Exhibit 99.1

Shea Homes Reports Fourth Quarter and Full Year 2014 Results

Walnut, California, February 19, 2015

Shea Homes, one of America’s largest private homebuilders, today reported results for the fourth quarter and year ended December 31, 2014.

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

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Year Ended December 31, 2014 Highlights and Comparisons to Year Ended December 31, 2013

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For the 2014 fourth quarter, new home sales orders were 436 compared to 361 in the 2013 fourth quarter, a 21% increase, primarily due to a 10% increase in our wholly-owned active selling communities and a higher sales rate per community in our Northern California and Mountain West segments. Overall, demand for new homes remained healthy in our Southern California, San Diego, Northern California and Mountain West segments, while we saw an improvement in demand in our South West segment and, specifically, in our Phoenix communities, which have been more sluggish until recently.

At December 31, 2014, our backlog was 918 homes compared to 849 at December 31, 2013, an 8% increase, which was primarily attributable to the higher level of sales during the fourth quarter. For the 2014 fourth quarter, the Company’s cancellation rate was 18.7% compared to 21.0% in the 2013 fourth quarter.

For the 2014 fourth quarter, net income attributable to Shea Homes was $59.7 million compared to $73.8 million in the 2013 fourth quarter. This decrease was primarily due to a $2.8 million decrease in gross margin (primarily due to the $9.0 million in impairment charges for two communities in our South West segment, and a $13.4 million legal charge), a $4.5 million increase in selling expense, and a $17.5 million increase in tax expense, partially offset by a $3.0 million decrease in general and administrative expenses and a $7.4 million increase in equity income from unconsolidated joint ventures. The increase in income tax expense is primarily due to a $15.6 million income tax benefit in 2013 for the reversal of our deferred tax asset valuation allowance. Net income after tax for the 2014 fourth quarter excluding the impairment and legal charges would have been $16.9 million higher.

For the 2014 fourth quarter, total revenues were $419.9 million compared to $340.0 million in the 2013 fourth quarter, a 23% increase, and house revenues were $412.1 million* for the 2014 fourth quarter compared to $315.5 million* in the 2013 fourth quarter, a 31% increase. The increase in house revenues was primarily attributable to a 12% increase in deliveries, driven by higher totals in our Southern California and San Diego segments, and an increase in average selling price to $576,000 from $496,000, a result of general home price increases in most segments, and a greater percentage of deliveries from our Southern California segment, which has a higher average selling price than our other segments.

For the 2014 fourth quarter, total gross margin was 19.7% compared to 25.1% in the 2013 fourth quarter, a 600 basis point (bp) decrease, and house gross margin was 24.8%* for the 2014 fourth quarter compared to 23.4%* in the 2013 fourth quarter, a 110 bp increase. The lower total gross margin reflects the impairment and legal charges noted above. For the 2014 fourth quarter, our house gross margin excluding interest was 30.4%* compared to 29.6%* in the 2013 fourth quarter.

For the 2014 fourth quarter, SG&A expenses were $28.6 million (6.8% of revenues) compared to $27.0 million (7.9% of revenues) in the 2013 fourth quarter. This increase was primarily due to higher volume related costs, such as advertising and model costs. However, our SG&A rate was lower as we continue to leverage our fixed overhead costs over a larger revenue base.

For the 2014 fourth quarter, net operating cash flows were $70.6 million compared to $76.6 million in the 2013 fourth quarter. This decrease was primarily due to higher land acquisition, land development and house construction costs, partially offset by higher cash receipts from home deliveries. For the 2014 fourth quarter, land acquisition and land development spending were $179.0 million compared to $88.0 million in the 2013 fourth quarter; and cash receipts from home deliveries were $412.1 million for the 2014 fourth quarter compared to $315.5 million in the 2013 fourth quarter.

For the year ended December 31, 2014, net income attributable to Shea Homes was $133.4 million compared to $125.9 million for the year ended December 31, 2013. The year over year increase in full year results was primarily attributable to a $34.4 million increase in gross margin (from higher revenues, partially offset by a $9.0 million impairment charge, primarily for two communities in our South West segment, and a $16.9 million legal charge), a $10.2 million increase in equity income from unconsolidated joint ventures, a $5.2 million increase in our reinsurance transaction results (as a result of the 2009 PIC Transaction, see page 10), and a $4.5 million decrease in interest expense. These increases were partially offset by a $13.9 million increase in selling, general and administrative expenses and a $32.3 million increase in income tax expense. The decrease in interest expense was attributable to higher qualified assets, and the increase in income tax expense was attributable to a $15.6 million income tax benefit recorded in 2013 for the reversal of our deferred tax asset valuation allowance. Net income after tax for the 2014 full year excluding the impairment and legal charges would have been $19.0 million higher.

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For the year ended December 31, 2014, net operating cash flows were $2.5 million compared to $(47.9) million for the year ended December 31, 2013. This improvement was primarily attributable to increased cash receipts from home deliveries, partially offset by higher land acquisition, land development and house construction costs. For the year ended December 31, 2014, land acquisition and land development spending was $453.3 million compared to $329.5 million for the year ended December 31, 2013; and cash receipts from home deliveries were $1,120.0 million for the year ended December 31, 2014 compared to $894.3 million for the year ended December 31, 2013.

The note receivable from J.F. Shea Co., Inc., which had a balance of $11.6 million at September 30, 2014, was paid in full at December 31, 2014. In January 2014, we acquired property from a related party under common control for $4.4 million cash, assumption of a $1.3 million net 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 and, accordingly, resulted in a reduction in equity during the year.

Earnings Conference Call

A conference call to discuss the Company’s 2014 fourth quarter results will be held at 1:00 p.m., Eastern time, February 20, 2015. The call will be broadcast live over the internet and can be accessed through the Company’s website at http://www.sheahomes.com/investor. The call will also be accessible by dialing (866) 318-8617 (domestic) or (617) 399-5136 (international); Passcode 54131203. The audio transmission with the slide presentation will be available on our website for replay 2 to 3 hours following the live broadcast. A replay of the presentation will be available by the end of the day and for 31 days thereafter.

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 delivered almost 94,000 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 strength or weakness of the housing market, 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; 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)

(dollars in thousands)

(unaudited)

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RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(dollars 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, impairments 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 house 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 is net income, plus distributions of earnings from joint ventures and non-guarantor subsidiaries, before (a) income taxes, (b) depreciation and amortization, (c) expensing of previously capitalized interest included in costs of sales and in equity in income (loss) from unconsolidated joint ventures, (d) interest expense, (e) impairment charges and project write-offs and abandonments, (f) realized gain on sale of investments, (g) deferred gain 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 (h) income (loss) from joint ventures and non-guarantor subsidiaries. Other companies may calculate Adjusted EBITDA (or similarly titled measures) differently.

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