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Press release from Business Wire

KB Home Purchases Finished Lots From the Irvine Company Community Development in Southern California

<p class='bwalignc'> <b>KB Home plans to build two new home communities in highly desirable Irvine Ranch master plan</b> </p>

Tuesday, June 26, 2012

KB Home Purchases Finished Lots From the Irvine Company Community Development in Southern California08:00 EDT Tuesday, June 26, 2012 IRVINE, Calif. (Business Wire) -- KB Home (NYSE: KBH), one of America's premier homebuilders, and the Irvine Company, an internationally renowned real estate development company known for its award-winning master-planned communities, today announced that KB Home has acquired 174 finished home sites from the Irvine Company Community Development in the prestigious Irvine Ranch master plan community in Irvine, Calif. KB Home plans to open new model homes and begin selling its homes in two communities within the Village of Portola Springs next month. Terms of the land purchase agreement were not disclosed. “KB Home is excited to have the opportunity to sell more new homes in Portola Springs and greatly values the longstanding relationship we have established with the Irvine Company, which has developed some of the most successful and desirable communities in Southern California,” said Steve Ruffner, president of KB Home's Southern California division. “This is our largest investment in Irvine to-date, a sought-after and thriving market where we look forward to continued success in delivering our quality, energy-efficient Built to Order™ homes to area buyers.” KB Home will offer detached single-family, two-story homes in two communities, named Sage and Garden Hill, each with their own unique appeal. The home designs offered at Sage will include up to four bedrooms and three baths in less than 2,000 square feet, while Garden Hill floor plans will start at 2,681 square feet and go up to 3,425 square feet. Designs at Garden Hill will include as many as five bedrooms and four-and-a-half baths. Floor plans in both communities will feature an optional master bedroom suite on the first floor. Each new KB home will be Built to Order™, which means homebuyers choose their home site and floor plan, which can then be customized to fit their lifestyle and taste. Options include various exterior design styles, as well as adjusting structural features, such as converting multipurpose spaces to additional bedrooms, or adding a covered patio to enhance outdoor living spaces. Buyers then decide on finishing touches at the KB Home Studio, a retail-like design center showcasing choices available for flooring, cabinets, lighting and more. All new KB homes, including those that will be built in Sage and Garden Hill, are ENERGY STAR® qualified and come with the builder's proprietary Energy Performance Guide® (EPG®). Similar to the miles per gallon rating or MPG, which reflects fuel efficiency and is standard when purchasing a new car, the KB Home EPG provides buyers with an estimate of monthly energy costs for the home as designed, as well as an estimate of monthly energy cost savings when compared to a typical resale home. KB homes in the Sage community will go above and beyond KB Home's ENERGY STAR qualified standard and include solar power systems as a standard feature. Including this renewable energy resource can help homeowners significantly reduce their monthly energy bills. Solar power systems will also be available for homes in the Garden Hill community. The KB Home EPGs for the homes at Sage will reflect the additional energy efficiency provided by the solar power systems. KB Home's Sage and Garden Hill at Portola Springs in Irvine are expected to open for home sales in July. For more information and to join an interest list, visit kbhome.com or call 888-KB-HOMES. About KB Home KB Home is one of the largest and most recognized homebuilding companies in the United States. Since its founding in 1957, the company has built more than half a million quality homes. KB Home's signature Built to Order™ approach lets each buyer customize their new home from lot location to floor plan and design features. In addition to meeting strict ENERGY STAR® guidelines, all KB homes are highly energy efficient to help lower monthly utility costs for homeowners, which the company demonstrates with its proprietary KB Home Energy Performance Guide® (EPG®). A leader in utilizing state-of-the-art sustainable building practices, KB Home was named the #1 Green Homebuilder in the most recent study by Calvert Investments and the #1 Homebuilder on FORTUNE magazine's 2011 World's Most Admired Companies list. Los Angeles-based KB Home was the first homebuilder listed on the New York Stock Exchange, and trades under the ticker symbol "KBH." For more information about KB Home's new home communities, call 888-KB-HOMES or visit www.kbhome.com. About the Irvine Company Founded in 1864, the Irvine Company is an internationally renowned real estate development company known for its award-winning master-planned communities, its vast portfolio of high-quality investment properties, and its leadership in conservation and natural resource management. The growing real estate portfolio encompasses office, apartment, retail and resort holdings located throughout California's premier markets, including assets in San Diego, Orange and Los Angeles counties, and holdings in Northern California. As a steward of some of America's most beautiful and scientifically important open space and parklands, the company has donated to Orange County more than half of the historic 93,000-acre Irvine Ranch in Orange County — 50,000 acres — to permanently preserve these lands. The U.S. Department of Interior and the State of California have designated these parklands as “Natural Landmarks,” one of the most prestigious land preservation designations. The privately held, diversified company traces its roots to the 1860s with the formation of The Irvine Ranch® from Mexican and Spanish land grants. KB HomeCraig LeMessurier, 925-750-6237clemessurier@kbhome.com