FPH

Five Point Reports Strong Q3 2024 Results

Five Point Holdings, LLC has reported its third quarter 2024 results, showing significant financial achievements. The company closed two retail use commercial land sales totaling 12.8 acres for a total purchase price of $25.4 million. Distributions and incentive compensation payments to the company from the Great Park Venture totaled $49.4 million. The company also saw strong home sales, with 166 homes sold by the Great Park Builder and 89 homes sold by the Valencia Builder during the quarter.

Consolidated revenues for the quarter were reported at $17.0 million, with a consolidated net income of $12.3 million. The company ended the quarter with a strong financial position, boasting cash and cash equivalents of $224.5 million and a debt to total capitalization ratio of 20.5%. The total liquidity as of September 30, 2024, was $349.5 million.

Equity in earnings from unconsolidated entities was $12.0 million for the quarter, with the Great Park Venture generating net income of $33.4 million, resulting in a share of net income for the company of $12.1 million.

The company's selling, general, and administrative expenses for the quarter were reported at $11.9 million. The consolidated net income for the quarter was $12.3 million, with net income attributable to the company reaching $4.8 million after accounting for net income attributable to noncontrolling interests of $7.6 million.

The company also highlighted its strong liquidity and capital resources, with total liquidity of $349.5 million comprised of cash and cash equivalents totaling $224.5 million and borrowing availability of $125.0 million under an unsecured revolving credit facility.

Today the company's shares have moved -2.4% to a price of $4.1. For more information, read the company's full 8-K submission here.

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