header image

[Sign Up Now] to Receive Our FREE Daily SCVTV-SCVNews Digest by E-Mail

Santa Clarita CA
Today in
S.C.V. History
March 2
1938 - Great Flood of 1938 causes massive destruction and death across the greater Los Angeles region [story]

Five Point Holdings an owner and developer of large mixed-use, master-planned communities in California, including the Santa Clarita Valley, reported its third quarter 2020 results Tuesday.

“We are pleased to present our third quarter results where we improved our cash position by $55 million and generated consolidated net income of $36.4 million,” said Emile Haddad, Chairman and CEO. “We are seeing continued strength in our markets evidenced by the rate of sales at our Great Park Neighborhoods community, the interest from homebuilders in Valencia and the reported home price appreciation in both the Los Angeles County and Orange County markets.”

Third Quarter 2020 Consolidated Results

Liquidity and Capital Resources

As of September 30, 2020, total liquidity of $395.2 million was comprised of cash and cash equivalents totaling $270.6 million and borrowing availability of $124.7 million under our $125.0 million unsecured revolving credit facility. Total capital was $1.9 billion, reflecting $3.0 billion in assets and $1.1 billion in liabilities and redeemable noncontrolling interests.

Results of Operations for the Three Months Ended September 30, 2020

Revenues: Revenues of $8.4 million for the three months ended September 30, 2020 were primarily generated from management services.

Equity in earnings from unconsolidated entities: Equity in earnings from unconsolidated entities was $52.4 million for the three months ended September 30, 2020, comprised of a $4.2 million loss from our 37.5% percentage interest in the Great Park Venture and earnings of $56.6 million from our 75% interest in the Gateway Commercial Venture.

Selling, general, and administrative: Selling, general, and administrative expenses were $17.7 million for the three months ended September 30, 2020.

Net income: Consolidated net income for the quarter was $36.4 million. The net income attributable to noncontrolling interests totaled $19.5 million, resulting in net income attributable to the Company of $17.0 million.

Segment Results

Valencia Segment (formerly Newhall): Selling, general, and administrative expenses were $2.8 million for the three months ended September 30, 2020.

San Francisco Segment:Selling, general, and administrative expenses were $2.0 million for the three months ended September 30, 2020.

Great Park Segment:The Great Park segment’s net loss for the quarter was $10.2 million, which included net income of $1.8 million from management services and a net loss of $12.0 million attributed to the Great Park Venture. We do not include the Great Park Venture as a consolidated subsidiary in our consolidated financial statements but rather account for it as an equity method investee. After adjusting to account for a difference in investment basis, the Company’s equity in loss from the Great Park Venture was $4.2 million for the three months ended Sept. 30, 2020.

Commercial Segment: In August 2020, the Gateway Commercial Venture closed on the sale of two buildings, comprising a total of approximately 660,000 square feet of research and development space currently leased to a subsidiary of Broadcom Inc. for a purchase price of $355.0 million. The sale of the buildings, which had a carrying value of approximately $278.0 million, resulted in a gain of approximately $74.8 million, net of transaction costs. Concurrently, the Gateway Commercial Venture made a debt payment of $245.0 million to its lender and made total distributions to its members of approximately $107.0 million, of which approximately $80.3 million was distributed to us. Segment net income was approximately $75.6 million, which included net income of $0.1 million from management services and net income of $75.5 million attributed to the Gateway Commercial Venture. We do not include the Gateway Commercial Venture as a consolidated subsidiary in our consolidated financial statements but rather account for it as an equity method investee. Our share of equity in earnings from the Gateway Commercial Venture totaled $56.6 million for the three months ended September 30, 2020.

About Five Point
Five Point, headquartered in Irvine, California, designs and develops large mixed-use, master-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 (formerly known as Newhall Ranch) 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.

Comment On This Story
COMMENT POLICY: We welcome comments from individuals and businesses. All comments are moderated. Comments are subject to rejection if they are vulgar, combative, or in poor taste.
REAL NAMES ONLY: All posters must use their real individual or business name. This applies equally to Twitter account holders who use a nickname.


You can be the first one to leave a comment.

Leave a Comment

Latest Additions to SCVNews.com
After receiving athletic protocol updates from the California Department of Public Health (CDPH), the Los Angeles Department of Public Health (LADPH) and California Interscholastic Federation (CIF), the William S. Hart Union High School District has put together a complete athletic program following all state and county guidelines.
Hart District Announces Outdoor Sports Practices, Competitions to Resume Immediately
The ability to transform data into information and insights that can elevate a business and influence decisions is at the core of the newest major being offered in California State University, Northridge’s David Nazarian College of Business and Economics.
CSUN Students Can Now Earn Degree in Business Analytics
Three teachers from the William S. Hart Union High School District have been named by NASA and the SETI Institute to fly on NASA’s Stratospheric Observatory for Infrared Astronomy (SOFIA).
NASA Selects Three Hart District Teachers for SOFIA Flight
Los Angeles County Parks is looking for highly-talented independent instructors to bring valuable expertise and learning to the community through the Contact Class Program.
L.A. County Parks Hiring Instructors for Summer 2021 Season
The Los Angeles County Department of Public Health confirmed Tuesday 91 new deaths and 1,407 new cases of COVID-19, with 26,212 total cases in the Santa Clarita Valley.
Tuesday COVID-19 Roundup: SCV Cases Total  26,212; L.A. County Remains in Most Restrictive Tier
The Santa Clarita Parks, Recreation, and Community Services Commission will hold its study session virtually Thursday, March 4, at 6:00 p.m.
March 4: Parks, Recreation & Community Services Commission Study Session
After its cancelation last year due to the emergence of COVID-19, the College of the Canyons Scholarly Presentation will return this spring in a new virtual format.
COC’s Scholarly Presentations Return Virtually March 11
The Santa Clarita Public Library is excited to present Sidewalk Stories at the Old Town Newhall Library!
Old Town Newhall Library Now Offering Sidewalk Storytime
Santa Clarita Planning commissioners are expected to make a decision Tuesday regarding the proposed expansion of Henry Mayo Newhall Hospital via multiple construction projects that include building a second inpatient tower.
Proposed Henry Mayo Expansion Project Back Before Planning Commission
Picture this…the sun has just set on another brisk spring day.
Santa Clarita City Manager’s Monthly Message – March 2021
1938 - Great Flood of 1938 causes massive destruction and death across the greater Los Angeles region [story]
Santa Clarita Valley educators were next in line to receive their COVID-19 vaccine shots at Henry Mayo Newhall Hospital Monday, more than two months after the hospital received its first batch of vaccines for hospital frontline workers.
Henry Mayo Now Inoculating Educators with COVID-19 Vaccine
Los Angeles County Public Health officials on Monday confirmed 32 new deaths and 987 new cases of COVID-19 countywide, as Henry Mayo Newhall Hospital in Valencia reported two new deaths since Friday.
Monday COVID-19 Roundup: 2 New Deaths at Henry Mayo; Vaccine Eligibility Expands
The Santa Clarita Valley Senior Center at Bella Vida has announced its March 2021 lineup of outdoor drive-in events.
Bella Vida Senior Center Sets March Outdoor Drive-in Events
In partnership with the Santa Clarita Valley Sheriff’s Station, the city of Santa Clarita will launch its “Guard That Auto” campaign this spring to combat an increase in grand theft auto over the past year.
Santa Clarita, Sheriff’s Station to Launch ‘Guard That Auto’ Anti-Theft Campaign
The Saugus High School academic decathlon team will advance to the state competition after placing in the top 10 in the county competition.
Saugus High Advances in State Academic Decathlon
Spring is upon us, and with it comes longer days, greener hillsides, and warmer temperatures that invite outdoor exploration.
Mayor’s March Message: Enjoy Spring in Santa Clarita
The city of Santa Clarita, in partnership with the Santa Clarita Sister Cities program, invites local students to submit artwork, poetry, essays/creative writing, photographs, or music for the 2021 Sister Cities International Young Artists and Authors Showcase.
Young Artists Invited to Submit Works in 2021 Sister Cities International Showcase
In a rush to bring children back to California schools after a year of closed campuses, Governor Gavin Newsom and lawmakers said Monday the state will offer $2 billion to school districts willing to reopen next month.
Newsom, Lawmakers Cut Deal to Reopen California Schools by April
The race to get a COVID-19 vaccine in Los Angeles County despite vaccine shortages is cutthroat and most people don’t even know they’re in the competition.
COVID-19 Vaccine Shortages Highlight Health Inequities in L.A. County
The California Department of Motor Vehicles has learned of a text message phishing scam related to REAL ID and reminds customers that it will never ask for personal information related to driver’s license number, Social Security number, or financial information through email, text, or over the phone.
DMV Warns Customers of REAL ID Phishing Scam
1990 - President George H.W. Bush and Sheriff Sherman Block dedicate new North County Correctional Facility in Castaic [story]
ribbon cutting
1890 - Jenkins ranch hands Dolores Cook and George Walton of Castaic slain by rival William Chormicle and W.A. Gardener [story]
Dolores Cook
1950 - Ex-Mrs. William S. Hart appears in court to challenge will that leaves Hart Park & Mansion to L.A. County [story]
Winifred Westover
%d bloggers like this: