Five Point Holdings, LLC reported significant financial results for the third quarter and the nine months ended September 30, 2024, reflecting notable changes in revenue and profitability compared to the previous fiscal period.
For the three months ended September 30, 2024, total revenues decreased to $17.0 million, a decline of 74.2% from $65.9 million in the same period of 2023. This drop was primarily attributed to a substantial decrease in land sales, which fell to $372,000 from $60.7 million year-over-year. However, management services revenue saw a significant increase, rising to $16.0 million from $4.5 million in the prior year. Total costs and expenses for the quarter were $17.4 million, down from $54.6 million in Q3 2023. Net income for the quarter was $12.3 million, compared to $14.2 million in the same quarter of the previous year, while net income attributable to the company decreased to $4.8 million from $6.6 million.
For the nine months ended September 30, 2024, total revenues were $78.1 million, down from $93.0 million in the same period in 2023, largely due to the absence of land sales in 2024. Net income for the nine-month period increased slightly to $56.6 million from $55.0 million in 2023. The company reported a significant increase in management services revenue, which rose to $75.0 million from $29.2 million year-over-year.
The company’s balance sheet as of September 30, 2024, showed inventories of $2.3 million, an increase from $2.2 million at the end of 2023. Cash and cash equivalents decreased to $224.5 million from $353.8 million. Notably, retained earnings increased to $110.6 million from $88.8 million, and total capital rose to $2.0 billion from $1.98 billion.
Strategically, Five Point Holdings has been active in its ventures, with the Great Park Venture distributing $229.9 million to holders of percentage interests during the nine months ended September 30, 2024. The company also completed an exchange offer for its senior notes, converting $623.5 million of existing notes into new notes with a higher interest rate, reflecting a proactive approach to managing its debt.
Overall, while the company faced challenges in land sales, it demonstrated resilience through increased management services revenue and maintained a strong financial position with significant liquidity.
About Five Point Holdings, LLC
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