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Five Point Holdings, LLC Class A Common Shares (symbol: FPH) represents a company renowned for its extensive role in developing mixed-use, master-planned communities along the coastal regions of California. As the largest owner and developer of such communities based on the total number of residential homesites permitted, Five Point Holdings has established a significant presence in Los Angeles County, San Francisco County, and Orange County—three of the most dynamic and supply-constrained markets in the state.
Founded during the tenure of Emile Haddad, a veteran in the real estate industry, the company benefits from over 20 years of strategic positioning. Haddad's experience as the former Chief Investment Officer of Lennar, one of the nation's largest homebuilders, is reflected in the meticulous planning and execution of Five Point's projects.
The company's portfolio includes three major communities:
- Valencia: A vibrant community designed to offer a perfect blend of residential, commercial, and recreational facilities.
- San Francisco: An urban community that integrates residential homesites with commercial spaces, parks, and civic areas.
- Great Park: Located in Orange County, this development is centered around the expansive Great Park Neighborhoods, adjacent to the Orange County Great Park.
Five Point’s developments are known for their sustainability and inclusivity, featuring homesites, commercial spaces, retail, educational and recreational elements, civic areas, parks, and open spaces. These projects not only contribute to the housing market but also enhance the community infrastructure, making them desirable places to live, work, and play.
Financially, the company is segmented into four reportable sections: Valencia, San Francisco, Great Park, and Commercial. The Great Park segment, in particular, stands out as the primary revenue driver, underscoring the success of the Great Park Neighborhoods development.
Recent achievements include substantial progress in construction and development, ongoing partnerships with local authorities, and initiatives aimed at enhancing community and environmental sustainability. These ventures solidify Five Point’s commitment to creating thriving, multifaceted communities that meet the needs of current and future residents.
Five Point Holdings, (NYSE:FPH) reported its third quarter 2024 results, highlighting strong performance and financial stability. The company achieved consolidated net income of $12.3 million, marking its sixth consecutive profitable quarter. Key highlights include:
- Great Park Venture closed two retail commercial land sales totaling 12.8 acres for $25.4 million
- Great Park Venture distributions and incentive compensation payments to the Company totaled $49.4 million
- Great Park builder sales of 166 homes and Valencia builder sales of 89 homes
- Consolidated revenues of $17.0 million
- Cash and cash equivalents of $224.5 million as of September 30, 2024
- Debt to total capitalization ratio of 20.5% and liquidity of $349.5 million
The company renewed its development management agreement with Great Park Venture through December 31, 2026, and expects to close land sales in both active communities in Q4 2024.
Five Point Holdings, (NYSE:FPH), a developer of large mixed-use planned communities in coastal California, has announced changes to its Board of Directors. Sam Levinson, Chief Investment Officer at Glick Family Investments, has been appointed to the Board following Glick's acquisition of Castlelake's equity interests in the Company. Concurrently, Evan Carruthers of Castlelake will step down from the Board.
Stuart Miller, Executive Chairman, expressed gratitude for Carruthers' contributions. Sam Levinson stated his belief in the Company's potential and excitement about growth opportunities. CEO Dan Hedigan welcomed Levinson, citing his success and experience in real estate investments as valuable assets for the Company's future.
Five Point Holdings, (NYSE:FPH), a developer of large mixed-use planned communities in California, has scheduled its third quarter 2024 earnings announcement and investor conference call for Thursday, October 17, 2024, at 5:00 p.m. Eastern Time. Investors can access the call via:
- Live Internet audio webcast on Five Point's website
- Dialing (877) 451-6152 (domestic) or (201) 389-0879 (international)
- Requesting a return call through a provided link
A telephonic replay will be available approximately three hours after the call ends until October 26, 2024, at 11:59 p.m. Eastern Time. The replay can be accessed by dialing (844) 512-2921 for domestic callers or (412) 317-6671 for international callers, using the passcode 13749390.
Five Point Holdings, (NYSE:FPH) reported strong Q2 2024 results, with consolidated net income of $38.2 million on revenues of $51.2 million. The Great Park Venture sold 105 homesites for $96.1 million, with the company receiving $29.7 million in distributions and incentive compensation. Despite challenging economic conditions, residential land sale pricing appreciated significantly, especially in Great Park Neighborhoods. The company ended the quarter with $217.4 million in cash and cash equivalents and a debt to total capitalization ratio of 20.6%. Management expects a strong finish to 2024, projecting consolidated annual net income over $100 million and year-end cash exceeding $300 million.
Five Point Holdings (NYSE:FPH) will announce its second quarter 2024 financial results on Thursday, July 18, 2024, at 5:00 p.m. Eastern Time. The announcement will be followed by an investor conference call. Stakeholders can access the live call via the company's website or by dialing in at (877) 451-6152 (domestic) or (201) 389-0879 (international). The call can also be accessed through a return call request link. A replay will be available three hours after the call, accessible until July 27, 2024, by dialing (844) 512-2921 (domestic) or (412) 317-6671 (international), with the passcode 13747738.
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