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Segment Reporting
 9 Months Ended
Sep. 30, 2020
Segment Reporting [Abstract]  
Segment Reporting SEGMENT REPORTING
The Company’s reportable segments consist of:
• Valencia (formerly Newhall)—includes the community of Valencia (formerly known as Newhall Ranch) planned for development in northern Los Angeles County, California. The Valencia segment derives revenues from the sale of residential and commercial land sites to homebuilders, commercial developers and commercial buyers.
• San Francisco—includes the Candlestick and The San Francisco Shipyard communities located on bayfront property in the City of San Francisco, California. The San Francisco segment derives revenues from the sale of residential and commercial land sites to homebuilders, commercial developers and commercial buyers.
• Great Park—includes the Great Park Neighborhoods being developed adjacent to and around the Orange County Great Park, a metropolitan park under construction in Orange County, California. This segment also includes management services provided by the Management Company to the Great Park Venture, the owner of the Great Park Neighborhoods. As of September 30, 2020, the Company had a 37.5% Percentage Interest in the Great Park Venture and accounted for the investment under the equity method. The reported segment information for the Great Park segment includes the results of 100% of the Great Park Venture at the historical basis of the venture, which did not apply push down accounting at acquisition date. The Great Park segment derives revenues from the sale of residential and commercial land sites to homebuilders, commercial developers and commercial buyers, and management services provided by the Company to the Great Park Venture.
• Commercial—includes Five Point Gateway Campus, an office, medical and research and development campus located within the Great Park Neighborhoods, consisting of four newly constructed buildings and surrounding land that the Gateway Commercial Venture acquired in 2017. In August 2020, two of the buildings, leased to one tenant, a subsidiary of Broadcom Inc., (the “Broadcom Buildings”) were sold for a purchase price of $355.0 million. The gain on the asset sale for the Gateway Commercial Venture was $74.8 million. In May 2020, the Gateway
Commercial Venture closed on the sale of one of the Five Point Gateway Campus’ buildings, including approximately 11 acres of land within the campus for a purchase price of $108.0 million, to City of Hope, which intends to develop and operate a comprehensive cancer care center and build a future micro hospital. The gain on the asset sale for the Gateway Commercial Venture was $37.4 million. The Company and a subsidiary of Lennar lease portions of the fourth building that remains under the ownership of the Gateway Commercial Venture. The Gateway Commercial Venture also owns approximately 50 acres of commercial land with additional development rights at the campus. This segment also includes property management services provided by the Management Company to the Gateway Commercial Venture. As of September 30, 2020, the Company had a 75% interest in the Gateway Commercial Venture and accounted for the investment under the equity method. The reported segment information for the Commercial segment includes the results of 100% of the Gateway Commercial Venture.
     Segment operating results and reconciliations to the Company’s consolidated balances are as follows (in thousands):
RevenuesProfit (Loss)RevenuesProfit (Loss)
Three Months Ended September 30,Nine Months Ended September 30,
20202019202020192020201920202019
Valencia
$240 $151 $(3,231)$(4,892)$18,897 $2,586 $(6,348)$(13,237)
San Francisco
138 950 (1,829)(3,662)1,285 3,015 (7,387)52,947 
Great Park
8,123 49,450 (10,193)970 44,478 262,863 (22,920)38,913 
Commercial
5,263 8,673 75,595 (1,313)22,439 25,934 112,383 (3,500)
Total reportable segments
13,764 59,224 60,342 (8,897)87,099 294,398 75,728 75,123 
Reconciling items:
Removal of results of unconsolidated entities—
Great Park Venture (1)
(228)(38,636)11,968 2,370 (23,054)(231,216)28,245 (29,205)
Gateway Commercial Venture (1)
(5,159)(8,574)(75,491)1,412 (22,141)(25,708)(112,085)3,726 
Add equity in earnings (losses) from unconsolidated entities—
Great Park Venture
— — (4,195)(690)— — (38,647)7,258 
Gateway Commercial Venture
— — 56,618 (1,060)— — 84,064 (2,795)
Corporate and unallocated (2)
— — (12,820)(16,090)— — (39,864)(46,957)
Total consolidated balances
$8,377 $12,014 $36,422 $(22,955)$41,904 $37,474 $(2,559)$7,150 

(1) Represents the removal of the Great Park Venture’s and Gateway Commercial Venture’s operating results that are included in the Great Park segment and Commercial segment operating results, respectively, but are not included in the Company’s consolidated results.
(2) Corporate and unallocated activity is primarily comprised of corporate general, and administrative expenses.
Segment assets and reconciliations to the Company’s consolidated balances are as follows (in thousands):
September 30, 2020December 31, 2019
Valencia
$850,479 $748,082 
San Francisco
1,221,579 1,197,081 
Great Park
1,243,491 1,356,417 
Commercial
105,399 473,409 
Total reportable segments
3,420,948 3,774,989 
Reconciling items:
Removal of unconsolidated balances of Great Park Venture (1)
(1,078,574)(1,196,258)
Removal of unconsolidated balances of Gateway Commercial Venture (1)
(105,388)(473,398)
Other eliminations (2)
(20,558)(8,310)
Add investment balance in Great Park Venture
392,769 431,835 
Add investment balance in Gateway Commercial Venture
48,968 101,404 
Corporate and unallocated (3)
304,759 374,438 
Total consolidated balances
$2,962,924 $3,004,700 

(1) Represents the removal of the Great Park Venture’s and Gateway Commercial Venture’s balances that are included in the Great Park segment and Commercial segment balances, respectively, but are not included in the Company’s consolidated balances.
(2) Represents intersegment balances that eliminate in consolidation.
(3) Corporate and unallocated assets consist of cash and cash equivalents, receivables, right-of-use assets and prepaid expenses.