(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||
(Address of Principal Executive Offices) | (Zip code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
FIVE POINT HOLDINGS, LLC | |||||
By: | /s/ Michael Alvarado | ||||
Name: | Michael Alvarado | ||||
Title: | Chief Legal Officer, Vice President and Secretary |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
REVENUES: | |||||||||||||||||||||||
Land sales | $ | 60,694 | $ | 72 | $ | 60,685 | $ | 643 | |||||||||||||||
Land sales—related party | — | 2,817 | 595 | 4,529 | |||||||||||||||||||
Management services—related party | 4,502 | 12,108 | 29,512 | 18,358 | |||||||||||||||||||
Operating properties | 727 | 419 | 2,181 | 2,165 | |||||||||||||||||||
Total revenues | 65,923 | 15,416 | 92,973 | 25,695 | |||||||||||||||||||
COSTS AND EXPENSES: | |||||||||||||||||||||||
Land sales | 38,967 | — | 38,967 | — | |||||||||||||||||||
Management services | 2,371 | 7,488 | 14,419 | 12,372 | |||||||||||||||||||
Operating properties | 1,351 | 1,580 | 4,321 | 5,797 | |||||||||||||||||||
Selling, general, and administrative | 11,938 | 12,030 | 38,400 | 41,472 | |||||||||||||||||||
Restructuring | — | — | — | 19,437 | |||||||||||||||||||
Total costs and expenses | 54,627 | 21,098 | 96,107 | 79,078 | |||||||||||||||||||
OTHER INCOME: | |||||||||||||||||||||||
Interest income | 2,413 | 307 | 4,542 | 445 | |||||||||||||||||||
Miscellaneous | 1,074 | 112 | 1,033 | 336 | |||||||||||||||||||
Total other income | 3,487 | 419 | 5,575 | 781 | |||||||||||||||||||
EQUITY IN (LOSS) EARNINGS FROM UNCONSOLIDATED ENTITIES | (622) | (4,265) | 52,554 | (4,654) | |||||||||||||||||||
INCOME (LOSS) BEFORE INCOME TAX PROVISION | 14,161 | (9,528) | 54,995 | (57,256) | |||||||||||||||||||
INCOME TAX PROVISION | (3) | (3) | (16) | (16) | |||||||||||||||||||
NET INCOME (LOSS) | 14,158 | (9,531) | 54,979 | (57,272) | |||||||||||||||||||
LESS NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 7,555 | (5,092) | 29,341 | (30,592) | |||||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY | $ | 6,603 | $ | (4,439) | $ | 25,638 | $ | (26,680) | |||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY PER CLASS A SHARE | |||||||||||||||||||||||
Basic | $ | 0.10 | $ | (0.06) | $ | 0.37 | $ | (0.39) | |||||||||||||||
Diluted | $ | 0.09 | $ | (0.07) | $ | 0.37 | $ | (0.39) | |||||||||||||||
WEIGHTED AVERAGE CLASS A SHARES OUTSTANDING | |||||||||||||||||||||||
Basic | 68,865,783 | 68,514,843 | 68,794,915 | 68,393,923 | |||||||||||||||||||
Diluted | 145,312,266 | 68,879,642 | 145,064,113 | 68,758,722 | |||||||||||||||||||
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 | |||||||||||||||||||
September 30, 2023 | December 31, 2022 | ||||||||||
ASSETS | |||||||||||
INVENTORIES | $ | 2,252,783 | $ | 2,239,125 | |||||||
INVESTMENT IN UNCONSOLIDATED ENTITIES | 301,436 | 331,594 | |||||||||
PROPERTIES AND EQUIPMENT, NET | 29,381 | 30,243 | |||||||||
INTANGIBLE ASSET, NET—RELATED PARTY | 31,029 | 40,257 | |||||||||
CASH AND CASH EQUIVALENTS | 218,264 | 131,771 | |||||||||
RESTRICTED CASH AND CERTIFICATES OF DEPOSIT | 992 | 992 | |||||||||
RELATED PARTY ASSETS | 91,103 | 97,126 | |||||||||
OTHER ASSETS | 9,559 | 14,676 | |||||||||
TOTAL | $ | 2,934,547 | $ | 2,885,784 | |||||||
LIABILITIES AND CAPITAL | |||||||||||
LIABILITIES: | |||||||||||
Notes payable, net | $ | 621,802 | $ | 620,651 | |||||||
Accounts payable and other liabilities | 100,101 | 94,426 | |||||||||
Related party liabilities | 81,547 | 93,086 | |||||||||
Deferred income tax liability, net | 11,506 | 11,506 | |||||||||
Payable pursuant to tax receivable agreement | 173,208 | 173,068 | |||||||||
Total liabilities | 988,164 | 992,737 | |||||||||
REDEEMABLE NONCONTROLLING INTEREST | 25,000 | 25,000 | |||||||||
CAPITAL: | |||||||||||
Class A common shares; No par value; Issued and outstanding: September 30, 2023—69,199,938 shares; December 31, 2022—69,068,354 shares | |||||||||||
Class B common shares; No par value; Issued and outstanding: September 30, 2023—79,233,544 shares; December 31, 2022—79,233,544 shares | |||||||||||
Contributed capital | 590,551 | 587,733 | |||||||||
Retained earnings | 59,024 | 33,386 | |||||||||
Accumulated other comprehensive loss | (2,914) | (2,988) | |||||||||
Total members’ capital | 646,661 | 618,131 | |||||||||
Noncontrolling interests | 1,274,722 | 1,249,916 | |||||||||
Total capital | 1,921,383 | 1,868,047 | |||||||||
TOTAL | $ | 2,934,547 | $ | 2,885,784 |
September 30, 2023 | |||||
Cash and cash equivalents | $ | 218,264 | |||
Borrowing capacity(1) | 125,000 | ||||
Total liquidity | $ | 343,264 |
September 30, 2023 | |||||
Debt(1) | $ | 625,000 | |||
Total capital | 1,921,383 | ||||
Total capitalization | $ | 2,546,383 | |||
Debt to total capitalization | 24.5 | % | |||
Debt(1) | $ | 625,000 | |||
Less: Cash and cash equivalents | 218,264 | ||||
Net debt | 406,736 | ||||
Total capital | 1,921,383 | ||||
Total net capitalization | $ | 2,328,119 | |||
Net debt to total capitalization(2) | 17.5 | % |
Three Months Ended September 30, 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 | $ | 60,694 | $ | — | $ | 1,255 | $ | — | $ | 61,949 | $ | — | $ | 61,949 | $ | (1,255) | $ | 60,694 | |||||||||||||||||||||||||||||||||||
Land sales—related party | — | — | 2,021 | — | 2,021 | — | 2,021 | (2,021) | — | ||||||||||||||||||||||||||||||||||||||||||||
Management services—related party(2) | — | — | 4,392 | 110 | 4,502 | — | 4,502 | — | 4,502 | ||||||||||||||||||||||||||||||||||||||||||||
Operating properties | 562 | 165 | — | 2,154 | 2,881 | — | 2,881 | (2,154) | 727 | ||||||||||||||||||||||||||||||||||||||||||||
Total revenues | 61,256 | 165 | 7,668 | 2,264 | 71,353 | — | 71,353 | (5,430) | 65,923 | ||||||||||||||||||||||||||||||||||||||||||||
COSTS AND EXPENSES: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Land sales | 38,967 | — | — | — | 38,967 | — | 38,967 | — | 38,967 | ||||||||||||||||||||||||||||||||||||||||||||
Management services(2) | — | — | 2,371 | — | 2,371 | — | 2,371 | — | 2,371 | ||||||||||||||||||||||||||||||||||||||||||||
Operating properties | 1,351 | — | — | 829 | 2,180 | — | 2,180 | (829) | 1,351 | ||||||||||||||||||||||||||||||||||||||||||||
Selling, general, and administrative | 2,539 | 1,033 | 2,289 | 1,097 | 6,958 | 8,366 | 15,324 | (3,386) | 11,938 | ||||||||||||||||||||||||||||||||||||||||||||
Management fees—related party | — | — | 4,659 | — | 4,659 | — | 4,659 | (4,659) | — | ||||||||||||||||||||||||||||||||||||||||||||
Total costs and expenses | 42,857 | 1,033 | 9,319 | 1,926 | 55,135 | 8,366 | 63,501 | (8,874) | 54,627 | ||||||||||||||||||||||||||||||||||||||||||||
OTHER INCOME (EXPENSE): | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | — | 6 | 1,964 | 25 | 1,995 | 2,407 | 4,402 | (1,989) | 2,413 | ||||||||||||||||||||||||||||||||||||||||||||
Interest expense | — | — | — | (721) | (721) | — | (721) | 721 | — | ||||||||||||||||||||||||||||||||||||||||||||
Miscellaneous | 1,074 | — | — | — | 1,074 | — | 1,074 | — | 1,074 | ||||||||||||||||||||||||||||||||||||||||||||
Total other income (expense) | 1,074 | 6 | 1,964 | (696) | 2,348 | 2,407 | 4,755 | (1,268) | 3,487 | ||||||||||||||||||||||||||||||||||||||||||||
EQUITY IN EARNINGS (LOSS) FROM UNCONSOLIDATED ENTITIES | 141 | — | 327 | — | 468 | — | 468 | (1,090) | (622) | ||||||||||||||||||||||||||||||||||||||||||||
SEGMENT PROFIT (LOSS)/INCOME BEFORE INCOME TAX PROVISION | 19,614 | (862) | 640 | (358) | 19,034 | (5,959) | 13,075 | 1,086 | 14,161 | ||||||||||||||||||||||||||||||||||||||||||||
INCOME TAX PROVISION | — | — | — | — | — | (3) | (3) | — | (3) | ||||||||||||||||||||||||||||||||||||||||||||
SEGMENT PROFIT (LOSS)/NET INCOME | $ | 19,614 | $ | (862) | $ | 640 | $ | (358) | $ | 19,034 | $ | (5,962) | $ | 13,072 | $ | 1,086 | $ | 14,158 |
Nine Months Ended September 30, 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 | $ | 60,685 | $ | — | $ | 363,056 | $ | — | $ | 423,741 | $ | — | $ | 423,741 | $ | (363,056) | $ | 60,685 | |||||||||||||||||||||||||||||||||||
Land sales—related party | 595 | — | 9,416 | — | 10,011 | — | 10,011 | (9,416) | 595 | ||||||||||||||||||||||||||||||||||||||||||||
Management services—related party(2) | — | — | 29,191 | 321 | 29,512 | — | 29,512 | — | 29,512 | ||||||||||||||||||||||||||||||||||||||||||||
Operating properties | 1,692 | 489 | — | 6,329 | 8,510 | — | 8,510 | (6,329) | 2,181 | ||||||||||||||||||||||||||||||||||||||||||||
Total revenues | 62,972 | 489 | 401,663 | 6,650 | 471,774 | — | 471,774 | (378,801) | 92,973 | ||||||||||||||||||||||||||||||||||||||||||||
COSTS AND EXPENSES: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Land sales | 38,967 | — | 165,749 | — | 204,716 | — | 204,716 | (165,749) | 38,967 | ||||||||||||||||||||||||||||||||||||||||||||
Management services(2) | — | — | 14,419 | — | 14,419 | — | 14,419 | — | 14,419 | ||||||||||||||||||||||||||||||||||||||||||||
Operating properties | 4,321 | — | — | 2,632 | 6,953 | — | 6,953 | (2,632) | 4,321 | ||||||||||||||||||||||||||||||||||||||||||||
Selling, general, and administrative | 8,580 | 3,275 | 7,432 | 3,250 | 22,537 | 26,545 | 49,082 | (10,682) | 38,400 | ||||||||||||||||||||||||||||||||||||||||||||
Management fees—related party | — | — | 36,507 | — | 36,507 | — | 36,507 | (36,507) | — | ||||||||||||||||||||||||||||||||||||||||||||
Total costs and expenses | 51,868 | 3,275 | 224,107 | 5,882 | 285,132 | 26,545 | 311,677 | (215,570) | 96,107 | ||||||||||||||||||||||||||||||||||||||||||||
OTHER INCOME (EXPENSE): | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | — | 9 | 5,172 | 25 | 5,206 | 4,533 | 9,739 | (5,197) | 4,542 | ||||||||||||||||||||||||||||||||||||||||||||
Interest expense | — | — | — | (1,829) | (1,829) | — | (1,829) | 1,829 | — | ||||||||||||||||||||||||||||||||||||||||||||
Miscellaneous | 1,033 | — | — | — | 1,033 | — | 1,033 | — | 1,033 | ||||||||||||||||||||||||||||||||||||||||||||
Total other income (expense) | 1,033 | 9 | 5,172 | (1,804) | 4,410 | 4,533 | 8,943 | (3,368) | 5,575 | ||||||||||||||||||||||||||||||||||||||||||||
EQUITY IN EARNINGS FROM UNCONSOLIDATED ENTITIES | 500 | — | 1,563 | — | 2,063 | — | 2,063 | 50,491 | 52,554 | ||||||||||||||||||||||||||||||||||||||||||||
SEGMENT PROFIT (LOSS)/INCOME BEFORE INCOME TAX PROVISION | 12,637 | (2,777) | 184,291 | (1,036) | 193,115 | (22,012) | 171,103 | (116,108) | 54,995 | ||||||||||||||||||||||||||||||||||||||||||||
INCOME TAX PROVISION | — | — | — | — | — | (16) | (16) | — | (16) | ||||||||||||||||||||||||||||||||||||||||||||
SEGMENT PROFIT (LOSS)/NET INCOME | $ | 12,637 | $ | (2,777) | $ | 184,291 | $ | (1,036) | $ | 193,115 | $ | (22,028) | $ | 171,087 | $ | (116,108) | $ | 54,979 |
Three Months Ended September 30, 2023 | Nine Months Ended September 30, 2023 | ||||||||||
Segment profit from operations | $ | 640 | $ | 184,291 | |||||||
Less net income of management company attributed to the Great Park segment | 2,021 | 14,772 | |||||||||
Net (loss) income of the Great Park Venture | (1,381) | 169,519 | |||||||||
The Company’s share of net (loss) income of the Great Park Venture | (518) | 63,570 | |||||||||
Basis difference accretion (amortization), net | 106 | (10,498) | |||||||||
Equity in (loss) earnings from the Great Park Venture | $ | (412) | $ | 53,072 |
Three Months Ended September 30, 2023 | Nine Months Ended September 30, 2023 | ||||||||||
Segment loss from operations | $ | (358) | $ | (1,036) | |||||||
Less net income of management company attributed to the Commercial segment | 110 | 321 | |||||||||
Net loss of the Gateway Commercial Venture | (468) | (1,357) | |||||||||
Equity in loss from the Gateway Commercial Venture | $ | (351) | $ | (1,018) |
Cover |
Oct. 19, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Oct. 19, 2023 |
Entity Registrant Name | FIVE POINT HOLDINGS, LLC |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-38088 |
Entity Tax Identification Number | 27-0599397 |
Entity Address, Address Line One | 2000 FivePoint |
Entity Address, Address Line Two | 4th Floor |
Entity Address, City or Town | Irvine |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 92618 |
City Area Code | 949 |
Local Phone Number | 349-1000 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Class A common shares |
Trading Symbol | FPH |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001574197 |
Amendment Flag | false |
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