Five Point Holdings, LLC has recently released its 10-K report, providing detailed insights into the company's financial performance and operational highlights. Five Point operates in four segments: Valencia, San Francisco, Great Park, and Commercial. The company sells residential and commercial land sites, operates and owns various properties, and provides development and property management services.
In the fiscal year ended December 31, 2024, Five Point reported total revenues of $237.9 million, marking an increase of $26.2 million from the previous year. The increase was primarily driven by higher management services revenue at the Great Park segment, partially offset by lower land sales at the Valencia segment.
The cost of land sales decreased by $15.5 million, amounting to $90.1 million in 2024, compared to $105.7 million in 2023. Additionally, selling, general, and administrative (SG&A) expenses decreased slightly by $0.3 million, totaling $51.2 million for the year ended December 31, 2024.
Equity in earnings from unconsolidated entities, including the Great Park Venture and the Gateway Commercial Venture, increased significantly by $56.0 million, reaching $132.6 million in 2024, compared to $76.6 million in 2023. This increase was primarily a result of recognizing Five Point's share of the net income of the Great Park Venture.
In terms of operational highlights, Five Point closed the sale of 493 homesites on 54.4 acres at Valencia for an aggregate purchase price of $137.9 million in 2024. The company also recognized land sale revenue of $480.0 million at the Great Park Neighborhoods and made distributions and related participating payments with proceeds from the land sales. Additionally, the company obtained final approval of its revised development plans in San Francisco in the fourth quarter of 2024.
Looking ahead, Five Point anticipates continuing land sales at Valencia in the second half of 2025 and expects the Great Park Venture to close the sale of approximately 979 homesites across fourteen different programs during 2025. The company also plans to commence engineering for the next phase of infrastructure at Candlestick in San Francisco as early as the first quarter of 2026, as part of its growth initiatives to complement its existing communities. Today the company's shares have moved 0.2% to a price of $5.36. For more information, read the company's full 10-K submission here.
