PICO Holdings - Real Estate Operations

WATER RESOURCE AND
WATER STORAGE
OPERATIONS

REAL ESTATE
OPERATIONS

AGRIBUSINESS
OPERATIONS

Our Real Estate Operations are conducted primarily through our subsidiary UCP, LLC.

UCP was formed in 2008 with the objective of acquiring attractive and well–located developable land, partially developed lots, or finished lots, in select California markets, where medium–sized regional developers and homebuilders may have liquidity challenges as a result of the recent downturn in the housing market.

We have also formed a homebuilding business, Benchmark Communities (“Benchmark”) to build single family homes on certain of the residential lots we own in California. Benchmark has access to low-cost basis finished lots through UCP and, as a result, Benchmark can build good quality homes in high-demand markets at very competitive prices to other new and existing homes.

To date, UCP has built–up an experienced team of real estate professionals that have overseen the acquisition and development of a diversified portfolio of finished and partially – entitled residential lots in select markets in California and Washington. UCP’s focus has been to purchase lots where we believe there is significant demand for new and affordable homes with limited available supply.

UCP has recently expanded its operations to include building homes, under the name of Benchmark Communities, on certain lots in our land portfolio where there is the potential for a significant increase in absolute return from such building activity.

UCP Management

Dustin Bogue, President

Dustin was Vice President of Development and Sales with Landcastle Real Estate, a leading investment and development firm specializing in cultivating emerging markets for the homebuilding community. Prior to Landcastle, Dustin was the Director of Land Acquisitions and Development for Wellington Corporation of Northern California (a subsidiary of Triple Five National Development Company). There he led teams of consultants in the development of various successful commercial and residential projects.

Will La Herran, Chief Financial Officer

Will has over 20 years of finance experience in a broad array of industries and financing structures. Prior to UCP, Will was the Senior Vice President at United American Bank. Prior to United American Bank, Will spent over ten years in the high technology industry at Deutsche Bank, Sand Hill Capital, and City National Bank. Will spent several years in international banking with Banque National de Paris and Westpac Banking Corporation. He is co-founder and Board Member of Envision Schools, Inc., a non-profit charter high school organization in San Francisco and is a Board Member at St. Matthew's Catholic School in San Mateo where his three children attend. Will received his B.S. in Business from St. Mary's College in Moraga, CA.

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