Exhibit 99.1

Shea Homes Reports Fourth Quarter and Full Year 2012 Results

Walnut, Calif., February 15, 2013

Shea Homes, one of America’s largest private homebuilders, today reported results for the fourth quarter and year ended December 31, 2012.

Three Months Ended 12/31/12 Highlights and Comparisons to Three Months Ended 12/31/11

Year Ended 12/31/12 Highlights and Comparisons to Year Ended 12/31/11

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Bert Selva, President and CEO, stated: “Our strong fourth quarter operating results reflect the improved housing market conditions we began experiencing earlier in 2012. Our improved sales pace for the year, lower cancellation rate and higher gross margins all contributed to the year over year increase in fourth quarter and full year earnings from our homebuilding operations. In addition, during the fourth quarter, we saw new home sales orders continue to meaningfully exceed the prior year levels and we were able to continue to raise home prices across most of our markets. As a result of these positive trends, we will begin 2013 with a healthy backlog of presold homes, which is up 98% year over year, and includes strong gross margins.

As we look ahead, we believe we are operating in some of the best housing markets in the country which continue to exhibit signs of improvement. In addition, we believe many of the important drivers that have historically contributed to a healthy housing market appear positive as we begin the new year, including low mortgage interest rates, lower resale and new home inventory levels than in recent years, favorable own versus rent dynamics and attractive affordability ratios. As a result of the improved housing environment, in 2013 we are targeting to exceed the 2012 total land acquisition and development spend of $240.0 million, and open approximately 28 communities compared to 15 in 2012.”

New home sales orders increased 27% year over year for the 2012 fourth quarter. Orders were up in all of our segments except the South West, despite an 11% decline in our average community count during the fourth quarter of 2012 compared to the year earlier period. The decrease in orders in the South West segment, specifically in the Arizona market, was primarily due to a lower community count and a reduced number of houses available for sale resulting from project close outs. The overall demand environment in Arizona appears healthy and we anticipate orders to pick up in the Arizona market as new communities are brought on line. The improved order trends for both the 2012 fourth quarter and full year resulted in a 98% year over year increase in the number of homes in our backlog at December 31, 2012.

For the 2012 fourth quarter, net income (loss) attributable to Shea Homes was $33.2 million compared to $(7.1) million for 2011, due primarily to a $37.6 million improvement in gross margin (driven by higher revenues and gross margin percentages), a $3.8 million reduction in general and administrative expenses, a $1.1 million decrease in interest expense, a $4.4 million decrease in equity in losses from joint ventures and a $6.4 million decrease in income attributable to non-controlling interests. These improvements were offset, in part, by a $1.2 million increase in selling expense due to an increase in homes closed and a $4.8 million charge related to our completed operations policies that were reinsured in 2009.

For the 2012 fourth quarter, total revenues were $295.7 million compared to $241.5 million for 2011, a 22% increase, and house revenues for the 2012 fourth quarter were $284.8 million* compared to $235.3 million* for 2011, a 21% increase. This increase was mostly due to a 29% increase in new house deliveries to 700, partially offset by a 6% decrease in average selling price to $407,000. Deliveries were up year over year in all of our segments except Southern California, which decline was due to a 33% lower number of active selling communities for the year versus 2011. The decrease in average selling price of homes closed was primarily attributable to a shift towards lower-priced homes, particularly in our Northern California and San Diego segments, partially offset by price increases in most of our markets.

Total gross margin for the 2012 fourth quarter was 22.1% compared to 11.5% for 2011, a 1,060 basis point (bp) increase, and house gross margin for the 2012 fourth quarter was 20.9%* compared to 18.8%* for 2011, a 210 bp increase. There were no inventory impairments in 2012 compared to $20.3 million of impairments in 2011. Increases in house gross margin were primarily attributable to price increases in most of our markets.

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SG&A expense for the 2012 fourth quarter was $23.9 million (8.1% of revenues) compared to $26.5 million (11.0% of revenues) for 2011. The decrease was primarily attributable to the Company leveraging its G&A base over a higher level of revenues and lower legal expenses associated with our completed contract method tax court case. The majority of these legal expenses were incurred prior to, and shortly after, the July 2012 trial. We await a decision from the Tax Court on this matter.

Interest incurred for the 2012 fourth quarter was $16.8 million compared to $16.1 million in 2011, while interest expense for the 2012 fourth quarter was $3.1 million versus $4.2 million for 2011. The 26% decrease in interest expense for the 2012 fourth quarter resulted from a higher level of qualified inventory.

Other income (expense) for the 2012 fourth quarter was $(5.6) million compared to $2.9 million in 2011. In 2012, other expense included a $4.8 million charge related to actuarial adjustments to our loss reserves on completed operations policies that were reinsured in 2009 (the “PIC Transaction”). In 2011, we recognized a $2.9 million gain due to the actuarial adjustments.

Net operating cash flows for the 2012 fourth quarter were $80.6 million compared to $68.3 million for 2011. The increase in cash flows provided by operating activities for the 2012 fourth quarter included increased cash receipts from deliveries of homes and sales of land, partially offset by increased land acquisitions, land development and construction costs. Total land acquisitions and development costs for the 2012 fourth quarter were $62.2 million compared to $42.9 million in the 2011 fourth quarter. For the year ended 2012, net operating cash flows were $(6.2) million compared to $38.9 million for 2011, the decrease primarily due to increased land acquisitions, land development and construction costs, partially offset by increased cash receipts from deliveries of homes and sales of land. Total land acquisitions and development costs for the year ended 2012 were $240.0 million compared to $138.0 million in 2011.

For the year ended 2012, net income (loss) attributable to Shea Homes was $29.0 million compared to ($114.4) million for 2011. The improvement was primarily due to the 16% increase in full year revenues, the 210 bp higher house gross margin percentage, and the $88.4 million loss on debt extinguishment recorded in May 2011. In addition, in 2012, we recognized an $8.8 million gain on sale of investments and a $7.0 million decrease in income attributable to non-controlling interests, offset by a $12.0 million charge in 2012 related to actuarial adjustments to our loss reserves on completed operations policies that were reinsured in 2009 compared to a $3.1 million gain in 2011, a $3.1 million increase in interest expense, a $6.9 million increase in SG&A expense and a $3.7 million increase in income tax expense.

At December 31, 2012, total equity was $319.2 million compared to $328.0 million at December 31, 2011. The decrease in equity was primarily the result of the Shea Colorado LLC transaction previously disclosed in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2012. As a result of this transaction, which resulted in us receiving a distribution of homebuilding assets, total equity decreased $39.8 million, of which $11.6 million was attributable to SHLP and $28.2 million to non-controlling interests. Full year net income of $29.2 million partially offset the impact of this transaction.

About Shea Homes

Shea Homes is one of the largest private homebuilders in the nation. Since its founding in 1968, Shea Homes has delivered more than 88,000 homes. Shea Homes builds homes with quality craftsmanship and designs that best fit varied lifestyles and budgets. Over the past several years, Shea Homes has been recognized as a leader in customer satisfaction with a reputation for design, quality and service. For more about Shea Homes and its communities, visit www.sheahomes.com.

The preceding summary of the financial results of Shea Homes Limited Partnership and its subsidiaries does not purport to be complete and is qualified in its entirety by reference to the consolidated financial statements of Shea Homes Limited Partnership and its subsidiaries, available on our website at: http://www.sheahomes.com/investor.

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This news release contains forward-looking statements and information relating to Shea Homes Limited Partnership and its subsidiaries, such as improving housing market conditions, the strength of our housing markets, the number of new community openings, the strength of our gross margins in our backlog and the expected improvement in orders for the South West region in 2013, that are based on the beliefs of, as well as assumptions made by, and information currently available to, our management. Words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “anticipate,” “appear” and “project” and similar expressions, as they relate to Shea Homes Limited Partnership and its subsidiaries are intended to identify forward-looking statements. These statements reflect our management’s current views with respect to future events, are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Further, certain forward-looking statements are based upon assumptions of future events that may not prove to be accurate. Such statements involve known and unknown risks, uncertainties, assumptions and other factors many of which are out of Shea Homes Limited Partnership’s and its subsidiaries’ control and difficult to forecast that may cause actual results to differ materially from those that may be described or implied. Such factors include but are not limited to: changes in employment levels; changes in the availability of financing for homebuyers; changes in interest rates; changes in consumer confidence; changes in levels of new and existing homes for sale; changes in demographic trends; changes in housing demands; changes in home prices; elimination or reduction of the tax benefits associated with owning a home; litigation risks associated with home warranty and construction defect and other claims; and various other factors, both referenced and not referenced above, and included in the Company’s filings with the Securities and Exchange Commission, including the Company’s Quarterly Reports on Form 10-Q. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results, performance or achievements may vary materially from those described as anticipated, believed, estimated, expected, intended, planned or projected. Except as required by law, Shea Homes Limited Partnership and its subsidiaries neither intend nor assume any obligation to revise or update these forward-looking statements, which speak only as of their dates. Shea Homes Limited Partnership and its subsidiaries nonetheless reserve the right to make such updates from time to time by press release, periodic report or other method of public disclosure without the need for specific reference to this press release. No such update shall be deemed to indicate that other statements not addressed by such update remain correct or create an obligation to provide any other updates.

Contact: Andrew Parnes, CFO @ 909-594-9500 or andy.parnes@sheahomes.com

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KEY OPERATIONAL AND FINANCIAL DATA

(dollars in thousands)

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CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

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SEGMENT OPERATING DATA

(dollars in thousands)

(unaudited)

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SEGMENT OPERATING DATA (continued)

(unaudited)

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RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(in thousands)

(unaudited)

In this earnings release, we utilize certain financial measures that in each case are not recognized under GAAP. We present these measures because we believe they and similar measures are useful to investors in evaluating a company’s operating performance and financing structure and, in certain cases, because they could be used to determine compliance with contractual covenants or as one measure of the Company’s ability to service debt and obtain financing. We also believe these measures facilitate the comparison of our operating performance and financing structure with other companies in our industry. Because these measures are not calculated in accordance with GAAP, they may not be comparable to other similarly titled measures of other companies and should not be considered in isolation or as a substitute for, or superior to, financial measures prepared in accordance with GAAP.

The following table reconciles revenues, cost of sales and gross margins, as reported and prepared in accordance with GAAP, to the non-GAAP measures house revenues, house cost of sales, house gross margin and house gross margin percentage, which exclude land sales, impairment charges and other transactions, and to adjusted house revenues, adjusted house cost of sales, adjusted house gross margin and adjusted house gross margin percentage, which add back interest in cost of sales.