 'Times New Roman'; line-height: inherit;">)</font><font style="font-family: 'Times New Roman'; line-height: inherit;"> Reflects the reclassification of 8 homes and $6.6 million of contract backlog as of April 30, 2023 from the consolidated Northeast segment to unconsolidated joint ventures. This is related to the assets and liabilities&nbsp;</font></font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">contributed to a joint venture the company entered into during the three months ended January 31, 2023. Also reflects the reclassification of 38 homes and $32.3 million of contract backlog as of April 30, 2023 from the&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">unconsolidated joint ventures to the consolidated Northeast segment. This is related to the assets and liabilities acquired from a joint venture the company closed out during the three months ended April 30, 2023.</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(3) Reflects the reclassification of 86 homes and $70.1 million and 13 homes and $10.6 million of contract backlog as of April 30, 2024 from the consolidated Northeast and Southeast segments, respectively, to unconsolidated joint ventures. This is related to the assets and liabilities contributed to a joint venture the company entered into during the three months ended April 30, 2024.</font></p>
<p style="margin: 0pt;"><font style="font-size: 8pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">(4</font><font style="font-family: 'Times New Roman'; line-height: inherit;">) Represents home deliveries, home revenues and average prices for our unconsolidated homebuilding joint ventures for the period. We provide this data as a supplement to our consolidated results as an indicator of the volume managed in our unconsolidated homebuilding joint ventures. Our proportionate share of the income or loss of unconsolidated homebuilding and land development joint ventures is reflected as a separate line item in our consolidated financial statements under &#8220;Income from unconsolidated joint ventures&#8221;.</font></font></p>














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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">HOVNANIAN ENTERPRISES, INC.</font></p>














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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE)</font></p>














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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">(SEGMENT DATA UNCONSOLIDATED JOINT VENTURES ONLY)</font></p>














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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














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<td colspan="5" style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Contracts (1)</font></p>














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<td colspan="5" style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Deliveries</font></p>














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<td colspan="5" style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Contract</font></p>














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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














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<td colspan="5" style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Three Months Ended</font></p>














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<td colspan="5" style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Three Months Ended</font></p>














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<td colspan="5" style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Backlog</font></p>














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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














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<td colspan="5" style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">April 30,</font></p>














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<td colspan="5" style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">April 30,</font></p>














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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">April 30,</font></p>














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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














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<td colspan="2" style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">2024</font></p>














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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">2023</font></p>














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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">% Change</font></p>














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<td colspan="2" style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">2024</font></p>














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<td colspan="2" style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">2023</font></p>














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<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">% Change</font></p>














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<td colspan="2" style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">2024</font></p>














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<td colspan="2" style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">2023</font></p>














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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">% Change</font></p>














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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 22%;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-size: 8pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Northeast (2)</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> (3)</font></font></p>














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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














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<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














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<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(Unconsolidated Joint Ventures)</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">156</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">49</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">218.4%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">90</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">61</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">47.5%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">292</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">115</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">153.9%</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(Excluding KSA JV)</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">123,347 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">35,988 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">242.7%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">65,531 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">41,573 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">57.6%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">238,635 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">82,935 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">187.7%</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(DE, MD, NJ, OH, PA, VA, WV)</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">790,686 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">734,449 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">7.7%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">728,122 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">681,525 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">6.8%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">817,243 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">721,174 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">13.3%</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-size: 8pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Southeast</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> (3)</font></font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(Unconsolidated Joint Ventures)</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">60</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">73</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(17.8)%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">69</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">49</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">40.8%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">195</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">161</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">21.1%</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(FL, GA, SC)</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">35,503 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">46,755 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(24.1)%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">44,243 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">33,050 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">33.9%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">117,650 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">119,901 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(1.9)%</font></p>














</td>
</tr>
<tr style="height: 21px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 21px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 21px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 21px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 21px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">591,717 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 21px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 21px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">640,479 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 21px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(7.6)%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 21px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 21px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">641,203 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 21px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 21px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">674,490 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 21px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(4.9)%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 21px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 21px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">603,333 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 21px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 21px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">744,727 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 21px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(19.0)%</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">West</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(Unconsolidated Joint Ventures)</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">33</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">15</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">120.0%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">18</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">11</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">63.6%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">41</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">19</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">115.8%</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(AZ, CA, TX)</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">16,538 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">8,320 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">98.8%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">9,237 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">6,054 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">52.6%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">19,622 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">10,697 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">83.4%</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">501,152 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">554,667 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(9.6)%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">513,167 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">550,364 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(6.8)%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">478,585 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">563,000 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(15.0)%</font></p>














</td>
</tr>
<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-size: 8pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Unconsolidated Joint Ventures (2)</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> (3) (4)</font></font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">(Excluding KSA JV)</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">249</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">137</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">81.8%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">177</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">121</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">46.3%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">528</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">295</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">79.0%</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">175,388 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">91,063 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">92.6%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">119,011 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">80,677 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">47.5%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">375,907 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">213,533 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">76.0%</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">704,369 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">664,693 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">6.0%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">672,379 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">666,752 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0.8%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">711,945 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">723,841 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(1.6)%</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td colspan="17" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">KSA JV Only</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">30</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2,900.0%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">5</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0.0%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">105</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2,223</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(95.3)%</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">7,133 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">157 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">4,443.3%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,238 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0.0%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">19,853 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">348,976 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(94.3)%</font></p>














</td>
</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">237,767 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">157,000 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">51.4%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">247,600 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0.0%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">189,076 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">156,984 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">20.4%</font></p>














</td>
</tr>















</table>












<br>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt;" width="100%">

<tr style="height: 11.05pt;">
<td colspan="18" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 733.95pt;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">DELIVERIES INCLUDE EXTRAS</font></p>














</td>














</tr>
<tr style="height: 11.05pt;">
<td colspan="18" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 733.95pt;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Notes:</font></p>














</td>














</tr>
<tr style="height: 29.9pt;">
<td colspan="18" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 733.95pt;">
<p style="margin: 0pt;"><font style="font-size: 8pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; line-height: inherit;">1) Contracts are defined as new contracts signed during the period for the purchase of homes, less cancellations of prior contracts</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font></font></p>
<p style="margin: 0pt;"><font style="font-size: 8pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">(2) </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Reflects the reclassification of 38 homes and $32.3 million of contract backlog as of April 30, 2023 from the unconsolidated joint ventures to the consolidated Northeast segment. This is related to the assets and liabilities acquired from a joint venture the company closed out during the three months ended April 30, 2023.</font></font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(3) Reflects the reclassification of 86 homes and $70.1 million and 13 homes and $10.6 million of contract backlog as of April 30, 2024 from the consolidated Northeast and Southeast segments, respectively, to unconsolidated joint ventures. This is related to the assets and liabilities contributed to a joint venture the company entered into during the three months ended April 30, 2024.</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(4) Represents home deliveries, home revenues and average prices for our unconsolidated homebuilding joint ventures for the period. We provide this data as a supplement to our consolidated results as an indicator of the volume managed in our unconsolidated homebuilding joint ventures. Our proportionate share of the income or loss of unconsolidated homebuilding and land development joint ventures is reflected as a separate line item in our consolidated financial statements under &#8220;Income from unconsolidated joint ventures&#8221;.</font></p>














</td>














</tr>



























</table>
<p style="margin: 0px; text-align: left; text-indent: 0px;">&nbsp;</p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>13</font></font></td>












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<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br></div>












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<table cellspacing="0" cellpadding="0" style="height: 493px; border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%;" width="100%">

<tr>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;" colspan="17"><br></td>
</tr>
<tr style="height: 17px;">
<td colspan="17" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">HOVNANIAN ENTERPRISES, INC.</font></p>














</td>
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<tr style="height: 17px;">
<td colspan="17" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE)</font></p>














</td>
</tr>
<tr style="height: 17px;">
<td colspan="17" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">(SEGMENT DATA UNCONSOLIDATED JOINT VENTURES ONLY)</font></p>














</td>
</tr>
<tr>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: rgb(255, 255, 255); margin-left: 0.1px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: rgb(255, 255, 255); margin-left: 0.1px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: rgb(255, 255, 255); margin-left: 0.1px;" colspan="5"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: rgb(255, 255, 255); margin-left: 0.1px;" colspan="5"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: rgb(255, 255, 255); margin-left: 0.1px;" colspan="5"><br></td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="5" style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Contracts (1)</font></p>














</td>
<td colspan="5" style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Deliveries</font></p>














</td>
<td colspan="5" style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Contract</font></p>














</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="5" style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Six Months Ended</font></p>














</td>
<td colspan="5" style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Six Months Ended</font></p>














</td>
<td colspan="5" style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">Backlog</font></p>














</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="5" style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">April 30,</font></p>














</td>
<td colspan="5" style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">April 30,</font></p>














</td>
<td colspan="5" style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">April 30,</font></p>














</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td colspan="2" style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">2024</font></p>














</td>
<td colspan="2" style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">2023</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">% Change</font></p>














</td>
<td colspan="2" style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">2024</font></p>














</td>
<td colspan="2" style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">2023</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">% Change</font></p>














</td>
<td colspan="2" style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">2024</font></p>














</td>
<td colspan="2" style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">2023</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">% Change</font></p>














</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 22%;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-size: 8pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Northeast (2)</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> (3)</font></font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 8%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 6%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 6%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 8%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 6%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 6%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 8%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 6%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 2%;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 6%;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 6%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(Unconsolidated Joint Ventures)</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">227</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">99</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">129.3%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">181</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">126</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">43.7%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">292</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">115</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">153.9%</font></p>














</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(Excluding KSA JV)</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">180,703 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">75,921 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">138.0%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">133,707 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">92,349 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">44.8%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">238,635 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">82,935 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">187.7%</font></p>














</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(DE, MD, NJ, OH, PA, VA, WV)</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">796,048 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">766,879 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">3.8%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">738,713 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">732,929 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0.8%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">817,243 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">721,174 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">13.3%</font></p>














</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-size: 8pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Southeast</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> (3)</font></font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(Unconsolidated Joint Ventures)</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">115</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">112</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2.7%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">119</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">80</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">48.8%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">195</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">161</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">21.1%</font></p>














</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(FL, GA, SC)</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">66,671 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">69,720 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(4.4)%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">79,521 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">55,247 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">43.9%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">117,650 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">119,901 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(1.9)%</font></p>














</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">579,748 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">622,500 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(6.9)%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">668,244 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">690,588 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(3.2)%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">603,333 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">744,727 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(19.0)%</font></p>














</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">West</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(Unconsolidated Joint Ventures)</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">59</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">31</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">90.3%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">44</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">22</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">100.0%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">41</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">19</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">115.8%</font></p>














</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(AZ, CA, TX)</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">28,119 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">17,103 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">64.4%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">22,718 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">11,751 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">93.3%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">19,622 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">10,697 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">83.4%</font></p>














</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">476,593 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">551,710 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(13.6)%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">516,318 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">534,136 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(3.3)%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">478,585 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">563,000 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(15.0)%</font></p>














</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-size: 8pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;">Unconsolidated Joint Ventures (2)</font><font style="font-family: 'Times New Roman'; font-weight: bold; line-height: inherit;"> (3) (4)</font></font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">(Excluding KSA JV)</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">401</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">242</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">65.7%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">344</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">228</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">50.9%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">528</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">295</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">79.0%</font></p>














</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">275,493 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">162,744 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">69.3%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">235,946 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">159,347 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">48.1%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">375,907 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">213,533 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">76.0%</font></p>














</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">687,015 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">672,496 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2.2%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">685,890 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">698,890 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(1.9)%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">711,945 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">723,841 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(1.6)%</font></p>














</td>
</tr>
<tr style="height: 17px;">
<td colspan="17" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; font-weight: bold; line-height: inherit;">KSA JV Only</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Home</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">99</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">10</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">890.0%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">44</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0.0%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">105</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">2,223</font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(95.3)%</font></p>














</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Dollars</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">21,241 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,555 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">1,266.0%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">9,512 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0.0%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">19,853 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">348,976 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(94.3)%</font></p>














</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">&nbsp;</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Avg. Price</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">214,556 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">155,500 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">38.0%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">216,182 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">0.0%</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">189,076 </font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">$</font></p>














</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">156,984 </font></p>














</td>
<td style="background-color: rgb(192, 192, 192); padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">20.4%</font></p>














</td>
</tr>















</table>












<br>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 172px;" width="100%">

<tr style="height: 17px;">
<td colspan="17" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 100%; height: 17px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">DELIVERIES INCLUDE EXTRAS</font></p>














</td>














</tr>
<tr style="height: 17px;">
<td colspan="17" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 100%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">Notes:</font></p>














</td>














</tr>
<tr style="height: 138px;">
<td colspan="17" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 100%; height: 138px;">
<p style="margin: 0pt;"><font style="font-size: 8pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">(</font><font style="font-family: 'Times New Roman'; line-height: inherit;">1) Contracts are defined as new contracts signed during the period for the purchase of homes, less cancellations of prior contracts</font><font style="font-family: 'Times New Roman'; line-height: inherit;">.</font></font></p>
<p style="margin: 0pt;"><font style="font-size: 8pt; line-height: inherit;"><font style="font-family: 'Times New Roman'; line-height: inherit;">(2) </font><font style="font-family: 'Times New Roman'; line-height: inherit;">Reflects the reclassification of 8 homes and $6.6 million of contract backlog as of April 30, 2023 from the consolidated Northeast segment to unconsolidated joint ventures. This is related to the assets and liabilities&nbsp;</font></font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">contributed to a joint venture the company entered into during the three months ended January 31, 2023. Also reflects the reclassification of 38 homes and $32.3 million of contract backlog as of April 30, 2023 from the&nbsp;</font><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">unconsolidated joint ventures to the consolidated Northeast segment. This is related to the assets and liabilities acquired from a joint venture the company closed out during the three months ended April 30, 2023.</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(3) Reflects the reclassification of 86 homes and $70.1 million and 13 homes and $10.6 million of contract backlog as of April 30, 2024 from the consolidated Northeast and Southeast segments, respectively, to unconsolidated joint ventures. This is related to the assets and liabilities contributed to a joint venture the company entered into during the three months ended April 30, 2024.</font></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 8pt; line-height: inherit;">(4) Represents home deliveries, home revenues and average prices for our unconsolidated homebuilding joint ventures for the period. We provide this data as a supplement to our consolidated results as an indicator of the volume managed in our unconsolidated homebuilding joint ventures. Our proportionate share of the income or loss of unconsolidated homebuilding and land development joint ventures is reflected as a separate line item in our consolidated financial statements under &#8220;Income from unconsolidated joint ventures&#8221;.</font></p>














</td>














</tr>



























</table>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><br></p>
<div>
<table style="width: 100%; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td class="pgno" style="padding: 0px; text-align: center;"><font style="font-size: 10pt;" class="pageno"><font class='pageno'>14</font></font></td>












</tr>

























</table>
<hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"></hr></div>
<p style="margin:0pt"><br></p>














</div>













</div></div></body></html>
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<span style="display: none;">v3.24.1.1.u2</span><table class="report" border="0" cellspacing="2" id="idm140715664358720">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Document And Entity Information<br></strong></div></th>
<th class="th"><div>May 22, 2024</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity, Registrant Name</a></td>
<td class="text">HOVNANIAN ENTERPRISES, INC.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document, Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document, Period End Date</a></td>
<td class="text">May 22,  2024<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity, Incorporation, State or Country Code</a></td>
<td class="text">DE<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity, File Number</a></td>
<td class="text">1-8551<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity, Tax Identification Number</a></td>
<td class="text">22-1851059<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity, Address, Address Line One</a></td>
<td class="text">90 Matawan Road, Fifth Floor<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity, Address, City or Town</a></td>
<td class="text">Matawan<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity, Address, State or Province</a></td>
<td class="text">NJ<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity, Address, Postal Zip Code</a></td>
<td class="text">07747<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">732<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">747-7800<span></span>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity, Emerging Growth Company</a></td>
<td class="text">false<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity, Central Index Key</a></td>
<td class="text">0000357294<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=hov_ClassACommonStock001ParValuePerShareCustomMember', window );">Class A Common Stock 001 Par Value Per Share Custom [Member]</a></td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Class A Common Stock $0.01 par value per share<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">HOV<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
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<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=hov_PreferredStockPurchaseRights1CustomMember', window );">Preferred Stock Purchase Rights1 Custom [Member]</a></td>
<td class="text">&#160;<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Preferred Stock Purchase Rights (1)<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_NoTradingSymbolFlag', window );">No Trading Symbol Flag</a></td>
<td class="text">true<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
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<tr class="rh">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=hov_DepositarySharesEachRepresenting11000thOfAShareOf7625SeriesAPreferredStockCustomMember', window );">Depositary Shares Each Representing 11000th Of A Share Of 7625 Series A Preferred Stock Custom [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
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<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Depositary Shares each representing 1/1,000th of a share of 7.625% Series A Preferred Stock<span></span>
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<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">HOVNP<span></span>
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<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_NoTradingSymbolFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a security having no trading symbol.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_NoTradingSymbolFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:trueItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
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