KB Home Increases Quarterly Dividend

Company Raises Quarterly Cash Dividend 67% to $.15 Per Share

KB Home (NYSE: KBH) today announced that its Board of Directors approved an increase in the Company’s quarterly cash dividend on its common stock to $.15 per share from $.09 per share. This 67% increase raises the Company’s annual dividend rate to $.60 per share from the previous rate of $.36 per share, representing a yield of approximately 1.5%, based on the closing price of the Company’s common stock on October 8, 2020.

In addition, the Board of Directors declared the next quarterly cash dividend, at the $.15 per share rate, will be payable on November 26, 2020 to stockholders of record on November 12, 2020.

“As we have become a larger and more profitable company, generating significantly higher operating cash flow, our Board approved a meaningful increase in our cash dividend for the second consecutive year. We are managing our business to drive long-term stockholder value and remain committed to a balanced approach of expanding our scale while growing returns. In addition, we continue to prioritize returning cash to stockholders, primarily through our dividend, which we are proud to have consistently paid each quarter for more than 30 years,” said Jeffrey Mezger, Chairman, President and Chief Executive Officer.

“With the momentum in housing market demand driving robust year-over-year net order expansion—in both our 2020 third quarter, as well as in the first five weeks of our fourth quarter, during which time our net orders have increased 39% relative to the comparable prior-year period—we believe we are well positioned to deliver higher revenues and drive significant improvement in our return on equity in 2021,” continued Mezger.

About KB Home

KB Home is one of the largest and most recognized homebuilders in the United States and has been building quality homes

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Fewer homes threatened, containment increases, PG&E rebuilding power lines

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a car parked in a parking lot: Cars burned down along Ono Road on Sunday afternoon, Sept. 27, 2020.

© Hung T. Vu/Special to the Record Searchlight
Cars burned down along Ono Road on Sunday afternoon, Sept. 27, 2020.

With little growth since Thursday night, firefighters were able to get more control lines around the Zogg Fire, the California Department of Forestry and Fire Protection reported Friday.

Only 101 structures are now under threat by the Zogg Fire, down from the 1,538 structures that were in peril at the blaze’s peak.

The fire, which started Sunday afternoon, is 56% contained after growing on Friday night to 56,168 acres — a gain of only 365 acres from Thursday night.

Cal Fire released the following new figures:

  • The number of structures destroyed rose to 170, up from the 153 reported Friday morning. The number of structures damaged rose to 23 from 21.

Also, power company PG&E announced that its crews have been rebuilding poles and power lines since Tuesday as they get access to more sections within the Zogg Fire evacuation and burn areas. 

Work to remove fire-damaged hazard trees and rebuild the electric infrastructure will continue through the weekend.

Much of the containment growth around the fire, as of Friday morning, happened in the south in the Highway 36 corridor in the area of Tehama County, Cal Fire said.

The north portion of the fire on Friday morning was still burning. It includes west of Clear Creek, according to a map released by Cal Fire on Friday morning. Firefighters, though, have managed to keep the fire from crossing the creek and into more populated areas west of Redding.

Cal Fire officials at their Friday press briefing announced that more residents

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Number of homes destroyed in Glass Fire increases as winds forecast to pick up

With a hot and dry air mass overhead, the Glass Fire in the North Bay swelled 5,000 acres overnight and more spread is expected Thursday with winds kicking up.

The burn area that’s northeast of Santa Rosa grew from 51,266 acres Wednesday night to 56,781 acres Thursday morning. Containment increased from 2% to 5%, according to Cal Fire’s Thursday morning incident report.

Flames have destroyed more than 200 structures, including 143 single-family homes. Of those homes, 36 are in Sonoma County and 107 in Napa County. (See Cal Fire’s full report for further information on structure damage.) A total of 27,000 structures remain threatened.

New evacuation warnings were announced last night for people living north of Calistoga. (You can find details on the order here.)

Firefighters are preparing for winds to pick up Thursday into Friday, focusing on building containment lines and protecting structures before fire activity resurges.

“We’re looking at a similar wind event to when this fire first ignited three days ago,” Cal Fire incident commander Billy See said in a Wednesday afternoon press briefing. “We’re preparing for the worst-case scenario and hoping for the best. Our firefighters will be working to maintain lines.”

Ahead of the wind event, the National Weather Service issued a red flag warning for the North Bay mountains 1 p.m. Thursday through 6 p.m. Friday with gusts up to 30 mph possible at the highest elevations.

“This wind event is going to be serious enough for everyone to pay attention,” added Santa Rosa Fire Chief Anthony Gossner. “You need to pay attention. It’s vital. Everyone keeps asking how serious is it? We don’t know how serious it will be until it happens.”

Cal Fire officials will give an update on the fire in a briefing at 1:30 p.m. Thursday. You can watch

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Cal Fire increases number of Sonoma County homes destroyed by Glass fire to 36

Turning north Wednesday onto Los Alamos Road off Highway 12, that east Santa Rosa neighborhood seemed untouched by the Glass fire. That illusion lasted for two blocks.

Spray painted onto a sheet of plywood at the northeast corner of Los Alamos and Austin roads was the warning: KEEP OUT. No home remained to keep out of — just a tangle of rubble, a ruined white sedan burned to its axles, and a tasteful stone water feature that had somehow survived the blaze.

As Los Alamos wends its way uphill, narrowing from four lanes to two as it enters the Mayacamas Mountains, evidence of the Glass fire becomes inescapable, homes burned to their foundations, pink sheets of paper on mailboxes ordering: DO NOT ENTER UNSAFE TO OCCUPY.

In just over 5 miles on Los Alamos, with detours on Corrick Road, Cougar Lane and others, a reporter counted at least 16 burned houses. Which seemed odd, considering that by Cal Fire’s count, as of Wednesday afternoon, the Glass fire had claimed 28 houses overall in Sonoma County.

By evening, Cal Fire had bumped up the number of homes destroyed in Sonoma by the blaze to 36, with another 31 sustaining damage. As the agency’s damage inspection teams make their methodical way through burned areas, that number will keep rising, possibly into the hundreds, Sonoma County Supervisor Susan Gorin said.

On Tuesday, Gorin toured some of the burned areas from Los Alamos Road, along the Highway 12 corridor and into Skyhawk. Seeing the debris of burned homes brought her “right back to looking at the ashes of my house,” said Gorin, who lost her Oakmont home in the 2017 Nuns fire.

Because of the need for accuracy, Cal Fire Deputy Chief Jonathan Cox said Wednesday the number of structures listed by Cal Fire

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