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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Five Point Holdings LLC | NYSE:FPH | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.05 | -1.64% | 2.99 | 3.07 | 2.97 | 3.04 | 39,254 | 21:00:19 |
|
Delaware
|
|
27-0599397
|
|||
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
|||
15131 Alton Parkway
|
4th Floor
|
Irvine
|
California
|
|
92618
|
(Address of Principal Executive Offices)
|
|
(Zip code)
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Class A common shares
|
FPH
|
New York Stock Exchange
|
Large accelerated filer
|
☐
|
|
Accelerated filer
|
☒
|
Non-accelerated filer
|
☐
|
|
Smaller reporting company
|
☐
|
|
|
|
Emerging growth company
|
☒
|
|
|
|
Page
|
|
PART I. FINANCIAL INFORMATION
|
|
ITEM 1.
|
||
|
||
|
||
|
||
|
||
|
||
|
||
ITEM 2.
|
||
ITEM 3.
|
||
ITEM 4.
|
||
|
|
|
|
PART II. OTHER INFORMATION
|
|
ITEM 1.
|
||
ITEM 1A.
|
||
ITEM 2.
|
||
ITEM 3.
|
||
ITEM 4.
|
||
ITEM 5.
|
||
ITEM 6.
|
||
|
•
|
risks associated with the real estate industry;
|
•
|
downturns in economic conditions or demographic changes at the national, regional or local levels, particularly in the areas where our properties are located;
|
•
|
uncertainty and risks related to zoning and land use laws and regulations, including environmental planning and protection laws;
|
•
|
risks associated with development and construction projects;
|
•
|
adverse developments in the economic, political, competitive or regulatory climate of California;
|
•
|
loss of key personnel;
|
•
|
uncertainties and risks related to adverse weather conditions, natural disasters and climate change;
|
•
|
fluctuations in interest rates;
|
•
|
the availability of cash for distribution and debt service and exposure to risk of default under debt obligations;
|
•
|
exposure to liability relating to environmental and health and safety matters;
|
•
|
exposure to litigation or other claims;
|
•
|
insufficient amounts of insurance or exposure to events that are either uninsured or underinsured;
|
•
|
intense competition in the real estate market and our ability to sell properties at desirable prices;
|
•
|
fluctuations in real estate values;
|
•
|
changes in property taxes;
|
•
|
risks associated with our trademarks, trade names and service marks;
|
•
|
conflicts of interest with our directors;
|
•
|
general volatility of the capital and credit markets and the price of our Class A common shares; and
|
•
|
risks associated with public or private financing or the unavailability thereof.
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
ASSETS
|
|
|
|
||||
INVENTORIES
|
$
|
1,810,697
|
|
|
$
|
1,696,084
|
|
INVESTMENT IN UNCONSOLIDATED ENTITIES
|
537,125
|
|
|
532,899
|
|
||
PROPERTIES AND EQUIPMENT, NET
|
32,265
|
|
|
31,677
|
|
||
INTANGIBLE ASSET, NET—RELATED PARTY
|
87,107
|
|
|
95,917
|
|
||
CASH AND CASH EQUIVALENTS
|
292,661
|
|
|
495,694
|
|
||
RESTRICTED CASH AND CERTIFICATES OF DEPOSIT
|
1,739
|
|
|
1,403
|
|
||
RELATED PARTY ASSETS
|
90,832
|
|
|
61,039
|
|
||
OTHER ASSETS
|
24,619
|
|
|
9,179
|
|
||
TOTAL
|
$
|
2,877,045
|
|
|
$
|
2,923,892
|
|
|
|
|
|
||||
LIABILITIES AND CAPITAL
|
|
|
|
||||
LIABILITIES:
|
|
|
|
||||
Notes payable, net
|
$
|
492,469
|
|
|
$
|
557,004
|
|
Accounts payable and other liabilities
|
163,870
|
|
|
161,139
|
|
||
Related party liabilities
|
128,850
|
|
|
178,540
|
|
||
Deferred income tax liability, net
|
10,449
|
|
|
9,183
|
|
||
Payable pursuant to tax receivable agreement
|
172,633
|
|
|
169,509
|
|
||
Total liabilities
|
968,271
|
|
|
1,075,375
|
|
||
|
|
|
|
||||
COMMITMENTS AND CONTINGENT LIABILITIES (Note 12)
|
|
|
|
||||
REDEEMABLE NONCONTROLLING INTEREST
|
25,000
|
|
|
—
|
|
||
CAPITAL:
|
|
|
|
||||
Class A common shares; No par value; Issued and outstanding: 2019—68,746,555 shares; 2018—66,810,980 shares
|
|
|
|
||||
Class B common shares; No par value; Issued and outstanding: 2019—79,275,234 shares; 2018—78,838,736 shares
|
|
|
|
||||
Contributed capital
|
564,199
|
|
|
556,521
|
|
||
Retained earnings
|
47,107
|
|
|
33,811
|
|
||
Accumulated other comprehensive loss
|
(3,298
|
)
|
|
(3,306
|
)
|
||
Total members’ capital
|
608,008
|
|
|
587,026
|
|
||
Noncontrolling interests
|
1,275,766
|
|
|
1,261,491
|
|
||
Total capital
|
1,883,774
|
|
|
1,848,517
|
|
||
TOTAL
|
$
|
2,877,045
|
|
|
$
|
2,923,892
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
NET (LOSS) INCOME
|
$
|
(22,628
|
)
|
|
$
|
(11,303
|
)
|
|
$
|
30,105
|
|
|
$
|
(25,600
|
)
|
OTHER COMPREHENSIVE INCOME:
|
|
|
|
|
|
|
|
||||||||
Reclassification of actuarial loss on defined benefit pension plan included in net (loss) income
|
35
|
|
|
21
|
|
|
70
|
|
|
43
|
|
||||
Other comprehensive income before taxes
|
35
|
|
|
21
|
|
|
70
|
|
|
43
|
|
||||
INCOME TAX PROVISION RELATED TO OTHER COMPREHENSIVE INCOME
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
OTHER COMPREHENSIVE INCOME—Net of tax
|
35
|
|
|
21
|
|
|
70
|
|
|
43
|
|
||||
COMPREHENSIVE (LOSS) INCOME
|
(22,593
|
)
|
|
(11,282
|
)
|
|
30,175
|
|
|
(25,557
|
)
|
||||
LESS COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
(12,103
|
)
|
|
(6,135
|
)
|
|
16,835
|
|
|
(15,191
|
)
|
||||
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO THE COMPANY
|
$
|
(10,490
|
)
|
|
$
|
(5,147
|
)
|
|
$
|
13,340
|
|
|
$
|
(10,366
|
)
|
|
Class A
Common Shares |
|
Class B
Common Shares |
|
Contributed
Capital |
|
Retained
Earnings |
|
Accumulated
Other Comprehensive Loss |
|
Total
Members’ Capital |
|
Noncontrolling
Interests |
|
Total
Capital |
||||||||||||||
BALANCE - March 31, 2019
|
68,746,555
|
|
|
79,275,234
|
|
|
$
|
562,185
|
|
|
$
|
57,619
|
|
|
$
|
(3,320
|
)
|
|
$
|
616,484
|
|
|
$
|
1,287,869
|
|
|
$
|
1,904,353
|
|
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(10,512
|
)
|
|
—
|
|
|
(10,512
|
)
|
|
(12,116
|
)
|
|
(22,628
|
)
|
||||||
Share-based compensation expense
|
—
|
|
|
—
|
|
|
3,442
|
|
|
—
|
|
|
—
|
|
|
3,442
|
|
|
—
|
|
|
3,442
|
|
||||||
Other comprehensive income—net of tax of $0
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22
|
|
|
22
|
|
|
13
|
|
|
35
|
|
||||||
Adjustment to liability recognized under tax receivable agreement—net of tax of $0
|
—
|
|
|
—
|
|
|
(1,428
|
)
|
|
—
|
|
|
—
|
|
|
(1,428
|
)
|
|
—
|
|
|
(1,428
|
)
|
||||||
BALANCE - June 30, 2019
|
68,746,555
|
|
|
79,275,234
|
|
|
$
|
564,199
|
|
|
$
|
47,107
|
|
|
$
|
(3,298
|
)
|
|
$
|
608,008
|
|
|
$
|
1,275,766
|
|
|
$
|
1,883,774
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
BALANCE - March 31, 2018
|
64,268,027
|
|
|
81,418,003
|
|
|
$
|
535,900
|
|
|
$
|
63,293
|
|
|
$
|
(2,474
|
)
|
|
$
|
596,719
|
|
|
$
|
1,315,220
|
|
|
$
|
1,911,939
|
|
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,160
|
)
|
|
—
|
|
|
(5,160
|
)
|
|
(6,143
|
)
|
|
(11,303
|
)
|
||||||
Share-based compensation expense
|
—
|
|
|
—
|
|
|
2,742
|
|
|
—
|
|
|
—
|
|
|
2,742
|
|
|
—
|
|
|
2,742
|
|
||||||
Issuance of share-based compensation awards, net of forfeitures
|
(3,371
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Other comprehensive income—net of tax of $0
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13
|
|
|
13
|
|
|
8
|
|
|
21
|
|
||||||
Redemption of noncontrolling interests
|
2,273,196
|
|
|
(2,272,516
|
)
|
|
25,948
|
|
|
—
|
|
|
(89
|
)
|
|
25,859
|
|
|
(25,859
|
)
|
|
—
|
|
||||||
Adjustment to liability recognized under tax receivable agreement—net of tax of $0
|
—
|
|
|
—
|
|
|
(15,172
|
)
|
|
—
|
|
|
—
|
|
|
(15,172
|
)
|
|
—
|
|
|
(15,172
|
)
|
||||||
Adjustment of noncontrolling interest in the Operating Company
|
—
|
|
|
—
|
|
|
(15
|
)
|
|
—
|
|
|
—
|
|
|
(15
|
)
|
|
15
|
|
|
—
|
|
||||||
BALANCE - June 30, 2018
|
66,537,852
|
|
|
79,145,487
|
|
|
$
|
549,403
|
|
|
$
|
58,133
|
|
|
$
|
(2,550
|
)
|
|
$
|
604,986
|
|
|
$
|
1,283,241
|
|
|
$
|
1,888,227
|
|
|
Class A
Common Shares |
|
Class B
Common Shares |
|
Contributed
Capital |
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
Loss
|
|
Total
Members’ Capital |
|
Noncontrolling
Interests |
|
Total
Capital |
||||||||||||||
BALANCE - December 31, 2018
|
66,810,980
|
|
|
78,838,736
|
|
|
$
|
556,521
|
|
|
$
|
33,811
|
|
|
$
|
(3,306
|
)
|
|
$
|
587,026
|
|
|
$
|
1,261,491
|
|
|
$
|
1,848,517
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
13,296
|
|
|
—
|
|
|
13,296
|
|
|
16,809
|
|
|
30,105
|
|
||||||
Share-based compensation expense
|
—
|
|
|
—
|
|
|
6,758
|
|
|
—
|
|
|
—
|
|
|
6,758
|
|
|
—
|
|
|
6,758
|
|
||||||
Reacquisition of share-based compensation awards for tax-withholding purposes
|
(296,392
|
)
|
|
—
|
|
|
(4,099
|
)
|
|
—
|
|
|
—
|
|
|
(4,099
|
)
|
|
—
|
|
|
(4,099
|
)
|
||||||
Settlement of restricted share units for Class A common shares
|
337,799
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Issuance of share-based compensation awards, net of forfeitures
|
1,894,168
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Other comprehensive income—net of tax of $0
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
44
|
|
|
44
|
|
|
26
|
|
|
70
|
|
||||||
Contribution from noncontrolling interest and related sale of Class B common shares
|
—
|
|
|
436,498
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
5,544
|
|
|
5,547
|
|
||||||
Adjustment to liability recognized under tax receivable agreement—net of tax of $0
|
—
|
|
|
—
|
|
|
(3,124
|
)
|
|
—
|
|
|
—
|
|
|
(3,124
|
)
|
|
—
|
|
|
(3,124
|
)
|
||||||
Adjustment of noncontrolling interest in the Operating Company
|
—
|
|
|
—
|
|
|
8,140
|
|
|
—
|
|
|
(36
|
)
|
|
8,104
|
|
|
(8,104
|
)
|
|
—
|
|
||||||
BALANCE - June 30, 2019
|
68,746,555
|
|
|
79,275,234
|
|
|
$
|
564,199
|
|
|
$
|
47,107
|
|
|
$
|
(3,298
|
)
|
|
$
|
608,008
|
|
|
$
|
1,275,766
|
|
|
$
|
1,883,774
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
BALANCE - December 31, 2017
|
62,314,850
|
|
|
81,463,433
|
|
|
$
|
530,015
|
|
|
$
|
57,841
|
|
|
$
|
(2,455
|
)
|
|
$
|
585,401
|
|
|
$
|
1,320,208
|
|
|
$
|
1,905,609
|
|
Adoption of accounting standards
|
—
|
|
|
—
|
|
|
—
|
|
|
10,684
|
|
|
—
|
|
|
10,684
|
|
|
13,961
|
|
|
24,645
|
|
||||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(10,392
|
)
|
|
—
|
|
|
(10,392
|
)
|
|
(15,208
|
)
|
|
(25,600
|
)
|
||||||
Share-based compensation expense
|
—
|
|
|
—
|
|
|
6,141
|
|
|
—
|
|
|
—
|
|
|
6,141
|
|
|
—
|
|
|
6,141
|
|
||||||
Reacquisition of share-based compensation awards for tax-withholding purposes
|
(68,886
|
)
|
|
—
|
|
|
(5,131
|
)
|
|
—
|
|
|
—
|
|
|
(5,131
|
)
|
|
—
|
|
|
(5,131
|
)
|
||||||
Settlement of restricted share units for Class A common shares
|
319,783
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Issuance of share-based compensation awards, net of forfeitures
|
1,653,467
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Other comprehensive income—net of tax of $0
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
26
|
|
|
26
|
|
|
17
|
|
|
43
|
|
||||||
Redemption of noncontrolling interests
|
2,318,638
|
|
|
(2,317,946
|
)
|
|
26,765
|
|
|
—
|
|
|
(90
|
)
|
|
26,675
|
|
|
(26,675
|
)
|
|
—
|
|
||||||
Adjustment to liability recognized under tax receivable agreement—net of tax of $0
|
—
|
|
|
—
|
|
|
(17,480
|
)
|
|
—
|
|
|
—
|
|
|
(17,480
|
)
|
|
—
|
|
|
(17,480
|
)
|
||||||
Adjustment of noncontrolling interest in the Operating Company
|
—
|
|
|
—
|
|
|
9,093
|
|
|
—
|
|
|
(31
|
)
|
|
9,062
|
|
|
(9,062
|
)
|
|
—
|
|
||||||
BALANCE - June 30, 2018
|
66,537,852
|
|
|
79,145,487
|
|
|
$
|
549,403
|
|
|
$
|
58,133
|
|
|
$
|
(2,550
|
)
|
|
$
|
604,986
|
|
|
$
|
1,283,241
|
|
|
$
|
1,888,227
|
|
|
Six Months Ended
June 30, |
||||||
|
2019
|
|
2018
|
||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
||||
Net income (loss)
|
$
|
30,105
|
|
|
$
|
(25,600
|
)
|
Adjustments to reconcile net income (loss) to net cash used in operating activities:
|
|
|
|
||||
Equity in earnings from unconsolidated entities
|
(6,213
|
)
|
|
(5,396
|
)
|
||
Deferred income taxes
|
1,266
|
|
|
—
|
|
||
Depreciation and amortization
|
11,136
|
|
|
7,812
|
|
||
Noncash adjustment of payable pursuant to tax receivable agreement
|
—
|
|
|
(1,928
|
)
|
||
Gain on settlement of contingent consideration—related party
|
(64,870
|
)
|
|
—
|
|
||
Gain on sale of golf course operating properties
|
—
|
|
|
(6,700
|
)
|
||
Gain on insurance proceeds for damaged property
|
—
|
|
|
(1,550
|
)
|
||
Share-based compensation
|
6,758
|
|
|
6,141
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Inventories
|
(113,838
|
)
|
|
(129,388
|
)
|
||
Related party assets
|
(11,679
|
)
|
|
(10,165
|
)
|
||
Other assets
|
(5,135
|
)
|
|
(960
|
)
|
||
Accounts payable and other liabilities
|
(8,624
|
)
|
|
2,482
|
|
||
Related party liabilities
|
(3,631
|
)
|
|
306
|
|
||
Net cash used in operating activities
|
(164,725
|
)
|
|
(164,946
|
)
|
||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
||||
Distribution from Gateway Commercial Venture
|
1,987
|
|
|
—
|
|
||
Purchase of indirect Legacy Interest in Great Park Venture—related party
|
—
|
|
|
(1,762
|
)
|
||
Proceeds from sale of golf course operating property
|
—
|
|
|
5,685
|
|
||
Proceeds from insurance on damaged property
|
—
|
|
|
1,601
|
|
||
Purchase of properties and equipment
|
(1,277
|
)
|
|
(352
|
)
|
||
Net cash provided by investing activities
|
710
|
|
|
5,172
|
|
||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
||||
Principal payment on settlement note
|
—
|
|
|
(5,000
|
)
|
||
Principal payment on Macerich note
|
(65,130
|
)
|
|
—
|
|
||
Reacquisition of share-based compensation awards for tax-withholding purposes
|
(4,099
|
)
|
|
(5,131
|
)
|
||
Proceeds from issuance of Class B common shares
|
3
|
|
|
—
|
|
||
Contribution from noncontrolling interest
|
5,544
|
|
|
—
|
|
||
Proceeds from issuance of redeemable noncontrolling interest
|
25,000
|
|
|
—
|
|
||
Net cash used in financing activities
|
(38,682
|
)
|
|
(10,131
|
)
|
||
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH
|
(202,697
|
)
|
|
(169,905
|
)
|
||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—Beginning of period
|
497,097
|
|
|
849,945
|
|
||
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—End of period
|
$
|
294,400
|
|
|
$
|
680,040
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Gain on sale of golf club operating property
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6,700
|
|
Gain on insurance claims
|
—
|
|
|
550
|
|
|
—
|
|
|
1,550
|
|
||||
Net periodic pension benefit
|
9
|
|
|
81
|
|
|
19
|
|
|
162
|
|
||||
Total miscellaneous other income
|
$
|
9
|
|
|
$
|
631
|
|
|
$
|
19
|
|
|
$
|
8,412
|
|
|
Balance at December 31, 2018
|
|
Adjustments due to ASU No. 2016-02
|
|
Balance at January 1, 2019
|
||||||
ASSETS
|
|
|
|
|
|
||||||
Related party assets
|
$
|
61,039
|
|
|
$
|
18,811
|
|
|
$
|
79,850
|
|
Other assets
|
9,179
|
|
|
11,425
|
|
|
20,604
|
|
|||
LIABILITIES
|
|
|
|
|
|
||||||
Accounts payable and other liabilities
|
161,139
|
|
|
11,425
|
|
|
172,564
|
|
|||
Related party liabilities
|
178,540
|
|
|
18,811
|
|
|
197,351
|
|
|
Three Months Ended June 30, 2019
|
|
Six Months Ended June 30, 2019
|
||||||||||||||||||||||||||||||||||||
|
Valencia
|
|
San Francisco
|
|
Great Park
|
|
Commercial
|
|
Total
|
|
Valencia
|
|
San Francisco
|
|
Great Park
|
|
Commercial
|
|
Total
|
||||||||||||||||||||
Land sales
|
$
|
24
|
|
|
$
|
222
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
246
|
|
|
$
|
88
|
|
|
$
|
443
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
531
|
|
Management services
|
—
|
|
|
573
|
|
|
10,437
|
|
|
158
|
|
|
11,168
|
|
|
—
|
|
|
1,271
|
|
|
20,833
|
|
|
127
|
|
|
22,231
|
|
||||||||||
Operating properties
|
455
|
|
|
177
|
|
|
—
|
|
|
—
|
|
|
632
|
|
|
1,708
|
|
|
351
|
|
|
—
|
|
|
—
|
|
|
2,059
|
|
||||||||||
|
479
|
|
|
972
|
|
|
10,437
|
|
|
158
|
|
|
12,046
|
|
|
1,796
|
|
|
2,065
|
|
|
20,833
|
|
|
127
|
|
|
24,821
|
|
||||||||||
Operating properties leasing revenues
|
341
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
341
|
|
|
639
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
639
|
|
||||||||||
|
$
|
820
|
|
|
$
|
972
|
|
|
$
|
10,437
|
|
|
$
|
158
|
|
|
$
|
12,387
|
|
|
$
|
2,435
|
|
|
$
|
2,065
|
|
|
$
|
20,833
|
|
|
$
|
127
|
|
|
$
|
25,460
|
|
|
Three Months Ended June 30, 2018
|
|
Six Months Ended June 30, 2018
|
||||||||||||||||||||||||||||||||||||
|
Valencia
|
|
San Francisco
|
|
Great Park
|
|
Commercial
|
|
Total
|
|
Valencia
|
|
San Francisco
|
|
Great Park
|
|
Commercial
|
|
Total
|
||||||||||||||||||||
Land sales
|
$
|
3
|
|
|
$
|
221
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
224
|
|
|
$
|
52
|
|
|
$
|
442
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
494
|
|
Management services
|
—
|
|
|
1,432
|
|
|
9,918
|
|
|
90
|
|
|
11,440
|
|
|
—
|
|
|
3,052
|
|
|
19,975
|
|
|
180
|
|
|
23,207
|
|
||||||||||
Operating properties
|
748
|
|
|
187
|
|
|
—
|
|
|
—
|
|
|
935
|
|
|
2,791
|
|
|
368
|
|
|
—
|
|
|
—
|
|
|
3,159
|
|
||||||||||
|
751
|
|
|
1,840
|
|
|
9,918
|
|
|
90
|
|
|
12,599
|
|
|
2,843
|
|
|
3,862
|
|
|
19,975
|
|
|
180
|
|
|
26,860
|
|
||||||||||
Operating properties leasing revenues
|
491
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
491
|
|
|
1,197
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,197
|
|
||||||||||
|
$
|
1,242
|
|
|
$
|
1,840
|
|
|
$
|
9,918
|
|
|
$
|
90
|
|
|
$
|
13,090
|
|
|
$
|
4,040
|
|
|
$
|
3,862
|
|
|
$
|
19,975
|
|
|
$
|
180
|
|
|
$
|
28,057
|
|
|
Six Months Ended June 30,
|
||||||
|
2019
|
|
2018
|
||||
Land sale revenues
|
$
|
192,579
|
|
|
$
|
171,013
|
|
Cost of land sales
|
(128,968
|
)
|
|
(118,113
|
)
|
||
Other costs and expenses
|
(32,036
|
)
|
|
(30,169
|
)
|
||
Net income of Great Park Venture
|
$
|
31,575
|
|
|
$
|
22,731
|
|
The Company’s share of net income
|
$
|
11,841
|
|
|
$
|
8,524
|
|
Basis difference amortization
|
(3,893
|
)
|
|
(3,652
|
)
|
||
Equity in earnings from Great Park Venture
|
$
|
7,948
|
|
|
$
|
4,872
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
Inventories
|
$
|
968,643
|
|
|
$
|
1,059,717
|
|
Cash and cash equivalents
|
175,923
|
|
|
60,663
|
|
||
Receivable and other assets
|
41,063
|
|
|
33,836
|
|
||
Total assets
|
$
|
1,185,629
|
|
|
$
|
1,154,216
|
|
Accounts payable and other liabilities
|
$
|
152,647
|
|
|
$
|
152,809
|
|
Redeemable Legacy Interests
|
209,967
|
|
|
209,967
|
|
||
Capital (Percentage Interest)
|
823,015
|
|
|
791,440
|
|
||
Total liabilities and capital
|
$
|
1,185,629
|
|
|
$
|
1,154,216
|
|
The Company’s share of capital in Great Park Venture
|
$
|
308,631
|
|
|
$
|
296,790
|
|
Unamortized basis difference
|
124,970
|
|
|
128,863
|
|
||
The Company’s investment in the Great Park Venture
|
$
|
433,601
|
|
|
$
|
425,653
|
|
|
Six Months Ended June 30,
|
||||||
|
2019
|
|
2018
|
||||
Rental revenues
|
$
|
17,134
|
|
|
$
|
12,946
|
|
Rental operating and other expenses
|
(3,217
|
)
|
|
(1,868
|
)
|
||
Depreciation and amortization
|
(7,542
|
)
|
|
(5,669
|
)
|
||
Interest expense
|
(8,689
|
)
|
|
(4,710
|
)
|
||
Net (loss) income of Gateway Commercial Venture
|
$
|
(2,314
|
)
|
|
$
|
699
|
|
Equity in (loss) earnings from Gateway Commercial Venture
|
$
|
(1,735
|
)
|
|
$
|
524
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
Real estate and related intangible assets, net
|
$
|
459,053
|
|
|
$
|
464,123
|
|
Other assets
|
17,674
|
|
|
14,833
|
|
||
Total assets
|
$
|
476,727
|
|
|
$
|
478,956
|
|
Notes payable, net
|
$
|
300,157
|
|
|
$
|
295,440
|
|
Other liabilities
|
38,538
|
|
|
40,521
|
|
||
Members’ capital
|
138,032
|
|
|
142,995
|
|
||
Total liabilities and capital
|
$
|
476,727
|
|
|
$
|
478,956
|
|
The Company’s investment in the Gateway Commercial Venture
|
$
|
103,524
|
|
|
$
|
107,246
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
Gross carrying amount
|
$
|
129,705
|
|
|
$
|
129,705
|
|
Accumulated amortization
|
(42,598
|
)
|
|
(33,788
|
)
|
||
Net book value
|
$
|
87,107
|
|
|
$
|
95,917
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
Related Party Assets:
|
|
|
|
||||
Contract assets (see Note 3)
|
$
|
61,502
|
|
|
$
|
49,834
|
|
Prepaid rent
|
—
|
|
|
5,972
|
|
||
Operating lease right-of-use asset (see Note 2 and Note 11)
|
24,086
|
|
|
—
|
|
||
Other
|
5,244
|
|
|
5,233
|
|
||
|
$
|
90,832
|
|
|
$
|
61,039
|
|
Related Party Liabilities:
|
|
|
|
||||
EB-5 loan reimbursements
|
$
|
102,692
|
|
|
$
|
102,692
|
|
Contingent consideration—Mall Venture project property
|
—
|
|
|
64,870
|
|
||
Payable to holders of Management Company’s Class B interests
|
9,000
|
|
|
9,000
|
|
||
Operating lease liability (see Note 2 and Note 11)
|
16,785
|
|
|
—
|
|
||
Other
|
373
|
|
|
1,978
|
|
||
|
$
|
128,850
|
|
|
$
|
178,540
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
7.875% Senior Notes due 2025
|
$
|
500,000
|
|
|
$
|
500,000
|
|
Macerich Note
|
—
|
|
|
65,130
|
|
||
Unamortized debt issuance costs and discount
|
(7,531
|
)
|
|
(8,126
|
)
|
||
|
$
|
492,469
|
|
|
$
|
557,004
|
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||
|
|
2019
|
|
2019
|
||||
Operating lease cost
|
|
$
|
666
|
|
|
$
|
1,327
|
|
Related party operating lease cost
|
|
783
|
|
|
1,567
|
|
||
Short-term lease cost
|
|
119
|
|
|
251
|
|
|
|
June 30, 2019
|
||
Operating lease right-of-use assets ($24,086 related party)
|
|
$
|
34,670
|
|
Operating lease liabilities ($16,785 related party)
|
|
$
|
28,557
|
|
Weighted average remaining lease term (operating lease)
|
|
7.5
|
|
|
Weighted average discount rate (operating lease)
|
|
5.8
|
%
|
Years Ending December 31,
|
|
Rental
Payments |
||
2019 (excluding the six months ended June 30, 2019)
|
|
$
|
1,951
|
|
2020
|
|
4,846
|
|
|
2021
|
|
5,263
|
|
|
2022
|
|
5,420
|
|
|
2023
|
|
5,583
|
|
|
2024
|
|
2,495
|
|
|
Thereafter
|
|
10,570
|
|
|
Total lease payments
|
|
$
|
36,128
|
|
|
|
|
||
Discount
|
|
$
|
7,571
|
|
Total operating lease liabilities
|
|
$
|
28,557
|
|
Years Ending December 31,
|
|
Rental
Payments |
||
2019
|
|
$
|
5,790
|
|
2020
|
|
4,846
|
|
|
2021
|
|
5,263
|
|
|
2022
|
|
5,420
|
|
|
2023
|
|
5,583
|
|
|
Thereafter
|
|
13,065
|
|
|
|
|
$
|
39,967
|
|
|
2019
|
|
2018
|
||||
SUPPLEMENTAL CASH FLOW INFORMATION:
|
|
|
|
||||
Cash paid for interest, all of which was capitalized to inventories
|
$
|
32,882
|
|
|
$
|
22,099
|
|
|
|
|
|
||||
NONCASH INVESTING AND FINANCING ACTIVITIES:
|
|
|
|
||||
Receivable for insurance proceeds on damaged property
|
$
|
—
|
|
|
$
|
132
|
|
Recognition of TRA liability
|
$
|
3,124
|
|
|
$
|
17,480
|
|
Liabilities assumed by buyer in connection with sale of golf course operating property
|
$
|
—
|
|
|
$
|
7,795
|
|
Class A common shares issued for redemption of noncontrolling interests
|
$
|
—
|
|
|
$
|
26,675
|
|
|
2019
|
||
Cash paid for amounts included in the measurement of operating lease liabilities
|
$
|
4,142
|
|
|
2019
|
|
2018
|
||||
Cash and cash equivalents
|
$
|
292,661
|
|
|
$
|
678,637
|
|
Restricted cash and certificates of deposit
|
1,739
|
|
|
1,403
|
|
||
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows
|
$
|
294,400
|
|
|
$
|
680,040
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||||
Valencia
|
$
|
690,985
|
|
|
$
|
596,222
|
|
San Francisco
|
1,178,176
|
|
|
1,151,372
|
|
||
Great Park
|
1,340,444
|
|
|
1,303,362
|
|
||
Commercial
|
476,819
|
|
|
479,662
|
|
||
Total reportable segments
|
3,686,424
|
|
|
3,530,618
|
|
||
Reconciling items:
|
|
|
|
||||
Removal of unconsolidated balances of Great Park Venture (1)
|
(1,185,629
|
)
|
|
(1,154,216
|
)
|
||
Removal of unconsolidated balances of Gateway Commercial Venture (1)
|
(476,727
|
)
|
|
(478,956
|
)
|
||
Other eliminations (2)
|
(3,636
|
)
|
|
(730
|
)
|
||
Add investment balance in Great Park Venture
|
433,601
|
|
|
425,653
|
|
||
Add investment balance in Gateway Commercial Venture
|
103,524
|
|
|
107,246
|
|
||
Corporate and unallocated (3)
|
319,488
|
|
|
494,277
|
|
||
Total consolidated balances
|
$
|
2,877,045
|
|
|
$
|
2,923,892
|
|
|
Share-Based Awards
(in thousands) |
|
Weighted-
Average Grant Date Fair Value |
|||
Nonvested at January 1, 2019
|
1,893
|
|
|
$
|
15.27
|
|
Granted (1)
|
1,899
|
|
|
$
|
5.09
|
|
Forfeited
|
(4
|
)
|
|
$
|
14.83
|
|
Vested
|
(737
|
)
|
|
$
|
15.00
|
|
Nonvested at June 30, 2019
|
3,051
|
|
|
$
|
9.01
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net periodic benefit:
|
|
|
|
|
|
|
|
||||||||
Interest cost
|
$
|
208
|
|
|
$
|
188
|
|
|
$
|
416
|
|
|
$
|
375
|
|
Expected return on plan assets
|
(252
|
)
|
|
(290
|
)
|
|
(505
|
)
|
|
(580
|
)
|
||||
Amortization of net actuarial loss
|
35
|
|
|
21
|
|
|
70
|
|
|
43
|
|
||||
Net periodic benefit
|
$
|
(9
|
)
|
|
$
|
(81
|
)
|
|
$
|
(19
|
)
|
|
$
|
(162
|
)
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Net (loss) income attributable to the Company
|
$
|
(10,512
|
)
|
|
$
|
(5,160
|
)
|
|
$
|
13,296
|
|
|
$
|
(10,392
|
)
|
Adjustments to net (loss) income attributable to the Company
|
208
|
|
|
81
|
|
|
70
|
|
|
110
|
|
||||
Net (loss) income attributable to common shareholders
|
$
|
(10,304
|
)
|
|
$
|
(5,079
|
)
|
|
$
|
13,366
|
|
|
$
|
(10,282
|
)
|
Numerator—basic common shares:
|
|
|
|
|
|
|
|
||||||||
Net (loss) income attributable to common shareholders
|
$
|
(10,304
|
)
|
|
$
|
(5,079
|
)
|
|
$
|
13,366
|
|
|
$
|
(10,282
|
)
|
Less: net income allocated to participating securities
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
568
|
|
|
$
|
—
|
|
Numerator for basic net (loss) income available to Class A common shareholders
|
$
|
(10,300
|
)
|
|
$
|
(5,077
|
)
|
|
$
|
12,793
|
|
|
$
|
(10,278
|
)
|
Numerator for basic net (loss) income available to Class B common shareholders
|
$
|
(4
|
)
|
|
$
|
(2
|
)
|
|
$
|
5
|
|
|
$
|
(4
|
)
|
Numerator—diluted common shares:
|
|
|
|
|
|
|
|
||||||||
Net (loss) income attributable to common shareholders
|
$
|
(10,304
|
)
|
|
$
|
(5,079
|
)
|
|
$
|
13,366
|
|
|
$
|
(10,282
|
)
|
Reallocation of (loss) income to Company upon assumed exchange of units
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
14,028
|
|
|
$
|
(15,318
|
)
|
Less: net income allocated to participating securities
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
568
|
|
|
$
|
—
|
|
Numerator for diluted net (loss) income available to Class A common shareholders
|
$
|
(10,300
|
)
|
|
$
|
(5,077
|
)
|
|
$
|
26,821
|
|
|
$
|
(25,590
|
)
|
Numerator for diluted net (loss) income available to Class B common shareholders
|
$
|
(4
|
)
|
|
$
|
(2
|
)
|
|
$
|
5
|
|
|
$
|
(10
|
)
|
Denominator:
|
|
|
|
|
|
|
|
||||||||
Basic weighted average Class A common shares outstanding
|
66,256,961
|
|
|
65,076,395
|
|
|
66,234,066
|
|
|
64,226,628
|
|
||||
Diluted weighted average Class A common shares outstanding
|
66,256,961
|
|
|
65,076,395
|
|
|
145,403,189
|
|
|
144,853,566
|
|
||||
Basic weighted average Class B common shares outstanding
|
79,275,234
|
|
|
79,794,047
|
|
|
79,169,124
|
|
|
80,602,759
|
|
||||
Diluted weighted average Class B common shares outstanding
|
79,275,234
|
|
|
79,794,047
|
|
|
79,275,824
|
|
|
80,602,759
|
|
||||
Basic (loss) income per share:
|
|
|
|
|
|
|
|
||||||||
Class A common shares
|
$
|
(0.16
|
)
|
|
$
|
(0.08
|
)
|
|
$
|
0.19
|
|
|
$
|
(0.16
|
)
|
Class B common shares
|
$
|
(0.00
|
)
|
|
$
|
(0.00
|
)
|
|
$
|
0.00
|
|
|
$
|
(0.00
|
)
|
Diluted (loss) income per share:
|
|
|
|
|
|
|
|
||||||||
Class A common shares
|
$
|
(0.16
|
)
|
|
$
|
(0.08
|
)
|
|
$
|
0.18
|
|
|
$
|
(0.18
|
)
|
Class B common shares
|
$
|
(0.00
|
)
|
|
$
|
(0.00
|
)
|
|
$
|
0.00
|
|
|
$
|
(0.00
|
)
|
|
|
|
|
|
|
|
|
||||||||
Anti-dilutive potential RSUs
|
36,289
|
|
|
72,579
|
|
|
36,289
|
|
|
72,579
|
|
||||
Anti-dilutive potential Performance RSUs
|
388,155
|
|
|
—
|
|
|
388,155
|
|
|
—
|
|
||||
Anti-dilutive potential Restricted Shares (weighted average)
|
2,257,787
|
|
|
1,902,299
|
|
|
—
|
|
|
1,789,172
|
|
||||
Anti-dilutive potential Performance Restricted Shares (weighted average)
|
776,312
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Anti-dilutive potential Class A common shares (weighted average)
|
79,299,016
|
|
|
79,817,985
|
|
|
—
|
|
|
—
|
|
||||
Anti-dilutive potential Class B common shares (weighted average)
|
—
|
|
|
2,917,827
|
|
|
—
|
|
|
2,917,827
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(in thousands)
|
||||||||||||||
Statement of Operations Data
|
|
|
|
|
|
|
|
||||||||
Revenues
|
|
|
|
|
|
|
|
||||||||
Land sales
|
$
|
10
|
|
|
$
|
3
|
|
|
$
|
65
|
|
|
$
|
52
|
|
Land sales—related party
|
236
|
|
|
221
|
|
|
466
|
|
|
442
|
|
||||
Management services—related party
|
11,168
|
|
|
11,440
|
|
|
22,231
|
|
|
23,207
|
|
||||
Operating properties
|
973
|
|
|
1,426
|
|
|
2,698
|
|
|
4,356
|
|
||||
Total revenues
|
12,387
|
|
|
13,090
|
|
|
25,460
|
|
|
28,057
|
|
||||
Costs and expenses
|
|
|
|
|
|
|
|
||||||||
Land sales
|
—
|
|
|
52
|
|
|
—
|
|
|
90
|
|
||||
Management services
|
7,479
|
|
|
6,763
|
|
|
15,095
|
|
|
13,852
|
|
||||
Operating properties
|
1,199
|
|
|
1,107
|
|
|
3,100
|
|
|
3,497
|
|
||||
Selling, general, and administrative
|
25,993
|
|
|
29,015
|
|
|
51,766
|
|
|
57,611
|
|
||||
Total costs and expenses
|
34,671
|
|
|
36,937
|
|
|
69,961
|
|
|
75,050
|
|
||||
Other income
|
|
|
|
|
|
|
|
||||||||
Adjustment to payable pursuant to tax receivable agreement
|
—
|
|
|
—
|
|
|
—
|
|
|
1,928
|
|
||||
Interest income
|
2,316
|
|
|
2,910
|
|
|
4,770
|
|
|
5,657
|
|
||||
Gain on settlement of contingent consideration—related party
|
—
|
|
|
—
|
|
|
64,870
|
|
|
—
|
|
||||
Miscellaneous
|
9
|
|
|
631
|
|
|
19
|
|
|
8,412
|
|
||||
Total other income
|
2,325
|
|
|
3,541
|
|
|
69,659
|
|
|
15,997
|
|
||||
Equity in (loss) earnings from unconsolidated entities
|
(2,669
|
)
|
|
9,003
|
|
|
6,213
|
|
|
5,396
|
|
||||
(Loss) income before income tax (provision) benefit
|
(22,628
|
)
|
|
(11,303
|
)
|
|
31,371
|
|
|
(25,600
|
)
|
||||
Income tax (provision) benefit
|
—
|
|
|
—
|
|
|
(1,266
|
)
|
|
—
|
|
||||
Net (loss) income
|
(22,628
|
)
|
|
(11,303
|
)
|
|
30,105
|
|
|
(25,600
|
)
|
||||
Less net (loss) income attributable to noncontrolling interests
|
(12,116
|
)
|
|
(6,143
|
)
|
|
16,809
|
|
|
(15,208
|
)
|
||||
Net (loss) income attributable to the company
|
$
|
(10,512
|
)
|
|
$
|
(5,160
|
)
|
|
$
|
13,296
|
|
|
$
|
(10,392
|
)
|
•
|
Our Valencia segment includes operating results for the Valencia community, agricultural operations, as well as results attributable to other land historically owned by FPL, including 16,000 acres in Ventura County and The Tournament Players Club at Valencia Golf Course (which was sold in January 2018).
|
•
|
Our San Francisco segment includes operating results for the Candlestick and The San Francisco Shipyard communities, as well as results attributable to the development management services that we provide to affiliates of Lennar Corporation (“Lennar”) with respect to the Concord community in the San Francisco Bay Area.
|
•
|
Our Great Park segment includes operating results for the Great Park Neighborhoods community and development management services provided by the management company for the Great Park Venture.
|
•
|
Our Commercial segment includes the operating results of the Five Point Gateway Campus and property management services provided by the management company for the Gateway Commercial Venture.
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(in thousands)
|
||||||||||||||
Statement of Operations Data
|
|
|
|
|
|
|
|
||||||||
Revenues
|
|
|
|
|
|
|
|
||||||||
Land sales
|
$
|
10
|
|
|
$
|
3
|
|
|
$
|
65
|
|
|
$
|
52
|
|
Land sales—related party
|
14
|
|
|
—
|
|
|
23
|
|
|
—
|
|
||||
Operating properties
|
796
|
|
|
1,239
|
|
|
2,347
|
|
|
3,988
|
|
||||
Total revenues
|
820
|
|
|
1,242
|
|
|
2,435
|
|
|
4,040
|
|
||||
Costs and expenses
|
|
|
|
|
|
|
|
||||||||
Land sales
|
—
|
|
|
52
|
|
|
—
|
|
|
90
|
|
||||
Operating properties
|
1,199
|
|
|
1,107
|
|
|
3,100
|
|
|
3,497
|
|
||||
Selling, general, and administrative
|
3,892
|
|
|
4,428
|
|
|
7,701
|
|
|
8,516
|
|
||||
Total costs and expenses
|
5,091
|
|
|
5,587
|
|
|
10,801
|
|
|
12,103
|
|
||||
Other income
|
10
|
|
|
81
|
|
|
21
|
|
|
6,862
|
|
||||
Segment loss
|
$
|
(4,261
|
)
|
|
$
|
(4,264
|
)
|
|
$
|
(8,345
|
)
|
|
$
|
(1,201
|
)
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(in thousands)
|
||||||||||||||
Statement of Operations Data
|
|
|
|
|
|
|
|
||||||||
Revenues
|
|
|
|
|
|
|
|
||||||||
Land sales—related party
|
$
|
222
|
|
|
$
|
221
|
|
|
$
|
443
|
|
|
$
|
442
|
|
Operating property
|
177
|
|
|
187
|
|
|
351
|
|
|
368
|
|
||||
Management services—related party
|
573
|
|
|
1,432
|
|
|
1,271
|
|
|
3,052
|
|
||||
Total revenues
|
972
|
|
|
1,840
|
|
|
2,065
|
|
|
3,862
|
|
||||
Costs and expenses
|
|
|
|
|
|
|
|
||||||||
Management services
|
252
|
|
|
212
|
|
|
629
|
|
|
611
|
|
||||
Selling, general, and administrative
|
5,185
|
|
|
6,544
|
|
|
9,697
|
|
|
12,930
|
|
||||
Total costs and expenses
|
5,437
|
|
|
6,756
|
|
|
10,326
|
|
|
13,541
|
|
||||
Other income—gain on settlement of contingent consideration, related party
|
—
|
|
|
—
|
|
|
64,870
|
|
|
—
|
|
||||
Segment (loss) income
|
$
|
(4,465
|
)
|
|
$
|
(4,916
|
)
|
|
$
|
56,609
|
|
|
$
|
(9,679
|
)
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(in thousands)
|
||||||||||||||
Statement of Operations Data
|
|
|
|
|
|
|
|
||||||||
Revenues
|
|
|
|
|
|
|
|
||||||||
Land sales
|
$
|
31,079
|
|
|
$
|
170,320
|
|
|
$
|
62,545
|
|
|
$
|
170,576
|
|
Land sales—related party
|
2,338
|
|
|
286
|
|
|
130,035
|
|
|
437
|
|
||||
Management services—related party
|
10,437
|
|
|
9,918
|
|
|
20,833
|
|
|
19,975
|
|
||||
Total revenues
|
43,854
|
|
|
180,524
|
|
|
213,413
|
|
|
190,988
|
|
||||
Costs and expenses
|
|
|
|
|
|
|
|
||||||||
Land sales
|
21,149
|
|
|
118,113
|
|
|
128,968
|
|
|
118,113
|
|
||||
Management services
|
7,227
|
|
|
6,551
|
|
|
14,466
|
|
|
13,241
|
|
||||
Selling, general, and administrative
|
10,496
|
|
|
8,305
|
|
|
17,071
|
|
|
16,792
|
|
||||
Management fees—related party
|
8,403
|
|
|
7,632
|
|
|
16,620
|
|
|
15,264
|
|
||||
Total costs and expenses
|
47,275
|
|
|
140,601
|
|
|
177,125
|
|
|
163,410
|
|
||||
Interest income
|
1,096
|
|
|
908
|
|
|
1,655
|
|
|
1,887
|
|
||||
Segment (loss) income
|
$
|
(2,325
|
)
|
|
$
|
40,831
|
|
|
$
|
37,943
|
|
|
$
|
29,465
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(in thousands)
|
||||||||||||||
Segment net (loss) income from operations
|
$
|
(2,325
|
)
|
|
$
|
40,831
|
|
|
$
|
37,943
|
|
|
$
|
29,465
|
|
Less net income of management company attributed to the Great Park segment
|
3,211
|
|
|
3,367
|
|
|
6,368
|
|
|
6,734
|
|
||||
Net (loss) income of Great Park Venture
|
(5,536
|
)
|
|
37,464
|
|
|
31,575
|
|
|
22,731
|
|
||||
The Company’s share of net (loss) income of the Great Park Venture
|
(2,076
|
)
|
|
14,049
|
|
|
11,841
|
|
|
8,524
|
|
||||
Basis difference accretion (amortization)
|
580
|
|
|
(5,123
|
)
|
|
(3,893
|
)
|
|
(3,652
|
)
|
||||
Equity in (loss) earnings from the Great Park Venture
|
$
|
(1,496
|
)
|
|
$
|
8,926
|
|
|
$
|
7,948
|
|
|
$
|
4,872
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(in thousands)
|
||||||||||||||
Statement of Operations Data
|
|
|
|
|
|
|
|
||||||||
Revenues
|
|
|
|
|
|
|
|
||||||||
Rental and related income
|
$
|
6,713
|
|
|
$
|
6,241
|
|
|
$
|
13,104
|
|
|
$
|
12,946
|
|
Rental and related income—related party
|
2,041
|
|
|
—
|
|
|
4,030
|
|
|
—
|
|
||||
Property management services—related party
|
158
|
|
|
90
|
|
|
127
|
|
|
180
|
|
||||
Total revenues
|
8,912
|
|
|
6,331
|
|
|
17,261
|
|
|
13,126
|
|
||||
Costs and expenses
|
|
|
|
|
|
|
|
||||||||
Rental operating expenses
|
1,584
|
|
|
828
|
|
|
3,148
|
|
|
1,667
|
|
||||
Interest
|
4,358
|
|
|
2,428
|
|
|
8,689
|
|
|
4,710
|
|
||||
Depreciation
|
3,307
|
|
|
1,784
|
|
|
5,484
|
|
|
3,611
|
|
||||
Amortization
|
1,029
|
|
|
1,017
|
|
|
2,058
|
|
|
2,058
|
|
||||
Other expenses
|
40
|
|
|
81
|
|
|
69
|
|
|
201
|
|
||||
Total costs and expenses
|
10,318
|
|
|
6,138
|
|
|
19,448
|
|
|
12,247
|
|
||||
Segment (loss) income
|
$
|
(1,406
|
)
|
|
$
|
193
|
|
|
$
|
(2,187
|
)
|
|
$
|
879
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
(in thousands)
|
||||||||||||||
Segment net (loss) income from operations
|
$
|
(1,406
|
)
|
|
$
|
193
|
|
|
$
|
(2,187
|
)
|
|
$
|
879
|
|
Less net income of management company attributed to the Commercial segment
|
158
|
|
|
90
|
|
|
127
|
|
|
180
|
|
||||
Net (loss) income of Gateway Commercial Venture
|
(1,564
|
)
|
|
103
|
|
|
(2,314
|
)
|
|
699
|
|
||||
Equity in (loss) earnings from the Gateway Commercial Venture
|
$
|
(1,173
|
)
|
|
$
|
77
|
|
|
$
|
(1,735
|
)
|
|
$
|
524
|
|
|
June 30, 2019
|
|
December 31, 2018
|
||
Class A units of the operating company:
|
|
|
|
||
Held by us
|
68,746,555
|
|
|
66,810,980
|
|
Held by noncontrolling interest members
|
41,404,961
|
|
|
41,404,961
|
|
|
110,151,516
|
|
|
108,215,941
|
|
Class A units of the San Francisco Venture held by noncontrolling interest members
|
37,870,273
|
|
|
37,433,775
|
|
|
148,021,789
|
|
|
145,649,716
|
|
|
FIVE POINT HOLDINGS, LLC
|
|
|
||
By:
|
/s/ Emile Haddad
|
|
|
Emile Haddad
|
|
|
Chairman, President and
Chief Executive Officer
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
||
By:
|
/s/ Erik Higgins
|
|
|
Erik Higgins
|
|
|
Chief Financial Officer and Vice President
|
|
|
(Principal Financial Officer and
Principal Accounting Officer)
|
1 Year Five Point Chart |
1 Month Five Point Chart |
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