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
October 24
1992 - Dedication of Santa Clarita's first Metrolink station (Santa Clarita Station) [brochure]

| 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
1992 - Dedication of Santa Clarita's first Metrolink station (Santa Clarita Station) [brochure]
The Los Angeles County Department of Public Health on Friday confirmed 23 new deaths and 2,773 new positive cases of COVID-19, including 56 new cases in the Santa Clarita Valley.
Friday COVID-19 Roundup: 296,821 L.A. County Cases, 7,000 in SCV
California Governor Gavin Newsom on Friday announced a major injection of new Homekey funding made possible by the Legislature to expand and support the state program, helping thousands of families experiencing or at risk of homelessness find permanent, long-term housing solutions.
Sixth Round of ‘Homekey’ Funding Includes $24M for L.A. County
The Santa Clarita City Council has posted its agenda for a regular meeting in Council Chambers at City Hall on Tuesday, October 27.
Oct. 27 Meeting Agenda: Santa Clarita City Council
The city of Santa Clarita has received the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association of the United States and Canada.
City of Santa Clarita Earns National Financial Reporting Award
The Santa Clarita Valley Sheriff's Station will host a National Drug Takeback Day event on Saturday, October 24, between 10 a.m. and 2 p.m.
Oct. 24: SCV Sheriff’s Station to Host Drug Takeback Day
City of Santa Clarita officials delivered the 2020 State of the City event Thursday in true COVID-19-era format: virtually, while shining a light on local essential workers who have toiled tirelessly since the onset of the pandemic.
Santa Clarita 2020 ‘State of the City’ Highlights Resilience Amid Challenges
Governor Gavin Newsom has announced the retirement of California Highway Patrol Commissioner Warren Stanley, and the appointment of Deputy Commissioner Amanda Ray to succeed Stanley.
CHP’s Stanley to Retire; Governor Names Amanda Ray New Commissioner
A new state law set to take effect in January requires employers to provide notice of workplace COVID-19 exposure, and Santa Clarita Valley business leaders are urging local businesses to review their health and safety procedures now.
COVID-19 Exposure: SCV Business Leaders Weigh in on AB 685
A Santa Clarita Valley Sheriff's Station deputy arrested a woman and a male parolee on felony drug and weapons charges in Valencia earlier this week.
Parolee, Woman Arrested in Valencia on Felony Drug, Weapon Charges
1888 - 8:15 a.m.: Newhall's luxurious Southern Hotel burns to the ground [story]
Southern Hotel
California State University, Northridge will be home to one of the 1,000 vote centers across Los Angeles County that are open to the county’s voters in the days before the Nov. 3 presidential election.
CSUN to Serve as L.A. County Vote Center Beginning Oct. 24
Los Angeles County residents who lost their home or sustained other losses due to the recent Bobcat Wildfire may now apply to receive federal assistance.
FEMA Application Now Open for L.A. County Residents Affected by Bobcat Fire
Los Angeles County Treasurer and Tax Collector Keith Knox and County Assessor Jeffrey Prang are alerting the public to a property tax scam under the guise of COVID-19 that has been reported to a District Office of the Assessor.
County Officials Warning Residents of COVID-19 Property Tax Scam
Los Angeles County is providing a second opportunity for financial assistance to businesses that have been disproportionately impacted by the COVID-19 pandemic and have been allowed to reopen by the State, but ordered to remain closed by the County of Los Angeles Health Officer Order as of Sept. 4, 2020.
L.A. County Announces Second Round of Funding for Businesses Impacted by COVID-19
The Los Angeles County Department of Public Health confirmed Thursday 18 new deaths and 3,600 new cases of COVID-19 countywide, including 6,944 total cases in the Santa Clarita Valley and a new fatality in the city of Santa Clarita.
Thursday COVID-19 Roundup: 73rd SCV Death; Local Cases Up to 6,944
SCV Water is undertaking multiple planning efforts designed to effectively manage the water supply for our customers, ensuring they have access to reliable water today and tomorrow.
SCV Water Undertaking Multiple Planning Efforts to Enhance Water Reliability
With L.A. County’s Project Roomkey coming close to an end, Bridge to Home officials announced Thursday a new initiative to house more than two dozen local homeless individuals, but it will require help from the community
Bridge to Home’s New Initiative Pledges to House 30 Homeless People by January 5
Santa Clarita Artists Association will hold its last virtual oil workshop of the year on Sunday, Nov. 15, from 3:00 p.m. - 6:00 p.m., with Rich Gallego, entitled, "Using a Modified Zorn Palette to Create Harmonious Landscapes."
Nov. 15: Last SCAA Virtual Oil Painting Workshop of 2020 with Rich Gallego
The Dr. Dianne G. Van Hook University Center will host a virtual open house event on Friday, Oct. 30 for prospective students interested in earning a bachelor’s or master’s degree through the center’s partner institutions.
Oct. 30: Dr. Dianne G. Van Hook University Center Virtual Open House
Santa Clarita homeless task force members are exploring options to start a local overnight parking program akin to those in Santa Barbara and Los Angeles.
SCV Homeless Task Force Exploring Overnight Parking Options
The William S. Hart Union High School District will likely not return to campus until January, Superintendent Mike Kuhlman said during the district’s governing board meeting Wednesday.
Hart District Looks to January Reopening
Los Angeles County Public Works and Los Angeles County Sanitation Districts will host a free Household Hazardous Waste and E-Waste Recycling Roundup, Saturday, Oct. 24, from 9:00 a.m. - 3:00 p.m., at Val Verde Park.
Oct. 24: Free Household Hazardous Waste & E-Waste Recycling Roundup
California theme parks are considering legal action to receive permission to reopen, following state guidelines announced Tuesday that keep venues such as Six Flags Magic Mountain closed for an unknown amount of time.
California Theme Parks Consider Legal Action Over State’s Reopening Plan
%d bloggers like this: