Five Point Holdings, LLC (FPH) Reports Q1 Revenues Below Estiamtes

Five Point Holdings, LLC (NYSE: FPH) reported Q1 EPS of $, versus ($0.11) reported last year. Revenue for the quarter came in at $15 million versus the consensus estimate of $15.85 million.

Emile Haddad, Chairman and CEO, commented that “Five Point has benefited from a strong start to the year driven by continued operational progress. Economic tailwinds in the form of sustained job growth and limited housing supply in our core markets suggest that the value of our land portfolio will steadily appreciate. Our ongoing efforts to develop Newhall Ranch have continued. As a result, we believe that we are positioned to generate revenues in that community sometime toward the end of 2019. In San Francisco, the receipt of certain milestone approvals leaves us on track to acquire another two million square feet of commercial entitlements before the end of 2018. We continue moving forward with infrastructure at Candlestick Point. At the Shipyard, we are having discussions with the City of San Francisco as it relates to the timing of land conveyance. In the Great Park Neighborhoods, buyer demand at Cadence Park, which opened its first phase in March, has been brisk. We have also been active since the end of the quarter. In April, the Great Park Venture made a cash distribution of $235 million to holders of legacy interests. In May, the Great Park Venture completed the sale of 33 acres for $166 million, or $5 million per acre, in the Great Park Neighborhoods. This transaction further validates our view of the residual value of our assets. We remain firmly committed to maximizing the value of our assets while maintaining a strong financial position.”

For earnings history and earnings-related data on Five Point Holdings, LLC (FPH) click here.

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