Item 2. Properties.

Our corporate offices are located in Reston, Virginia, where we currently lease approximately 61,000 square feet of office space. The current corporate office lease expires in April 2026.

In connection with both our homebuilding and mortgage banking businesses, we also lease office space in multiple locations for homebuilding divisional offices and mortgage banking and title services branches under leases expiring at various times through 2030, none of which are individually material to our business.

In connection with the operation of the homebuilding business, we lease production facilities in the following nine locations: Thurmont, Maryland; Burlington County, New Jersey; Farmington, New York; Kings Mountain, North Carolina; Darlington, Pennsylvania; Portland, Tennessee; Richmond, Virginia; Fayetteville, North Carolina and Lavonia, Georgia. These facilities range in size from approximately 40,000 square feet to 400,000 square feet and total approximately 1.5 million square feet. Each of these leases contains various options for extensions of the lease and for the purchase of the facility. Additionally, certain facility leases have early termination options. These leases currently expire between 2027 and 2040. The leases on the production facilities in Fayetteville, North Carolina and Lavonia, Georgia commenced in 2024. The Fayetteville facility is approximately 145,000 square feet with a lease term of 10 years, contains an option for three, five-year extensions. The Lavonia facility is approximately 170,000 square feet with a lease term of 15 years, and contains an option for four, five-year extensions. In 2024 we entered into an agreement to lease a new facility in Haines City, FL which is expected to commence at the end of 2025. The Haines City facility will be approximately 174,000 square feet with a lease term of 15 years from the commencement date and contains an option for five, five-year extensions. In addition, we own a production facility of approximately 100,000 square feet in Dayton, Ohio. Our plant utilization was 49% and 56% of total capacity in 2024 and 2023, respectively.

We anticipate that, upon expiration of existing production facility and office leases, we will be able to renew them or obtain comparable facilities on terms acceptable to us.