Exhibit 99.1

Shea Homes Reports Fourth Quarter and Full Year 2013 Results

Walnut, California, February 21, 2014

Shea Homes, one of America’s largest private homebuilders, today reported results for the fourth quarter and year ended December 31, 2013.

Three Months Ended 12/31/13 Highlights and Comparisons to Three Months Ended 12/31/12

Year Ended 12/31/13 Highlights and Comparisons to Year Ended 12/31/12

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“We are very pleased with our performance in 2013. Revenues, gross margins and, most importantly, net income, were up significantly year over year for the fourth quarter and year. In addition to the strong housing market in the first half of 2013, we continued to focus on maximizing housing margins and minimizing overhead expenses,” said Bert Selva, President and CEO of Shea Homes.

“Looking ahead to 2014, we believe the fundamentals that drive housing demand appear favorable and we are excited about the new year as we enter the spring selling season. For the year, we plan to open 32 new communities compared to 21 last year. In addition, we remain focused on acquiring new land positions in our core markets.”

For the 2013 fourth quarter, new home sales orders were 361 compared to 407 in 2012, an 11% decrease, primarily due to the impact of higher mortgage interest rates in the second half of 2013 and the temporary federal government shutdown early in the fourth quarter, combined with slightly lower active selling communities in our East segment. Home sales per community for the 2013 fourth quarter were 2.0 per month compared to 2.2 per month in the 2012 fourth quarter, an 8% decrease. For the year ended December 31, 2013, the Company opened 21 new communities compared to 15 in 2012. At December 31, 2013, backlog was 849 compared to 911 at December 31, 2012, a 7% decrease.

For the 2013 fourth quarter, net income attributable to Shea Homes was $73.8 million compared to $33.2 million in 2012, primarily due to a $19.9 million increase in gross margin (from higher revenues, including land sales, and higher gross margins), a $3.0 million decrease in interest expense, a $5.3 million improvement in our reinsurance transaction results, and a $15.5 million increase in income tax benefit, primarily attributable to the reversal of the deferred tax valuation allowance. These increases were partially offset by a $3.1 million increase in selling, general and administrative expenses.

For the 2013 fourth quarter, total revenues were $340.0 million compared to $295.7 million in 2012, a 15% increase, and house revenues were $315.5 million* compared to $284.8 million* in 2012, an 11% increase. The increase in house revenues was primarily due to a 22% increase in average selling price to $496,000, a result of general home price increases in all of our regions, and the delivery of more expensive homes, primarily in Southern California.

For the 2013 fourth quarter, total gross margin was 25.1% compared to 22.1% in 2012, a 300 basis point (bp) increase, and house gross margin was 23.4%* compared to 20.9%* in 2012, a 250 bp increase, which reflected general home price increases in all of our regions, partially offset by higher labor and material costs. For the 2013 fourth quarter, house gross margin excluding interest was 29.6%* compared to 28.5%* in 2012.

For the 2013 fourth quarter, SG&A expenses were $27.0 million (7.9% of revenues) compared to $23.9 million (8.1% of revenues) in 2012. The $3.1 million increase was primarily due to higher volume related costs and higher compensation expense.

For the 2013 and 2012 fourth quarter, interest incurred was $16.7 million, while interest expense for the 2013 fourth quarter was $0.1 million versus $3.1 million in 2012, a 97% decrease which was due to higher qualified inventory used for interest capitalization.

For the 2013 fourth quarter, net operating cash flows were $78.6 million compared to $80.6 million in 2012. This decrease was primarily due to increased land acquisition, land development and house construction costs, partially offset by increased cash receipts from home closings. For the 2013 fourth quarter, land acquisition and land development costs were $92.6 million compared to $57.8 million in 2012; house construction costs were $111.8 million compared to $109.2 million in 2012; and cash receipts from home closings were $315.5 million compared to $284.8 million in 2012.

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For the year ended December 31, 2013, net income attributable to Shea Homes was $125.9 million compared to $29.0 million in 2012, primarily due to a 37% increase in revenues and a 300 bp higher gross margin percentage. In addition to a $14.8 million decrease in interest expense (due to higher qualified inventory), there was a $14.0 million improvement in our reinsurance transaction results, and a $15.6 million reversal of the deferred tax valuation allowance. These increases were partially offset by a $14.9 million increase in SG&A, primarily due to higher volume related costs and compensation expenses. For 2013, as a percentage of revenue, SG&A was 11.2% compared to 13.2% for 2012. The decrease as a percentage of revenue was the result of leveraging our fixed G&A expenses over higher revenues.

For the year ended December 31, 2013, net operating cash flows were $(45.9) million compared to $(6.2) million in 2012. The larger deficit was primarily due to increased land acquisition, land development and house construction costs, partially offset by increased cash receipts from home closings. For the year ended December 31, 2013, land acquisition ($204.6 million) and land development costs were $341.3 million compared to $215.9 million in 2012; house construction costs were $467.4 million compared to $348.3 million in 2012; and cash receipts from home closings were $894.3 million compared to $645.0 million in 2012.

In connection with our November 2013 receipt of the consent to amend the Indenture to allow us to replace our $75.0 million letter of credit facility with a future $125.0 million revolving credit facility, in January 2014, J.F. Shea Co., Inc. (“JFSCI”), a related party, made an $8.4 million payment, including accrued interest, on its note payable to the Company. As a result of applying this payment to future installments, JFSCI is not required to make its next installment payment until November 2016.

About Shea Homes Limited Partnership

Shea Homes is one of the largest private homebuilders in the nation. Since its founding in 1968, Shea Homes has closed over 91,000 homes. Shea Homes builds homes with quality craftsmanship and designs that 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.

This news release contains forward-looking statements and information relating to Shea Homes Limited Partnership and its subsidiaries, such as the fundamentals that drive housing market demand appear favorable and new community openings for 2014, which 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 Annual Report on Form 10-K and 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 @ 909-594-0954 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.