Five Point Holdings, LLC has recently released its 10-Q report, providing an insight into its financial performance for the three and six months ended June 30, 2024 and 2023. The company, through its subsidiary, Five Point Operating Company, LP, is engaged in owning and developing mixed-use and planned communities in Orange County, Los Angeles County, and San Francisco County. The company operates in four segments: Valencia, San Francisco, Great Park, and Commercial. It sells residential and commercial land sites, operates and owns commercial properties, and provides development and property management services.
In the second quarter of 2024, Five Point reported consolidated net income of $38.2 million, compared to net income of $50.6 million for the same period in 2023. The company's SG&A expenses totaled $12.2 million for the second quarter of 2024, a slight decrease from $12.7 million for the same period in 2023. As of June 30, 2024, the company had $217.4 million in cash and $125.0 million available under its revolving credit facility, giving it total liquidity of $342.4 million.
During the second quarter of 2024, the company saw meaningful price appreciation in its land sale pricing at the Great Park Neighborhoods. It closed the sale of 105 homesites on 12.3 acres at the Great Park Neighborhoods in the second quarter of 2024 for an aggregate gross purchase price of $96.1 million. Additionally, guest builders sold 84 homes at Valencia and 63 homes at the Great Park Neighborhoods during the same period.
The company's consolidated revenues increased by $29.8 million, or 139.8%, to $51.2 million for the three months ended June 30, 2024, from $21.3 million for the same period in 2023. The increase in revenues was primarily due to an increase in management services revenue at the Great Park segment during the second quarter of 2024.
For the six months ended June 30, 2024, Five Point reported a net income attributable to the company of $17.0 million, compared to $19.0 million for the same period in 2023. Revenues increased by $34.1 million, or 126.0%, to $61.1 million for the six months ended June 30, 2024, from $27.1 million for the same period in 2023.
The company's reportable operating segments include Valencia, San Francisco, Great Park, and Commercial. The Valencia segment reported revenues of $745 thousand, the San Francisco segment reported revenues of $168 thousand, the Great Park segment reported revenues of $189.5 million, and the Commercial segment reported revenues of $2.4 million for the three months ended June 30, 2024.
As a result of these announcements, the company's shares have moved 3.7% on the market, and are now trading at a price of $3.12. For the full picture, make sure to review Five Point's 10-Q report.
