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

Santa Clarita CA
Today in
S.C.V. History
July 2
1869 - Sanford Lyon (as in Lyons Avenue) appointed postmaster of Petropolis (today's Eternal Valley Cemetery) [story]
Sanford Lyon

| Monday, Mar 23, 2020
Emile Haddad, chairman and CEO of FivePoint speaks at the 2019 Economic Outlook held at the Hyatt Regency Valencia on Thursday. | Photo: Dan Watson/The Signal.
Emile Haddad, chairman and CEO of FivePoint, speaks at the 2019 Economic Outlook conference in Valencia. | File Photo: Dan Watson/The Signal.

Five Point Holdings, LLC (NYSE:FPH), an owner and developer of large mixed-use, master-planned communities in California (including Valencia), reported its fourth quarter and year-end 2019 results. Emile Haddad, Chairman and CEO, said, “The end of last year marked an inflection point for our company as we had our first homesite sales in December at Valencia/Newhall. A lot has changed over the past three weeks. While we hope that the unprecedented conditions facing the country and the economy will be short-lived, we believe we are well positioned to withstand these challenges. Our balance sheet remains strong, and we have the ability to quickly adjust our land development expenditures in response to changing market conditions. We look forward to the opportunities that await us once we have weathered this storm.”

Fourth Quarter 2019 Consolidated Results

Liquidity and Capital Resources

As of December 31, 2019, total liquidity of $470.8 million was comprised of cash and cash equivalents totaling $346.8 million and borrowing availability of $124.0 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 December 31, 2019

Revenues. Revenues of $146.9 million for the three months ended December 31, 2019 were primarily generated from land sales at our Valencia segment.

Equity in loss from unconsolidated entities. Equity in loss from unconsolidated entities was $2.1 million for the three months ended December 31, 2019 comprised of a $1.1 million loss from our 37.5% percentage interest in the Great Park Venture and a $1.1 million loss from our 75% interest in the Gateway Commercial Venture.

Selling, general, and administrative. Selling, general, and administrative expenses were $26.0 million for the three months ended December 31, 2019.

Net income. Consolidated net income for the quarter was $15.1 million. The net income attributable to noncontrolling interests totaled $8.7 million, resulting in net income attributable to the Company of $6.4 million.

Segment Results

Valencia Segment (formerly Newhall). Total segment revenues were $140.6 million for the fourth quarter of 2019. Revenues were mainly attributable to the sale of land entitled for 711 homesites on approximately 59 acres in Valencia. Initial gross proceeds from the sale were $135.2 million representing the base purchase price. Cost of land sales was $97.1 million, or 69.4% of land sale revenues for the fourth quarter. Selling, general, and administrative expenses were $3.4 million for the three months ended December 31, 2019.

San Francisco Segment. Total segment revenues were $1.0 million for the fourth quarter of 2019. Revenues during the quarter were mostly attributable to fees generated from management agreements. Selling, general, and administrative expenses were $3.8 million for the three months ended December 31, 2019.

Great Park Segment. Total segment revenues were $45.0 million for the fourth quarter of 2019. Revenues were mainly attributable to the sale of land entitled for 69 homesites on approximately seven acres at the Great Park Neighborhoods. Initial gross proceeds from the sale were $37.9 million representing the base purchase price. The Great Park segment’s net income for the quarter was $5.5 million, which included a net loss of $0.2 million from management services and net income of $5.7 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 $1.1 million for the three months ended December 31, 2019.

Commercial Segment. Total segment revenues were$8.5 million from tenant leases at the Five Point Gateway Campus and property management services provided by us to the Gateway Commercial Venture during the fourth quarter of 2019. Segment expenses were mostly comprised of depreciation, amortization and interest expense totaling $7.7 million. Segment net loss was approximately $1.3 million, which included net income of $0.1 million from management services and a net loss of $1.4 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 loss from the Gateway Commercial Venture totaled $1.1 million for the three months ended December 31, 2019.

Conference Call Information

In conjunction with this release, Five Point will host a conference call today, Monday, March 16, 2020 at 5:00 pm Eastern Time. Emile Haddad, President and Chief Executive Officer, and Erik Higgins, Vice President and 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 (888) 394-8218 (domestic) or (720) 452-9217 (international). A telephonic replay will be available starting approximately two 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 8373226. The telephonic replay will be available until 11:59 p.m. Eastern Time on March 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.


  1. Waterwatcher says:

    AND why are they trying to re-brand Newhall Ranch as “Valencia” anyway? Could it be because Newhall Ranch has a really bad reputation with Mission Village built on top of an old oil field and Landmark village located right across from one of the largest dumps in the US?

  2. waterwatcher says:

    “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. This press release may contain forward-looking statements regarding: our expectations of our future revenues, costs and financial performance; future demographics and market conditions”

    I guess that means they can say everything is just fine so you will buy their stock while they know darn well there are all kinds of problems – like people can’t buy a house if they don’t have a job and we may run out of water to build all those houses anyway, especially with all the wells recently closed due to pollution.

Leave a Comment

Latest Additions to SCVNews.com
1869 - Sanford Lyon (as in Lyons Avenue) appointed postmaster of Petropolis (today's Eternal Valley Cemetery) [story]
Sanford Lyon
Continuing to see steep increases in community spread of COVID-19, the Los Angeles County Department of Public Health on Wednesday confirmed 2,002 new cases of COVID-19 and 35 new deaths due to the virus countywide, as Henry Mayo Newhall Hospital reported its 14 fatality, bringing the Santa Clarita Valley's toll to 32 people.
Wednesday COVID-19 Roundup: 32nd SCV Death; 3,206 Total SCV Cases
Registered voters in the city of Santa Clarita will have the opportunity to elect two members of the five-member City Council for a term of four years each on November 3 in the city's 2020 General Municipal Election, consolidated with the Los Angeles County Statewide General Election.
July 13: Filing Period to Open for Santa Clarita City Council Candidates
The Los Angeles County Health Officer Order was modified Wednesday to align with Gov. Gavin Newsom’s new directives as the COVID-19 pandemic surges in many areas of California including L.A. County, according to county Public Health officials.
L.A. County Halts Indoor On-Site Dining, Other Indoor Activities
A 150- to 200-acre brush fire broke out in Agua Dulce on Wednesday afternoon on the 11110 block of West Mint Canyon Road.
Brush Fire Breaks Out in Agua Dulce, Spreads to 600-Plus Acres
California will shut down indoor services at restaurants and wineries and order movie theaters, zoos and museums to bar indoor operations in 19 counties including Los Angeles that have seen a surge in novel coronavirus infections, Governor Gavin Newsom announced Wednesday
California Orders Halt to Indoor Services, Operations in 19 Virus Hotspots
July is filled with warm, sunny days and one of the city of Santa Clarita’s favorite holidays - the Fourth of July.
Mayor Smyth’s July Message: A Salute to Our Hometown Heroes
Most of the Santa Clarita Valley school districts are working on a “blended” learning model for the coming school year, meaning there will be options for students to spend some days on campus and other days distance learning, officials said Tuesday.
SCV School Districts Moving Toward Blended Models of Learning for Fall 2020
A narcotics sweep conducted Tuesday in Saugus ended in five arrests and a seizure of heroin that was suspected to be sold.
5 Suspects Arrested, Heroin Seized in Saugus Parolee Check
As the COVID-19 pandemic surges in California, Governor Gavin Newsom issued an executive order Tuesday extending authorization for local governments to halt renter evictions through September 30.
Newsom OK’s Local Extension of Renter Evictions Moratorium to Sept. 30
Governor Gavin Newsom visited a Project Roomkey motel in Northern California Tuesday to launch Homekey, the next phase in the state’s effort to protect vulnerable homeless Californians from the COVID-19 pandemic.
Newsom Launches ‘Homekey’ in COVID-19 Response to Protect Homeless Californians
Once lauded as the exemplar when it comes to wearing masks and flattening the coronavirus curve, California is in the throes of a rapidly expanding pandemic after relaxing many of the stay-at-home provisions.
Face Masks in the Summer of California’s Discontent
1808 - Ygnacio del Valle born in Jalisco, Mexico; owned most of SCV [story]
Ygnacio del Valle
Attempting to care for mental health problems, homelessness, and other social ills should not be placed in the realm of law enforcement.
A Little Girl’s Cry | Doctor’s Diary with Dr. Gene Dorio
On Monday, June 29, 2020, a press release was issued from the Los Angeles County Department of Public Health announcing that all fireworks displays in the county are prohibited this Fourth of July holiday weekend.
Santa Clarita’s Fireworks Display Canceled After L.A. County Modified Order
College of the Canyons hybrid defensive end/outside linebacker Bradley Brown has signed with Northern Arizona University, the latest member of the Cougars' 2019 defensive unit to move on to a four-year program.
COC’s Bradley Brown Headed to Northern Arizona University
The Los Angeles County Department of Public Health confirmed 2,779 new cases of COVID-19 and 45 new deaths due to the virus countywide, with a total of 3,185 confirmed COVID-19 cases reported in the Santa Clarita Valley since the pandemic began.
County Sees 3rd Straight Day of New Cases Over 2,100; 3,185 Cases in SCV
Los Angeles County Fire Department firefighters extinguished a brush fire in Newhall near Interstate 5 on Tuesday afternoon.
Fire Near Calgrove Boulevard, I-5 Held to 7 Acres
(CN) — California Gov. Gavin Newsom has inked his signature on a $202 billion budget deal that plucks billions from the state’s rainy-day fund, cuts state workers’ pay and freezes business tax breaks to close a record $54 billion budget gap.
Newsom Signs $202 Billion State Budget
California State University, Northridge officials have released details for a primarily virtual fall semester, with a handful of graduate and undergraduate courses and labs being offered face-to-face. Named “CSUN as One,” CSUN launched a website for the campus’ fall 2020 instruction and operational plans.
CSUN Releases Fall Semester Plans; Launches ‘CSUN as One’ Website
A woman suspected of driving under the influence and two passengers were taken to the hospital after a vehicle crashed and fell on its side in Newhall early Tuesday morning.
Newhall Crash Leaves 3 Injured
The County of Los Angeles, the city of Los Angeles, and philanthropy have partnered to deploy $3 million dollars in grants for small businesses, nonprofits and microentrepreneurs in a newly launched L.A. Regional COVID-19 Recovery Fund.
L.A. County, City Partner to Deploy $3M in Small Business, Nonprofit Grants
The California Department of Transportation (Caltrans) on authority from the California State Transportation Agency has entered into a lease agreement allowing XpressWest, a Brightline company, to use existing State right-of-way along Interstate 15 for high-speed passenger rail service between the town of Apple Valley (near Victorville) and Las Vegas.
Caltrans Enters Lease Agreement with XpressWest for High Speed Rail Between SoCal, Vegas
SACRAMENTO - Wherever people choose to observe Independence Day, they can expect the California Highway Patrol (CHP) to be out in force for a Maximum Enforcement Period (MEP) from 6:00 p.m. on Friday, July 3, to midnight, Sunday, July 5.
CHP to Begin Maximum Enforcement Period Friday
%d bloggers like this: