Exhibit 99.1

Shea Homes Reports Third Quarter 2013 Results

Shea Homes, one of America’s largest private homebuilders, today reported results for the third quarter ended September 30, 2013.

Three Months Ended 9/30/13 Highlights and Comparisons to Three Months Ended 9/30/12

Nine Months Ended 9/30/13 Highlights and Comparisons to Nine Months Ended 9/30/12

“We are pleased to report our third quarter operating results which reflect significantly improved profitability, revenue growth, house gross margins* and SG&A leverage,” said Bert Selva, President and CEO of Shea Homes. “These results reflect the housing recovery which began to emerge in 2012, combined with our leading positions in some of the nation’s strongest housing markets and our lean operating model. Our house gross margins* and SG&A rate as a percentage of revenues continue to be among the best in the industry.”

Page 1

“We experienced a slowdown in sales during the third quarter partially as a result of our decision to focus on margins over volume coupled with the normal housing seasonal slowdown. Additionally, external factors including a jump in mortgage interest rates and policy uncertainties due to the federal government shutdown and debt ceiling discussions further affected the market. We still believe the fundamentals are in place for a continued recovery in the housing market. Household formations due to population and job growth, affordability and the absolute levels of new home sales and starts, continue to be positive catalysts for the housing market.”

For the 2013 third quarter, new home sales orders were 434 compared to 530 in 2012, an 18% decrease year-over-year, resulting primarily from the impact of higher mortgage interest rates and the federal government issues noted above, combined with slightly lower active selling communities in our San Diego, Northern California and Other segments. Home sales per community for the 2013 third quarter were 2.4 per month compared to 2.8 per month in the 2012 third quarter, a 14% decrease. For the first nine months of 2013, the Company opened 17 new wholly-owned home communities compared to 11 for the same period in 2012. For the full year, the Company expects to open 23 new communities compared to 15 for the full year in 2012. Backlog at September 30, 2013 was 1,124 compared to 1,204 at September 30, 2012, a 7% decrease.

For the 2013 third quarter, net income attributable to Shea Homes was $25.8 million compared to $8.3 million in 2012, primarily due to a $24.7 million improvement in gross margin (from higher revenues and a higher gross margin percentage), a $4.4 million decrease in interest expense, a $1.9 million decrease in general and administrative expenses and a $1.6 million increase in the gain on our reinsurance transaction (the actuarial adjustment resulted in a larger reduction in our deferred gain year over year from $0.2 million in 2012 to $1.8 million in 2013). These improvements were partially offset by a decrease in other income (expense) due to an $8.8 million gain on investment in 2012 and a $4.0 million increase in selling expenses.

For the 2013 third quarter, total revenues were $238.3 million compared to $146.4 million in 2012, a 63% increase, and house revenues were $234.9 million* compared to $132.2 million* in 2012, a 78% increase. The increase in house revenues was primarily due to a 50% increase in home closings to 493 and an 18% increase in average selling price to $477,000. Home closings increased year-over-year primarily as a result of a 98% higher backlog at the beginning of 2013 (911 units) versus the beginning of 2012 (461 units). The increase in the average selling price of homes closed was due to general home price increases in all of our regions, and the delivery of larger, more expensive homes in some of our regions, primarily Southern California, which were partially offset by our Northern California segment which has shifted to higher density, lower-priced homes.

Total gross margin for the 2013 third quarter was 23.4% compared to 21.3% in 2012, a 210 basis point (bp) increase, and house gross margin for the 2013 third quarter was 23.8%* compared to 18.7%* in 2012, a 510 bp increase. The increase in our house gross margin percentage reflected the general increase in home prices in all of our markets, partially offset by higher labor and material costs. House gross margin excluding interest* was 30.1% for the 2013 third quarter compared to 26.0% in the year earlier period.

SG&A expense for the 2013 third quarter was $28.4 million (11.9% of revenues) compared to $26.3 million (18.0% of revenues) in 2012. As a percentage of revenue, the decrease was the result of leveraging our G&A expenses over a higher level of revenues. The nominal increase was primarily attributable to higher volume related costs and higher compensation expenses.

Interest incurred for the third quarter was $16.8 million in both 2013 and 2012, while interest expense for the 2013 third quarter was $0.1 million versus $4.6 million in 2012. The 97% decrease in interest expense was due to higher qualified inventory used for interest capitalization purposes.

Net operating cash flows for the 2013 third quarter were $(16.3) million compared to $(53.1) million in 2012. The smaller operating cash deficit was primarily due to slightly lower land acquisition and land development spends and increased cash receipts from home closings, partially offset by increased house construction costs. Land acquisition and land development spends for the 2013 third quarter were $91.6 million compared to $98.1 million in 2012. Cash receipts from home closings for the 2013 third quarter were $234.9 million compared to $132.2 million in 2012. House construction costs for the 2013 third quarter were $114.3 million compared to $81.3 million in 2012.

Page 2

For the first nine months of 2013, net income (loss) attributable to Shea Homes was $52.2 million compared to $(4.2) million, primarily due to a 54% increase in revenues and a 320 bp higher gross margin percentage. In addition, interest expense decreased $11.8 million (due to higher qualified inventory) and the gain (loss) on our reinsurance transaction improved by $8.8 million, from $(7.2) million in 2012 to $1.6 million in 2013. These improvements were partially offset by an $11.8 million increase in SG&A, primarily attributable to higher volume related costs and compensation expenses. As a percentage of revenue, SG&A for the 2013 nine months was 13.1% compared to 17.1% for the 2012 nine months. As a percentage of revenue, the decrease was the result of leveraging our G&A over higher revenues.

Net operating cash flows for the 2013 nine months were $(124.4) million compared to $(86.8) million in 2012. The larger operating cash deficit was primarily due to increased spending on land acquisitions, land development and house construction, partially offset by increased cash receipts from home closings. Land acquisition and land development spends for the 2013 nine months were $279.9 million compared to $158.9 million in 2012. House construction costs for the 2013 nine months were $290.3 million compared to $184.3 million in 2012. Cash receipts from home closings for the 2013 third quarter were $578.8 million compared to $360.2 million in 2012.

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 nearly 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 our leading position in some of the nation’s strongest housing markets, that the fundamentals are still in place for a continued recovery in the housing market, and new community openings for 2013, 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

Page 3

KEY OPERATIONAL AND FINANCIAL DATA

(dollars in thousands)

Page 4

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands)

Page 5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

Page 6

SEGMENT OPERATING DATA

(dollars in thousands)

(unaudited)

Page 7

SEGMENT OPERATING DATA (continued)

(unaudited)

Page 8

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.

Page 9

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 (loss) (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.

Page 10