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Five Point Holdings, LLC Reports Fourth Quarter and Year-End 2023 Results

Fourth Quarter 2023 and Recent Highlights

  • Valencia sold 583 homesites on approximately 46 acres of land for a purchase price of $101.8 million.
  • Great Park Venture closed two commercial land sales totaling approximately 38 acres for an aggregate purchase price of $174.2 million.
  • Great Park Venture distributions and incentive compensation payments to the Company totaled $92.0 million.
  • Valencia builder sales of 31 homes during the quarter.
  • Great Park builder sales of 76 homes during the quarter.
  • Consolidated revenues of $118.8 million; consolidated net income of $58.7 million.
  • Cash and cash equivalents of $353.8 million as of December 31, 2023.
  • Debt to total capitalization ratio of 24.0% and liquidity of $478.8 million as of December 31, 2023.
  • On January 16, 2024, exchanged $623.5 million of existing 7.875% Senior Notes due November 2025 for $100.0 million in cash and $523.5 million in new 10.5% initial rate Senior Notes due January 2028.

2023 Highlights

  • Valencia closed the sale of 729 homesites on approximately 72 acres of land for an aggregate purchase price of $162.4 million.
  • Great Park Venture recognized land sale revenue of $532.0 million from the sale of 38 acres of commercial land and 798 homesites on approximately 84 acres of land.
  • Great Park Venture distributions and incentive compensation payments to the Company totaled $195.8 million.
  • Valencia builder sales of 297 homes during the year.
  • Great Park builder sales of 628 homes during the year.
  • Consolidated revenues of $211.7 million; consolidated net income of $113.7 million.
  • Extended the maturity date of the Company’s $125.0 million unsecured revolving credit facility to April 2026.

Five Point Holdings, LLC (“Five Point” or the “Company”) (NYSE:FPH), an owner and developer of large mixed-use planned communities in California, today reported its fourth quarter and year-end 2023 results.

Dan Hedigan, Chief Executive Officer, said, “We finished 2023 strong with consolidated net income for the quarter of $58.7 million, giving us consolidated net income for the year of $113.7 million and total cash and cash equivalents of $353.8 million as of year-end. This week we successfully settled our senior note exchange with a participation rate over 99%. Achieving these results in the face of a challenging economic and interest rate environment is a testament to our team’s focus on executing our key operating priorities: generating revenue, right-sizing our SG&A, and managing our capital spend. We will continue to closely monitor the market and interest rates; however, we believe that the ongoing housing supply shortage will help sustain strong demand for our land.”

Consolidated Results

Liquidity and Capital Resources

As of December 31, 2023, total liquidity of $478.8 million was comprised of cash and cash equivalents totaling $353.8 million and borrowing availability of $125.0 million under our unsecured revolving credit facility. Total capital was $2.0 billion, reflecting $3.0 billion in assets and $1.0 billion in liabilities and redeemable noncontrolling interests.

Results of Operations for the Three Months Ended December 31, 2023

Revenues. Revenues of $118.8 million for the three months ended December 31, 2023 were primarily generated from land sales at our Valencia segment. At Valencia we closed the sale of land entitled for an aggregate of 583 homesites on approximately 46 acres. The fixed base purchase price of $101.8 million was paid at closing.

Equity in earnings from unconsolidated entities. Equity in earnings from unconsolidated entities was $24.0 million for the three months ended December 31, 2023. The Great Park Venture generated net income of $81.1 million during the three months ended December 31, 2023, and our share of the net income from our 37.5% percentage interest, adjusted for basis differences, was $25.9 million. Additionally, we recognized $1.9 million in loss from our 75% interest in the Gateway Commercial Venture.

During the three months ended December 31, 2023, the Great Park Venture closed two commercial land sales totaling approximately 38 acres for an aggregate purchase price of $174.2 million. After completing the land sale, the Great Park Venture made aggregate distributions of $22.6 million to holders of Legacy Interests and $193.1 million to holders of Percentage Interests. We received $72.4 million for our 37.5% Percentage Interest.

Selling, general, and administrative. Selling, general, and administrative expenses were $13.1 million for the three months ended December 31, 2023.

Net income. Consolidated net income for the quarter was $58.7 million. Net income attributable to noncontrolling interests totaled $29.0 million, resulting in net income attributable to the Company of $29.8 million. Net income attributable to noncontrolling interests represents the portion of income allocated to related party partners and members that hold units of the operating company and the San Francisco Venture. Holders of units of the operating company and the San Francisco Venture can redeem their interests for either, at our election, our Class A common shares on a one-for-one basis or cash. In connection with any redemption or exchange, our ownership of our operating subsidiaries will increase thereby reducing the amount of income allocated to noncontrolling interests in subsequent periods.

Results of Operations for the Twelve Months Ended December 31, 2023

Revenues. Revenues of $211.7 million for the twelve months ended December 31, 2023 were primarily generated from land sales at our Valencia segment. At Valencia we closed the sale of land entitled for an aggregate of 729 homesites on approximately 72 acres. The fixed base purchase price of $162.4 million was paid at closing.

Equity in earnings from unconsolidated entities. Equity in earnings from unconsolidated entities was $76.6 million for the twelve months ended December 31, 2023. The Great Park Venture generated net income of $250.6 million during the twelve months ended December 31, 2023, and our share of the net income from our 37.5% percentage interest, adjusted for basis differences, was $78.9 million. Additionally, we recognized $2.9 million in loss from our 75% interest in the Gateway Commercial Venture.

During the twelve months ended December 31, 2023, the Great Park Venture closed the sale of approximately 38 acres of land entitled for commercial use for an aggregate purchase price of $174.2 million and sold 798 homesites on approximately 84 acres of land at the Great Park Neighborhoods. For the homesite sale, the Great Park Venture recognized $357.8 million in revenue, consisting of $214.7 million paid at closing plus $143.1 million in revenue representing variable consideration from future price participation payments expected to be received when homes are sold to homebuyers. The Great Park Venture made aggregate distributions of $48.2 million to holders of Legacy Interests and $411.2 million to holders of Percentage Interests. We received $154.2 million for our 37.5% Percentage Interest.

Selling, general, and administrative. Selling, general, and administrative expenses were $51.5 million for the twelve months ended December 31, 2023.

Net income. Consolidated net income for the year was $113.7 million. Net income attributable to noncontrolling interests totaled $58.3 million, resulting in net income attributable to the Company of $55.4 million.

Conference Call Information

In conjunction with this release, Five Point will host a conference call on Thursday, January 18, 2024 at 5:00 p.m. Eastern Time. Dan Hedigan, Chief Executive Officer, and Kim Tobler, Chief Financial Officer, will host the call. Interested investors and other parties can listen to a live Internet audio webcast of the conference call that will be available on the Five Point website at ir.fivepoint.com. The conference call can also be accessed by dialing (877) 451-6152 (domestic) or (201) 389-0879 (international). A telephonic replay will be available starting approximately three hours after the end of the call by dialing (844) 512-2921, or for international callers, (412) 317-6671. The passcode for the live call and the replay is 13743863. The telephonic replay will be available until 11:59 p.m. Eastern Time on January 27, 2024.

About Five Point

Five Point, headquartered in Irvine, California, designs and develops large mixed-use planned communities in Orange County, Los Angeles County, and San Francisco County that combine residential, commercial, retail, educational, and recreational elements with public amenities, including civic areas for parks and open space. Five Point’s communities include the Great Park Neighborhoods® in Irvine, Valencia® in Los Angeles County, and Candlestick® and The San Francisco Shipyard® in the City of San Francisco. These communities are designed to include approximately 40,000 residential homes and approximately 23 million square feet of commercial space.

Forward-Looking Statements

This press release contains forward-looking statements that are subject to risks and uncertainties. These statements concern expectations, beliefs, projections, plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. When used, the words “anticipate,” “believe,” “expect,” “intend,” “may,” “might,” “plan,” “estimate,” “project,” “should,” “will,” “would,” “result” and similar expressions that do not relate solely to historical matters are intended to identify forward-looking statements. Forward-looking statements include, among others, statements that refer to: our expectations of our future home sales and/or builder sales; the impact of inflation and interest rates; our future revenues, costs and financial performance, including with respect to cash generation and profitability; and future demographics and market conditions, including housing supply levels, in the areas where our communities are located. We caution you that any forward-looking statements included in this press release are based on our current views and information currently available to us. Forward-looking statements are subject to risks, trends, uncertainties and factors that are beyond our control. Some of these risks and uncertainties are described in more detail in our filings with the SEC, including our Annual Report on Form 10-K, under the heading “Risk Factors.” Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. We caution you therefore against relying on any of these forward-looking statements. While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. They are based on estimates and assumptions only as of the date hereof. We undertake no obligation to update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes, except as required by applicable law.

FIVE POINT HOLDINGS, LLC

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share amounts)

(Unaudited)

 

 

Three Months Ended

December 31,

 

Twelve Months Ended

December 31,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

REVENUES:

 

 

 

 

 

 

 

Land sales

$

100,111

 

 

$

270

 

 

$

160,796

 

 

$

913

 

Land sales—related party

 

 

 

 

2,983

 

 

 

595

 

 

 

7,512

 

Management services—related party

 

18,109

 

 

 

13,075

 

 

 

47,621

 

 

 

31,433

 

Operating properties

 

539

 

 

 

671

 

 

 

2,720

 

 

 

2,836

 

Total revenues

 

118,759

 

 

 

16,999

 

 

 

211,732

 

 

 

42,694

 

COSTS AND EXPENSES:

 

 

 

 

 

 

 

Land sales

 

66,684

 

 

 

(996

)

 

 

105,651

 

 

 

(996

)

Management services

 

7,751

 

 

 

7,889

 

 

 

22,170

 

 

 

20,261

 

Operating properties

 

1,846

 

 

 

2,433

 

 

 

6,167

 

 

 

8,230

 

Selling, general, and administrative

 

13,095

 

 

 

13,119

 

 

 

51,495

 

 

 

54,591

 

Restructuring

 

 

 

 

 

 

 

 

 

 

19,437

 

Total costs and expenses

 

89,376

 

 

 

22,445

 

 

 

185,483

 

 

 

101,523

 

OTHER INCOME (EXPENSE):

 

 

 

 

 

 

 

Interest income

 

2,688

 

 

 

381

 

 

 

7,230

 

 

 

826

 

Miscellaneous

 

(1,809

)

 

 

(91

)

 

 

(776

)

 

 

245

 

Total other income

 

879

 

 

 

290

 

 

 

6,454

 

 

 

1,071

 

EQUITY IN EARNINGS FROM UNCONSOLIDATED ENTITIES

 

24,041

 

 

 

26,167

 

 

 

76,595

 

 

 

21,513

 

INCOME (LOSS) BEFORE INCOME TAX BENEFIT

 

54,303

 

 

 

21,011

 

 

 

109,298

 

 

 

(36,245

)

INCOME TAX BENEFIT

 

4,434

 

 

 

1,487

 

 

 

4,418

 

 

 

1,471

 

NET INCOME (LOSS)

 

58,737

 

 

 

22,498

 

 

 

113,716

 

 

 

(34,774

)

LESS NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS

 

28,981

 

 

 

11,221

 

 

 

58,322

 

 

 

(19,371

)

NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY

$

29,756

 

 

$

11,277

 

 

$

55,394

 

 

$

(15,403

)

 

 

 

 

 

 

 

 

NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY PER CLASS A SHARE

 

 

 

 

 

 

 

Basic

$

0.43

 

 

$

0.16

 

 

$

0.80

 

 

$

(0.22

)

Diluted

$

0.39

 

 

$

0.15

 

 

$

0.76

 

 

$

(0.23

)

WEIGHTED AVERAGE CLASS A SHARES OUTSTANDING

 

 

 

 

 

 

 

Basic

 

68,919,591

 

 

 

68,534,163

 

 

 

68,826,340

 

 

 

68,429,271

 

Diluted

 

145,331,135

 

 

 

144,630,573

 

 

 

145,131,125

 

 

 

68,430,212

 

NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY PER CLASS B SHARE

 

 

 

 

 

 

 

Basic and diluted

$

0.00

 

 

$

0.00

 

 

$

0.00

 

 

$

(0.00

)

WEIGHTED AVERAGE CLASS B SHARES OUTSTANDING

 

 

 

 

 

 

 

Basic and diluted

 

79,233,544

 

 

 

79,233,544

 

 

 

79,233,544

 

 

 

79,233,544

 

FIVE POINT HOLDINGS, LLC

CONSOLIDATED BALANCE SHEETS

(In thousands, except shares)

(Unaudited)

 

 

December 31, 2023

 

December 31, 2022

ASSETS

 

 

 

INVENTORIES

$

2,213,479

 

 

$

2,239,125

 

INVESTMENT IN UNCONSOLIDATED ENTITIES

 

252,816

 

 

 

331,594

 

PROPERTIES AND EQUIPMENT, NET

 

29,145

 

 

 

30,243

 

INTANGIBLE ASSET, NET—RELATED PARTY

 

25,270

 

 

 

40,257

 

CASH AND CASH EQUIVALENTS

 

353,801

 

 

 

131,771

 

RESTRICTED CASH AND CERTIFICATES OF DEPOSIT

 

992

 

 

 

992

 

RELATED PARTY ASSETS

 

83,970

 

 

 

97,126

 

OTHER ASSETS

 

9,815

 

 

 

14,676

 

TOTAL

$

2,969,288

 

 

$

2,885,784

 

 

 

 

 

LIABILITIES AND CAPITAL

 

 

 

LIABILITIES:

 

 

 

Notes payable, net

$

622,186

 

 

$

620,651

 

Accounts payable and other liabilities

 

81,649

 

 

 

94,426

 

Related party liabilities

 

78,074

 

 

 

93,086

 

Deferred income tax liability, net

 

7,067

 

 

 

11,506

 

Payable pursuant to tax receivable agreement

 

173,208

 

 

 

173,068

 

Total liabilities

 

962,184

 

 

 

992,737

 

 

 

 

 

REDEEMABLE NONCONTROLLING INTEREST

 

25,000

 

 

 

25,000

 

CAPITAL:

 

 

 

Class A common shares; No par value; Issued and outstanding: December 31, 2023—69,199,938 shares; December 31, 2022—69,068,354 shares

 

 

 

Class B common shares; No par value; Issued and outstanding: December 31, 2023—79,233,544 shares; December 31, 2022—79,233,544 shares

 

 

 

Contributed capital

 

591,606

 

 

 

587,733

 

Retained earnings

 

88,780

 

 

 

33,386

 

Accumulated other comprehensive loss

 

(2,332

)

 

 

(2,988

)

Total members’ capital

 

678,054

 

 

 

618,131

 

Noncontrolling interests

 

1,304,050

 

 

 

1,249,916

 

Total capital

 

1,982,104

 

 

 

1,868,047

 

TOTAL

$

2,969,288

 

 

$

2,885,784

 

FIVE POINT HOLDINGS, LLC

SUPPLEMENTAL DATA

(In thousands)

(Unaudited)

 

Liquidity

 

 

December 31, 2023

Cash and cash equivalents

$

353,801

Borrowing capacity(1)

 

125,000

Total liquidity

$

478,801

(1)

As of December 31, 2023, no borrowings or letters of credit were outstanding on the Company’s $125.0 million revolving credit facility.

Debt to Total Capitalization and Net Debt to Total Capitalization

 

 

December 31, 2023

Debt(1)

$

625,000

 

Total capital

 

1,982,104

 

Total capitalization

$

2,607,104

 

Debt to total capitalization

 

24.0

%

 

 

Debt(1)

$

625,000

 

Less: Cash and cash equivalents

 

353,801

 

Net debt

 

271,199

 

Total capital

 

1,982,104

 

Total net capitalization

$

2,253,303

 

Net debt to total capitalization(2)

 

12.0

%

(1)

For purposes of this calculation, debt is the amount due on the Company’s notes payable before offsetting for capitalized deferred financing costs.

(2)

Net debt to total capitalization is a non-GAAP financial measure defined as net debt (debt less cash and cash equivalents) divided by total net capitalization (net debt plus total capital). The Company believes the ratio of net debt to total capitalization is a relevant and a useful financial measure to investors in understanding the leverage employed in the Company’s operations. However, because net debt to total capitalization is not calculated in accordance with GAAP, this financial measure should not be considered in isolation or as an alternative to financial measures prescribed by GAAP. Rather, this non-GAAP financial measure should be used to supplement the Company's GAAP results.

Segment Results

The following tables reconcile the results of operations of our segments to our consolidated results for the three and twelve months ended months ended December 31, 2023 (in thousands):

 

Three Months Ended December 31, 2023

 

Valencia

 

San Francisco

 

Great Park

 

Commercial

 

Total reportable segments

 

Corporate and unallocated

 

Total under management

 

Removal of unconsolidated entities(1)

 

Total consolidated

REVENUES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Land sales

$

100,111

 

 

$

 

 

$

175,556

 

$

 

 

$

275,667

 

 

$

 

 

$

275,667

 

 

$

(175,556

)

 

$

100,111

 

Land sales—related party

 

 

 

 

 

 

 

6,797

 

 

 

 

 

6,797

 

 

 

 

 

 

6,797

 

 

 

(6,797

)

 

 

 

Management services—related party(2)

 

 

 

 

 

 

 

17,999

 

 

110

 

 

 

18,109

 

 

 

 

 

 

18,109

 

 

 

 

 

 

18,109

 

Operating properties

 

374

 

 

 

165

 

 

 

 

 

2,153

 

 

 

2,692

 

 

 

 

 

 

2,692

 

 

 

(2,153

)

 

 

539

 

Total revenues

 

100,485

 

 

 

165

 

 

 

200,352

 

 

2,263

 

 

 

303,265

 

 

 

 

 

 

303,265

 

 

 

(184,506

)

 

 

118,759

 

COSTS AND EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Land sales

 

66,684

 

 

 

 

 

 

71,399

 

 

 

 

 

138,083

 

 

 

 

 

 

138,083

 

 

 

(71,399

)

 

 

66,684

 

Home sales

 

 

 

 

 

 

 

161

 

 

 

 

 

161

 

 

 

 

 

 

161

 

 

 

(161

)

 

 

 

Management services(2)

 

 

 

 

 

 

 

7,751

 

 

 

 

 

7,751

 

 

 

 

 

 

7,751

 

 

 

 

 

 

7,751

 

Operating properties

 

1,846

 

 

 

 

 

 

 

 

856

 

 

 

2,702

 

 

 

 

 

 

2,702

 

 

 

(856

)

 

 

1,846

 

Selling, general, and administrative

 

2,997

 

 

 

714

 

 

 

3,495

 

 

3,156

 

 

 

10,362

 

 

 

9,384

 

 

 

19,746

 

 

 

(6,651

)

 

 

13,095

 

Management fees—related party

 

 

 

 

 

 

 

28,888

 

 

 

 

 

28,888

 

 

 

 

 

 

28,888

 

 

 

(28,888

)

 

 

 

Total costs and expenses

 

71,527

 

 

 

714

 

 

 

111,694

 

 

4,012

 

 

 

187,947

 

 

 

9,384

 

 

 

197,331

 

 

 

(107,955

)

 

 

89,376

 

OTHER (EXPENSE) INCOME:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

 

 

13

 

 

 

2,318

 

 

33

 

 

 

2,364

 

 

 

2,675

 

 

 

5,039

 

 

 

(2,351

)

 

 

2,688

 

Interest expense

 

 

 

 

 

 

 

 

 

(702

)

 

 

(702

)

 

 

 

 

 

(702

)

 

 

702

 

 

 

 

Miscellaneous

 

(21

)

 

 

 

 

 

 

 

 

 

 

(21

)

 

 

(1,788

)

 

 

(1,809

)

 

 

 

 

 

(1,809

)

Total other (expense) income

 

(21

)

 

 

13

 

 

 

2,318

 

 

(669

)

 

 

1,641

 

 

 

887

 

 

 

2,528

 

 

 

(1,649

)

 

 

879

 

EQUITY IN EARNINGS FROM UNCONSOLIDATED ENTITIES

 

62

 

 

 

 

 

 

363

 

 

 

 

 

425

 

 

 

 

 

 

425

 

 

 

23,616

 

 

 

24,041

 

SEGMENT PROFIT (LOSS)/INCOME BEFORE INCOME TAX BENEFIT

 

28,999

 

 

 

(536

)

 

 

91,339

 

 

(2,418

)

 

 

117,384

 

 

 

(8,497

)

 

 

108,887

 

 

 

(54,584

)

 

 

54,303

 

INCOME TAX BENEFIT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,434

 

 

 

4,434

 

 

 

 

 

 

4,434

 

SEGMENT PROFIT (LOSS)/NET INCOME

$

28,999

 

 

$

(536

)

 

$

91,339

 

$

(2,418

)

 

$

117,384

 

 

$

(4,063

)

 

$

113,321

 

 

$

(54,584

)

 

$

58,737

 

(1)

Represents the removal of the Great Park Venture and Gateway Commercial Venture operating results, which are included in the Great Park segment and Commercial segment operating results at 100% of each venture’s historical basis, respectively, but are not included in our consolidated results as we account for our investment in each venture using the equity method of accounting.

(2)

For the Great Park and Commercial segments, represents the revenues and expenses attributable to the management company for providing services to the Great Park Venture and the Gateway Commercial Venture, as applicable.

 

Twelve Months Ended December 31, 2023

 

Valencia

 

San Francisco

 

Great Park

 

Commercial

 

Total reportable segments

 

Corporate and unallocated

 

Total under management

 

Removal of unconsolidated entities(1)

 

Total consolidated

REVENUES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Land sales

$

160,796

 

$

 

 

$

538,612

 

$

 

 

$

699,408

 

 

$

 

 

$

699,408

 

 

$

(538,612

)

 

$

160,796

 

Land sales—related party

 

595

 

 

 

 

 

16,213

 

 

 

 

 

16,808

 

 

 

 

 

 

16,808

 

 

 

(16,213

)

 

 

595

 

Management services—related party(2)

 

 

 

 

 

 

47,190

 

 

431

 

 

 

47,621

 

 

 

 

 

 

47,621

 

 

 

 

 

 

47,621

 

Operating properties

 

2,066

 

 

654

 

 

 

 

 

8,482

 

 

 

11,202

 

 

 

 

 

 

11,202

 

 

 

(8,482

)

 

 

2,720

 

Total revenues

 

163,457

 

 

654

 

 

 

602,015

 

 

8,913

 

 

 

775,039

 

 

 

 

 

 

775,039

 

 

 

(563,307

)

 

 

211,732

 

COSTS AND EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Land sales

 

105,651

 

 

 

 

 

237,148

 

 

 

 

 

342,799

 

 

 

 

 

 

342,799

 

 

 

(237,148

)

 

 

105,651

 

Home sales

 

 

 

 

 

 

161

 

 

 

 

 

161

 

 

 

 

 

 

161

 

 

 

(161

)

 

 

 

Management services(2)

 

 

 

 

 

 

22,170

 

 

 

 

 

22,170

 

 

 

 

 

 

22,170

 

 

 

 

 

 

22,170

 

Operating properties

 

6,167

 

 

 

 

 

 

 

3,488

 

 

 

9,655

 

 

 

 

 

 

9,655

 

 

 

(3,488

)

 

 

6,167

 

Selling, general, and administrative

 

11,577

 

 

3,989

 

 

 

10,927

 

 

6,406

 

 

 

32,899

 

 

 

35,929

 

 

 

68,828

 

 

 

(17,333

)

 

 

51,495

 

Management fees—related party

 

 

 

 

 

 

65,395

 

 

 

 

 

65,395

 

 

 

 

 

 

65,395

 

 

 

(65,395

)

 

 

 

Total costs and expenses

 

123,395

 

 

3,989

 

 

 

335,801

 

 

9,894

 

 

 

473,079

 

 

 

35,929

 

 

 

509,008

 

 

 

(323,525

)

 

 

185,483

 

OTHER INCOME (EXPENSE):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

 

22

 

 

 

7,490

 

 

58

 

 

 

7,570

 

 

 

7,208

 

 

 

14,778

 

 

 

(7,548

)

 

 

7,230

 

Interest expense

 

 

 

 

 

 

 

 

(2,531

)

 

 

(2,531

)

 

 

 

 

 

(2,531

)

 

 

2,531

 

 

 

 

Miscellaneous

 

1,012

 

 

 

 

 

 

 

 

 

 

1,012

 

 

 

(1,788

)

 

 

(776

)

 

 

 

 

 

(776

)

Total other income (expense)

 

1,012

 

 

22

 

 

 

7,490

 

 

(2,473

)

 

 

6,051

 

 

 

5,420

 

 

 

11,471

 

 

 

(5,017

)

 

 

6,454

 

EQUITY IN EARNINGS FROM UNCONSOLIDATED ENTITIES

 

562

 

 

 

 

 

1,926

 

 

 

 

 

2,488

 

 

 

 

 

 

2,488

 

 

 

74,107

 

 

 

76,595

 

SEGMENT PROFIT (LOSS)/INCOME BEFORE INCOME TAX BENEFIT

 

41,636

 

 

(3,313

)

 

 

275,630

 

 

(3,454

)

 

 

310,499

 

 

 

(30,509

)

 

 

279,990

 

 

 

(170,692

)

 

 

109,298

 

INCOME TAX BENEFIT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,418

 

 

 

4,418

 

 

 

 

 

 

4,418

 

SEGMENT PROFIT (LOSS)/NET INCOME

$

41,636

 

$

(3,313

)

 

$

275,630

 

$

(3,454

)

 

$

310,499

 

 

$

(26,091

)

 

$

284,408

 

 

$

(170,692

)

 

$

113,716

 

(1)

Represents the removal of the Great Park Venture and Gateway Commercial Venture operating results, which are included in the Great Park segment and Commercial segment operating results at 100% of each venture’s historical basis, respectively, but are not included in our consolidated results as we account for our investments in each venture using the equity method of accounting.

(2)

For the Great Park and Commercial segments, represents the revenues and expenses attributable to the management company for providing services to the Great Park Venture and the Gateway Commercial Venture, as applicable.

The table below reconciles the Great Park segment results to the equity in earnings from our investment in the Great Park Venture that is reflected in the consolidated statements of operations for the three and twelve months ended December 31, 2023 (in thousands):

 

Three Months Ended

December 31, 2023

 

Twelve Months Ended

December 31, 2023

Segment profit from operations

$

91,339

 

 

$

275,630

 

Less net income of management company attributed to the Great Park segment

 

10,248

 

 

 

25,020

 

Net income of the Great Park Venture

 

81,091

 

 

 

250,610

 

The Company’s share of net income of the Great Park Venture

 

30,409

 

 

 

93,979

 

Basis difference amortization, net

 

(4,534

)

 

 

(15,032

)

Equity in earnings from the Great Park Venture

$

25,875

 

 

$

78,947

 

The table below reconciles the Commercial segment results to the equity in loss from our investment in the Gateway Commercial Venture that is reflected in the consolidated statements of operations for the three and twelve months ended December 31, 2023 (in thousands):

 

Three Months Ended

December 31, 2023

 

Twelve Months Ended

December 31, 2023

Segment loss from operations

$

(2,418

)

 

$

(3,454

)

Less net income of management company attributed to the Commercial segment

 

110

 

 

 

431

 

Net loss of the Gateway Commercial Venture

 

(2,528

)

 

 

(3,885

)

Equity in loss from the Gateway Commercial Venture

$

(1,896

)

 

$

(2,914

)

 

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