WCI Communities, Inc. (NYSE:WCI)
Industry: Industrial Goods
WCI Communities, Inc. (WCI) is a fully integrated homebuilding and real estate services company engaged in the design, construction and operation of leisure-oriented, amenity-rich, master-planned communities. The Company's principal business lines include single- and multi-family (traditional) homebuilding, mid- and high-rise (tower) homebuilding, and real estate services. WCI also develops and operates amenity facilities, sells selected land parcels, and enters into real estate joint ventures, generally within its communities. As of December 31, 2005, the Company conducted development and homebuilding operations in Florida, New York, New Jersey, Connecticut, Massachusetts, Virginia and Maryland. As of December 31, 2005, WCI had 61 locations where it is building single- and multi-family homes or mid- and high-rise residential units or operating amenity facilities. In February 2005, the Company acquired Renaissance Housing Corporation, a homebuilder and high-rise tower developer based in the Mid-Atlantic United States. Homebuilding Activities WCI designs, sells and builds traditional homes serving primary, second and retirement home buyers. The Company's homes range from approximately 1,080 square feet to 10,200 square feet in living space. WCI builds most of these homes within its master-planned communities, which often feature amenities, including hotels such as Ritz-Carlton, Hyatt, Regent International and Starwood's luxury collection. Many of the Company's communities also include golf courses designed by Raymond Floyd, Peter Jacobson and Greg Norman. The Company typically acts as the general contractor in the construction of its residences. Its employees provide purchasing and quality assurance for, and construction management of, the homes it builds, while the material and labor components of its houses are provided by subcontractors. Depending upon the size and complexity of a home's design, the availability of labor, materials and supplies, WCI's construction time ranges from about 4 to 12 months for its single and multi-family homes. WCI designs, sells and builds luxury residential towers and condominium hotels targeted to affluent, leisure-oriented home purchasers. Residences available for sale in the Company's towers range in size from approximately 1,800 square feet to 11,700 square feet in living space. WCI towers with remaining inventory to sell or under construction range in size from five to 30 stories and include 15 to over 300 residences. During the year ended December 31, 2004, the Company entered into the design, marketing and development of two condominium hotels located in the Miami and Singer Island, Florida markets, respectively. The Miami development will consist of up to a 124-unit resort-hotel managed by Regent International Hotels and a 185-unit residential tower. The Singer Island development will consist of up to a 239-unit resort-hotel managed by Starwood Hotels & Resorts Worldwide, Inc. and a 66-unit residential tower. Each condominium hotel unit will be sold to individual buyers. Real Estate Services WCI has a franchise agreement with Prudential Real Estates Affiliates, Inc. that allows it to provide residential brokerage services as Prudential Florida WCI Realty in seven geographic areas across nine counties in Florida and commercial brokerage services in Naples, Florida. The franchise areas are in Lee, Collier, Martin, Palm Beach, Broward, Charlotte, and Dade Counties and in portions of Hillsborough and Manatee Counties. As consideration under the agreement, WCI pays Prudential a royalty based on gross commission revenue on a monthly basis. Additionally, through a separate subsidiary, WCI provides new home and certain resale brokerage services. As of December 31, 2005, the Company's realty brokerage operations had 41 offices and approximately 2,000 sales agents. The Company provides title insurance and closing services through WCI Title, which underwrites its policies on behalf of large national title insurers and derives its revenues from commissions on titl
As Of: 10/07 00:00 ET
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