Skip to main content

Five Point Holdings, LLC Reports Third Quarter 2023 Results

Third Quarter 2023 and Recent Highlights

  • Valencia sold 146 homesites on approximately 26 acres of land and recognized revenue of $60.6 million.
  • Valencia builder sales of 75 homes during the quarter compared to 79 in the second quarter of 2023.
  • Great Park builder sales of 113 homes during the quarter compared to 177 in the second quarter of 2023.
  • Consolidated revenues of $65.9 million; consolidated net income of $14.2 million.
  • Cash and cash equivalents of $218.3 million as of September 30, 2023.
  • Debt to total capitalization ratio of 24.5% and liquidity of $343.3 million as of September 30, 2023.
  • 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 third quarter 2023 results.

Dan Hedigan, Chief Executive Officer, said, “In the third quarter, we built on our positive momentum from the first half of the year, with earnings for the third quarter of $14.2 million and an increase in our cash position of $25.1 million, giving us total cash and cash equivalents of $218.3 million. Notwithstanding the headwinds created by the interest rate environment, we are seeing consistent home sales in our communities and continued interest from home builders in our land. Our results for the quarter reflect our sustained focus on our three main priorities: generating revenue, right-sizing our SG&A, and limiting our capital spend.

Given our continued success in cash generation and profitability, I am pleased to announce that today we closed on an amendment to our revolving credit facility, which extends the term through April 2026.”

Consolidated Results

Liquidity and Capital Resources

As of September 30, 2023, total liquidity of $343.3 million was comprised of cash and cash equivalents totaling $218.3 million and borrowing availability of $125.0 million under our unsecured revolving credit facility. Total capital was $1.9 billion, reflecting $2.9 billion in assets and $1.0 billion in liabilities and redeemable noncontrolling interests.

Results of Operations for the Three Months Ended September 30, 2023

Revenues. Revenues of $65.9 million for the three months ended September 30, 2023 were primarily generated from land sales at our Valencia segment. At Valencia we closed the sale of land entitled for an aggregate of 146 homesites on approximately 26 acres. The fixed base purchase price of $60.6 million was paid at closing.

Equity in loss from unconsolidated entities. Equity in loss from unconsolidated entities was $0.6 million for the three months ended September 30, 2023. The Great Park Venture generated net loss of $1.4 million during the three months ended September 30, 2023, and our share of the net loss from our 37.5% percentage interest, adjusted for basis differences, was $0.4 million. Additionally, we recognized $0.4 million in loss from our 75% interest in the Gateway Commercial Venture.

Selling, general, and administrative. Selling, general, and administrative expenses were $11.9 million for the three months ended September 30, 2023.

Net income. Consolidated net income for the quarter was $14.2 million. Net income attributable to noncontrolling interests totaled $7.6 million, resulting in net income attributable to the Company of $6.6 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.

Conference Call Information

In conjunction with this release, Five Point will host a conference call on Thursday, October 19, 2023 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 13742066. The telephonic replay will be available until 11:59 p.m. Eastern Time on October 28, 2023.

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; our future revenues, costs and financial performance, including with respect to cash generation and profitability; and future demographics and market conditions 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

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share amounts)

(Unaudited)

 

 

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

 

FIVE POINT HOLDINGS, LLC

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except shares)

(Unaudited)

 

 

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

 

FIVE POINT HOLDINGS, LLC

SUPPLEMENTAL DATA

(In thousands)

(Unaudited)

 

Liquidity

 

 

September 30, 2023

Cash and cash equivalents

$

218,264

Borrowing capacity(1)

 

125,000

Total liquidity

$

343,264

(1)

As of September 30, 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

 

 

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

%

(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 table reconciles the results of operations of our segments to our consolidated results for the three and nine months ended September 30, 2023 (in thousands):

 

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

 

(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.

 

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

 

(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 (loss) earnings from our investment in the Great Park Venture that is reflected in the condensed consolidated statements of operations for the three and nine months ended September 30, 2023 (in thousands):

 

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

 

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 condensed consolidated statements of operations for the three and nine months ended September 30, 2023 (in thousands):

 

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

)

 

Contacts

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.