Five Point Holdings, LLC Reports First Quarter 2025 Results

About this update from Five Point Holdings, Llc

First Quarter 2025 Highlights IRVINE, Calif., April 24, 2025 --( BUSINESS WIRE )--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 first quarter 2025 results. Dan Hedigan, President and Chief Executive Officer, said, "I am happy to report that we started 2025 with a strong first quarter in which we generated consolidated net income of $60.6 million and had total cash and cash equivalents of $528.3 million and total liquidity of $653.3 million as of quarter-end. Homebuilder demand remained strong during the first quarter. At our Great Park Neighborhoods community, we closed a number of significant homesite sales and also signed multiple purchase agreements for additional homesites that are scheduled to close in the fourth quarter of 2025. In light of the uncertainty created by recent tariff policy announcements, we are continuing to closely monitor our markets, especially with respect to the impact of elevated mortgage rates on affordability and homebuyer demand. Although current market conditions are uncertain, we believe that the housing markets in which we operate remain materially undersupplied, and we are maintaining our prior guidance for 2025 of just under $200 million in consolidated annual net income." Consolidated Results Liquidity and Capital Resources As of March 31, 2025, total liquidity of $653.3 million was comprised of cash and cash equivalents totaling $528.3 million and borrowing availability of $125.0 million under our unsecured revolving credit facility. Total capital was $2.2 billion, reflecting $3.2 billion in assets and $0.9 billion in liabilities and redeemable noncontrolling interests. Results of Operations for the Three Months Ended March 31, 2025 Revenues. Revenues of $13.2 million for the three months ended March 31, 2025 were primarily generated from management services. Equity in earnings from unconsolidated entities. Equity in earnings from unconsolidated entities was $71.4 million for the three months ended March 31, 2025. The Great Park Venture generated net income of $206.3 million during the three months ended March 31, 2025, and our share of the net income from our 37.5% percentage interest, adjusted for basis differences, was $70.9 million. During the three months ended March 31, 2025, the Great Park Venture sold 325 homesites on 23.6 acres of land at the Great Park Neighborhoods for an aggregate purchase price of $278.9 million. The Great Park Venture made aggregate distributions of $300.9 million to holders of Percentage Interests during the three months ended March 31, 2025. We received $112.9 million for our 37.5% Percentage Interest. Selling, general, and administrative. Selling, general, and administrative expenses were $14.8 million for the three months ended March 31, 2025. Net income. Consolidated net income for the quarter was $60.6 million. Net income attributable to noncontrolling interests totaled $37.3 million, resulting in net income attributable to the Company of $23.3 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, April 24, 2025 at 5:00 p.m. Eastern Time. 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 13753453. The telephonic replay will be available until 11:59 p.m. Eastern Time on May 3, 2025. 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 up to approximately 40,000 residential homes and up to 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; the impact of inflation and interest rates; our future revenues, costs and financial performance, including with respect to cash generation and profitability; and future demographics and market conditions, including housing supply levels, 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. Segment Results The following table reconciles the results of operations of our segments to our consolidated results for the three months ended March 31, 2025 (in thousands): The table below reconciles the Great Park segment results to the equity in earnings from our investment in the Great Park Venture that is reflected in the condensed consolidated statements of operations for the three months ended March 31, 2025 (in thousands):   View source version on businesswire.com: https://www.businesswire.com/news/home/20250424667968/en/ Contacts Investor Relations: Kim Tobler, 949-425-5211 [email protected] or Media: Eric Morgan, 949-349-1088 [email protected]

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