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Proxy Materials for the 2016 Annual Meeting of Stockholders


KB Home's 2016 Annual Meeting of Stockholders is scheduled to take place on Thursday, April 7, 2016 at 9:00 a.m., Pacific Time, at The Fairmont Miramar Hotel, 101 Wilshire Boulevard, Santa Monica, California 90401. The items of business for the meeting and other relevant materials and information are provided in the documents posted below.

To vote your shares on the items of business for the meeting, please use (or return to) the Internet web site or the telephone number specified for voting on the voting instruction form(s) or on the Notice(s) of Internet Availability of Proxy Materials you received. You can also vote by mailing a completed and signed voting instruction form(s). Please note that you cannot vote at this web site location.

Documents Type Size  
2015 Annual Report to Stockholders PDF 616.2 KB Add to Briefcase
KB Home 2016 Notice and Proxy Statement PDF 826.3 KB Add to Briefcase
Notice of Internet Availability of Proxy Materials PDF 78.0 KB Add to Briefcase
Sample Voting Instruction Form (form of proxy) PDF 108.1 KB Add to Briefcase
Directions to the Annual Meeting PDF 215.1 KB Add to Briefcase
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Add to Briefcase = add file to Briefcase

Forward-Looking and ​Cautionary Statements ​

Investors are cautioned that certain statements contained in the materials and information in the documents posted to this webpage are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”). Statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” “hopes,” and similar expressions constitute forward-looking statements. In addition, any statements that we may make or provide concerning future financial or operating performance (including, without limitation, future revenues, community count, homes delivered, net orders, selling prices, sales pace per new community, expenses, expense ratios, housing gross profits, housing gross profit margins, earnings or earnings per share, or growth or growth rates), future market conditions, future interest rates, and other economic conditions, ongoing business strategies or prospects, future dividends and changes in dividend levels, the value of our backlog (including amounts that we expect to realize upon delivery of homes included in our backlog and the timing of those deliveries), the value of our net orders, potential future asset acquisitions and the impact of completed acquisitions, future share issuances or repurchases, future debt issuances, repurchases or redemptions and other possible future actions are also forward-looking statements as defined by the Act. Forward-looking statements are based on our current expectations and projections about future events and are subject to risks, uncertainties, and assumptions about our operations, economic and market factors, and the homebuilding industry, among other things. These statements are not guarantees of future performance, and we have no specific policy or intention to update these statements. In addition, forward-looking and other statements that express or contain opinions, views or assumptions about market or economic conditions; the success, performance, effectiveness and/or relative positioning of our strategies, initiatives or operational activities; and other matters, may be based in whole or in part on general observations of our management, limited or anecdotal evidence and/or business or industry experience without in-depth or any particular empirical investigation, inquiry or analysis. Actual events and results may differ materially from those expressed or forecasted in forward-looking statements due to a number of factors. The most important risk factors that could cause our actual performance and future events and actions to differ materially from such forward-looking statements include, but are not limited to the following:

  • general economic, employment and business conditions;
  • population growth, household formations and demographic trends;
  • adverse market conditions, including an increased supply of unsold homes, declining home prices and greater foreclosure and short sale activity, among other things, that could negatively affect our consolidated financial statements, including due to additional inventory impairment or land option contract abandonment charges, lower revenues and operating and other losses;
  • conditions in the capital, credit and financial markets (including mortgage lending standards, the availability of mortgage financing and mortgage foreclosure rates);
  • material prices and availability;
  • trade costs and availability;
  • changes in interest rates;
  • inflation;
  • our debt level, including our ratio of debt to capital, and our ability to adjust our debt level, maturity schedule and structure and to access the equity, credit, capital or other financial markets or other external financing sources, including raising capital through the public or private issuance of common stock, debt or other securities, and/or project financing, on favorable terms;
  • our compliance with the terms and covenants of our unsecured revolving credit facility;
  • weak or declining consumer confidence, either generally or specifically with respect to purchasing homes;
  • competition for home sales from other sellers of new and resale homes, including lenders and other sellers of homes obtained through foreclosures or short sales;
  • the impact of weather events, significant natural disasters and other climate and environmental factors, including the severe prolonged drought and related water-constrained conditions in the southwest United States and California;
  • government actions, policies, programs and regulations directed at or affecting the housing market (including the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, tax credits, tax incentives and/or subsidies for home purchases, tax deductions for mortgage interest payments and property taxes, tax exemptions for profits on home sales, programs intended to modify existing mortgage loans and to prevent mortgage foreclosures and the standards, fees and size limits applicable to the purchase or insuring of mortgage loans by government-sponsored enterprises and government agencies), the homebuilding industry, or construction activities;
  • decisions regarding federal fiscal and monetary policies, including those relating to taxation, government spending, interest rates and economic stimulus measures;
  • the availability and cost of land in desirable areas;
  • our warranty claims experience with respect to homes previously delivered and actual warranty costs incurred, including our warranty claims and costs experience at certain of our communities in Florida;
  • costs and/or charges arising from regulatory compliance requirements or from legal, arbitral or regulatory proceedings, investigations, claims or settlements, including unfavorable outcomes in any such matters resulting in actual or potential monetary damage awards, penalties, fines or other direct or indirect payments, or injunctions, consent decrees or other voluntary or involuntary restrictions or adjustments to our business operations or practices that are beyond our current expectations and/or accruals;
  • our ability to use/realize the net deferred tax assets we have generated;
  • our ability to successfully implement our current and planned strategies and initiatives with respect to product, geographic and market positioning (including our efforts to expand our inventory base/pipeline with desirable land positions or interests at reasonable cost and to expand our community count, open additional communities for sales, sell higher-priced homes and more design options, increase the size and value of our backlog, and our operational and investment concentration in markets in California), revenue growth, asset optimization (including by effectively balancing home sales prices and sales pace in our communities), asset activation and/or monetization, local field management and talent investment, containing and leveraging overhead costs, gaining share and scale in our served markets and increasing our housing gross profit margins and profitability;
  • consumer traffic to our communities and consumer interest in our product designs and offerings, particularly higher income consumers;
  • cancellations and our ability to realize our backlog by converting net orders to home deliveries and revenues;
  • our home sales and delivery performance, particularly in key markets in California;
  • our ability to generate cash from our operations, enhance our asset efficiency, increase our operating income margin and/ or improve our return on invested capital;
  • the manner in which our homebuyers are offered and whether they are able to obtain mortgage loans and mortgage banking services, including from Home Community Mortgage;
  • the performance of Home Community Mortgage;
  • information technology failures and data security breaches; and
  • other events outside of our control.

Please see our Annual Report on Form 10-K for the fiscal year ended November 30, 2015 and our other filings with the Securities and Exchange Commission for a further discussion of these and other risks and uncertainties applicable to our business.