Exhibit 99.1

Shea Homes Reports First Quarter 2014 Results

Walnut, California, May 1, 2014

Shea Homes, one of America’s largest private homebuilders, today reported results for the first quarter ended March 31, 2014.

Three Months Ended March 31, 2014 Highlights and Comparisons to Three Months Ended March 31, 2013

“We are pleased to report first quarter results whereby net income, revenues, deliveries and gross margins were all considerably higher year over year. In addition, our sales activity for the first quarter of 2014 was solid, and generally in line with the robust levels we experienced last year”, said Bert Selva, President and CEO of Shea Homes.

“The dollar value of our backlog is up 15% year over year despite a 9% decrease in the number of homes in backlog, which was driven by a combination of general price increases in new homes, our focus on price over pace and a higher percentage of sales coming from our more expensive California coastal markets.”

“We continue to believe that we are in some of the strongest housing markets in the country where the underlying economic, demographic and housing supply fundamentals remain favorable.”

        “We opened five new communities during the first quarter of 2014 and currently plan to open 20 new communities during the remaining nine months of the year. We remain active in the land acquisition market and disciplined in our underwriting. We are also focused on our long-term goal of deleveraging our balance sheet.”

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For the 2014 first quarter, new home sales orders were 533 compared to 519 in 2013, a 3% increase, primarily due to the stabilization of mortgage interest rates and an increase in active selling communities in our Southern California and Northern California segments, which were partially offset by a decrease in active selling communities in our Mountain West and East segments. Home sales per community for the 2014 first quarter were 3.0 per month compared to 3.1 per month in the 2013 first quarter, a 3% decrease. At March 31, 2014, our backlog was 1,029 homes compared to 1,128 at March 31, 2013, a 9% decrease.

For the 2014 first quarter, net income attributable to Shea Homes was $11.3 million compared to $6.8 million in 2013, primarily due to a $13.3 million increase in gross margin (from higher revenues and an improved gross margin percentage), a $3.3 million decrease in interest expense, a $0.7 million improvement in our reinsurance transaction results, and a $1.0 million increase in equity income from unconsolidated joint ventures. These improvements were partially offset by a $4.9 million increase in selling, general and administrative expense and a $7.7 million increase in income tax expense.

For the 2014 first quarter, total revenues were $180.1 million compared to $135.0 million in 2013, a 33% increase, and house revenues were $178.1 million* compared to $131.5 million* in 2013, a 35% increase. The increase in house revenues was primarily due to a 17% increase in homes closed and a 16% increase in average selling price to $505,000, a result of general home price increases in all of our segments, and the delivery of larger, more expensive homes, primarily in Southern California.

For the 2014 first quarter, total gross margin was 24.9% compared to 23.4% in 2013, a 150 basis point (bp) increase, and house gross margin was 24.4%* compared to 23.1%* in 2013, a 130 bp increase, which reflected general home price increases in most of our regions. For the 2014 first quarter, house gross margin excluding interest was 30.4%* compared to 30.3%* in 2013.

For the 2014 first quarter, SG&A expenses were $27.0 million (15.0% of revenues) compared to $22.1 million (16.4% of revenues) in 2013. The $4.9 million increase was primarily due to higher volume related costs and higher compensation expense.

For the 2014 first quarter, interest incurred was $16.9 million compared to $16.8 million in 2013, while interest expense for the 2014 first quarter was $0.1 million versus $3.4 million in 2013, a 97% decrease which was due to higher qualified inventory used for interest capitalization. Interest expense for the 2014 first quarter represents fees for the unused portion of our revolving line of credit and is not capitalizable.

For the 2014 first quarter, net operating cash flows were $(102.7) million compared to $(28.0) million in 2013. This increase in cash used for operating activities was primarily due to increased land acquisition, land development and house construction costs, partially offset by increased cash receipts from home closings. For the 2014 first quarter, land acquisition and land development costs were $128.7 million compared to $29.6 million in 2013; house construction costs were $108.2 million compared to $101.5 million in 2013; and cash receipts from home closings were $178.1 million compared to $131.5 million in 2013.

In January 2014, we acquired property from a related party under common control for $4.4 million cash, assumption of a $1.3 million liability and estimated future revenue participation payments of $19.6 million. The $25.3 million of consideration was recorded as an equity distribution to our owners.

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 92,000 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 are difficult to forecast and 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;

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changes in levels of new and existing homes for sale; changes in demographic trends; changes in housing demand; 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

(dollars in thousands)

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(dollars in thousands)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(dollars 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.

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RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (continued)

(in thousands)

(unaudited)

The following table calculates the non-GAAP measures of EBITDA and Adjusted EBITDA and reconciles those amounts to net income as reported and prepared in accordance with GAAP. Adjusted EBITDA means net income (plus cash distributions of income from consolidated and unconsolidated joint ventures and non-guarantor subsidiaries) before (a) income taxes, (b) interest expense, (c) expensing of previously capitalized interest included in costs of sales and in equity in income (loss) from joint ventures, (d) impairment charges and project write-offs and abandonments, (e) loss on debt extinguishment, (f) depreciation and amortization, (g) realized gain on sale of investments, (h) income (loss) from joint ventures and non-guarantor subsidiaries, (i) deferred (gain) loss recognition from the amortization of deferred gain resulting from a series of novation and reinsurance transactions entered into by Partners Insurance Company, a wholly-owned subsidiary (“PIC Transaction”), and (j) gain on sale of investment in joint ventures. Other companies may calculate Adjusted EBITDA (or similarly titled measures) differently.

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