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Five Point Holdings, LLC Reports Second Quarter 2022 Results

Second Quarter 2022 Highlights

  • Valencia builder sales of 168 homes during the quarter within 18 active neighborhoods.
  • Great Park builder sales of 37 homes during the quarter.
  • At Great Park Neighborhoods, our newest neighborhood, “Solis Park,” consisting of approximately 850 homes began opening homes for sale with the majority of builder collections planned to open for sale in the third quarter.
  • Extended the initial term of the development management agreement with the Great Park Venture through December 31, 2022.
  • Consolidated revenues of $5.4 million; consolidated net loss of $11.0 million.
  • Debt to total capitalization ratio of 25.2% and liquidity of $252.5 million as of June 30, 2022.

Five Point Holdings, LLC (“Five Point” or the “Company”) (NYSE:FPH), an owner and developer of large mixed-use planned communities in California, today reported its second quarter 2022 results.

Dan Hedigan, Chief Executive Officer, said, “Our second quarter has been a pivotal quarter for FivePoint, as we have focused our attention on positioning and building for our future. We are positioned with near-term residential land closings that will be profitable and will fortify our already strong balance sheet, we have right-sized our operating platform with our ‘do more with less’ overhead strategy, and we are executing a carefully crafted commercial property strategy that will begin to produce results as well. While there is some uncertainty in the new home market, the long-term outlook remains quite favorable, given disciplined mortgage underwriting standards that have been in place, the favorable demographics that support the need for new housing, as well as the general overall shortage of housing supply.”

Consolidated Results

Liquidity and Capital Resources

As of June 30, 2022, total liquidity of $252.5 million was comprised of cash and cash equivalents totaling $127.8 million and borrowing availability of $124.7 million under our $125.0 million unsecured revolving credit facility. Total capital was $1.9 billion, reflecting $2.9 billion in assets and $1.0 billion in liabilities and redeemable noncontrolling interests.

Results of Operations for the Three Months Ended June 30, 2022

Revenues. Revenues of $5.4 million for the three months ended June 30, 2022 were primarily generated from management services.

Equity in earnings from unconsolidated entities. Equity in earnings from unconsolidated entities was $0.6 million for the three months ended June 30, 2022. The Great Park Venture had no land sales during the three months ended June 30, 2022 but did close the sale of 13 homes under its fee build program at Great Park Neighborhoods, generating $23.3 million in revenues. Net income for the Great Park Venture was $1.5 million. Our share of the net income from our 37.5% percentage interest, adjusted for basis differences, was $0.2 million. Additionally, we recognized $0.1 million in earnings from our 75% interest in the Gateway Commercial Venture and $0.3 million in earnings from our 10% interest in the Valencia Landbank Venture, which was primarily a result of land sales to third-party homebuilders by the Valencia Landbank Venture.

Selling, general, and administrative. Selling, general, and administrative expenses were $12.7 million for the three months ended June 30, 2022.

Net loss. Consolidated net loss for the quarter was $11.0 million. Net loss attributable to noncontrolling interests totaled $5.9 million, resulting in net loss attributable to the Company of $5.1 million. Net loss attributable to noncontrolling interests represents the portion of loss allocated to related party partners and members that hold units of the operating company and the San Francisco Venture. Holders of units of the operating company and the San Francisco Venture can redeem their interests for either, at our election, our Class A common shares on a one-for-one basis or cash. In connection with any redemption or exchange, our ownership of our operating subsidiaries will increase thereby reducing the amount of income allocated to noncontrolling interests in subsequent periods.

Conference Call Information

In conjunction with this release, Five Point will host a conference call on Tuesday, August 2, 2022 at 5:00 p.m. Eastern Time. Dan Hedigan, Chief Executive Officer, and Leo Kij, Interim Chief Financial Officer, will host the call. Interested investors and other parties can listen to a live Internet audio webcast of the conference call that will be available on the Five Point website at ir.fivepoint.com. The conference call can also be accessed by dialing (800) 458-4121 (domestic) or (856) 344-9290 (international). A telephonic replay will be available starting approximately two hours after the end of the call by dialing (844) 512-2921, or for international callers, (412) 317-6671. The passcode for the live call and the replay is 6902049. The telephonic replay will be available until 11:59 p.m. Eastern Time on August 16, 2022.

About Five Point

Five Point, headquartered in Irvine, California, designs and develops large mixed-use planned communities in Orange County, Los Angeles County, and San Francisco County that combine residential, commercial, retail, educational, and recreational elements with public amenities, including civic areas for parks and open space. Five Point’s communities include the Great Park Neighborhoods® in Irvine, Valencia® in Los Angeles County, and Candlestick® and The San Francisco Shipyard® in the City of San Francisco. These communities are designed to include approximately 40,000 residential homes and approximately 23 million square feet of commercial space.

Forward-Looking Statements

This press release contains forward-looking statements that are subject to risks and uncertainties. These statements concern expectations, beliefs, projections, plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. When used, the words “anticipate,” “believe,” “expect,” “intend,” “may,” “might,” “plan,” “estimate,” “project,” “should,” “will,” “would,” “result” and similar expressions that do not relate solely to historical matters are intended to identify forward-looking statements. This press release may contain forward-looking statements regarding: our expectations of our future revenues, costs and financial performance; future demographics and market conditions in the areas where our communities are located; the outcome of pending litigation and its effect on our operations; the timing of our development activities; and the timing of future real estate purchases or sales. We caution you that any forward-looking statements included in this press release are based on our current views and information currently available to us. Forward-looking statements are subject to risks, trends, uncertainties and factors that are beyond our control. Some of these risks and uncertainties are described in more detail in our filings with the SEC, including our Annual Report on Form 10-K, under the heading “Risk Factors.” Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected. We caution you therefore against relying on any of these forward-looking statements. While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. They are based on estimates and assumptions only as of the date hereof. We undertake no obligation to update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes, except as required by applicable law.

FIVE POINT HOLDINGS, LLC

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share amounts)

(Unaudited)

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

REVENUES:

 

 

 

 

 

 

 

Land sales

$

14

 

 

$

65

 

 

$

571

 

 

$

87

 

Land sales—related party

 

1,711

 

 

 

37

 

 

 

1,712

 

 

 

56

 

Management services—related party

 

2,703

 

 

 

7,647

 

 

 

6,250

 

 

 

20,086

 

Operating properties

 

965

 

 

 

555

 

 

 

1,746

 

 

 

1,255

 

Total revenues

 

5,393

 

 

 

8,304

 

 

 

10,279

 

 

 

21,484

 

COSTS AND EXPENSES:

 

 

 

 

 

 

 

Land sales

 

 

 

 

 

 

 

 

 

 

 

Management services

 

2,200

 

 

 

5,848

 

 

 

4,884

 

 

 

16,625

 

Operating properties

 

2,378

 

 

 

1,418

 

 

 

4,217

 

 

 

3,003

 

Selling, general, and administrative

 

12,651

 

 

 

19,218

 

 

 

29,442

 

 

 

38,756

 

Restructuring

 

 

 

 

 

 

 

19,437

 

 

 

 

Total costs and expenses

 

17,229

 

 

 

26,484

 

 

 

57,980

 

 

 

58,384

 

OTHER INCOME:

 

 

 

 

 

 

 

Interest income

 

117

 

 

 

26

 

 

 

138

 

 

 

53

 

Miscellaneous

 

112

 

 

 

1,113

 

 

 

224

 

 

 

2,317

 

Total other income

 

229

 

 

 

1,139

 

 

 

362

 

 

 

2,370

 

EQUITY IN EARNINGS (LOSS) FROM UNCONSOLIDATED ENTITIES

 

643

 

 

 

12,119

 

 

 

(389

)

 

 

8,563

 

LOSS BEFORE INCOME TAX PROVISION

 

(10,964

)

 

 

(4,922

)

 

 

(47,728

)

 

 

(25,967

)

INCOME TAX PROVISION

 

(8

)

 

 

(5

)

 

 

(13

)

 

 

(5

)

NET LOSS

 

(10,972

)

 

 

(4,927

)

 

 

(47,741

)

 

 

(25,972

)

LESS NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS

 

(5,861

)

 

 

(2,638

)

 

 

(25,500

)

 

 

(13,904

)

NET LOSS ATTRIBUTABLE TO THE COMPANY

$

(5,111

)

 

$

(2,289

)

 

$

(22,241

)

 

$

(12,068

)

 

 

 

 

 

 

 

 

NET LOSS ATTRIBUTABLE TO THE COMPANY PER CLASS A SHARE

 

 

 

 

 

 

 

Basic

$

(0.07

)

 

$

(0.03

)

 

$

(0.32

)

 

$

(0.18

)

Diluted

$

(0.07

)

 

$

(0.03

)

 

$

(0.33

)

 

$

(0.18

)

WEIGHTED AVERAGE CLASS A SHARES OUTSTANDING

 

 

 

 

 

 

 

Basic

 

68,495,523

 

 

 

67,410,440

 

 

 

68,332,460

 

 

 

67,349,986

 

Diluted

 

69,635,563

 

 

 

67,410,440

 

 

 

69,472,500

 

 

 

67,349,986

 

NET LOSS ATTRIBUTABLE TO THE COMPANY PER CLASS B SHARE

 

 

 

 

 

 

 

Basic and diluted

$

(0.00

)

 

$

(0.00

)

 

$

(0.00

)

 

$

(0.00

)

WEIGHTED AVERAGE CLASS B SHARES OUTSTANDING

 

 

 

 

 

 

 

Basic and diluted

 

79,233,544

 

 

 

79,233,544

 

 

 

79,233,544

 

 

 

79,233,544

 

FIVE POINT HOLDINGS, LLC

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except shares)

(Unaudited)

 

 

June 30, 2022

 

December 31, 2021

ASSETS

 

 

 

INVENTORIES

$

2,187,647

 

 

$

2,096,824

 

INVESTMENT IN UNCONSOLIDATED ENTITIES

 

372,685

 

 

 

374,553

 

PROPERTIES AND EQUIPMENT, NET

 

30,881

 

 

 

31,466

 

INTANGIBLE ASSET, NET—RELATED PARTY

 

51,405

 

 

 

51,405

 

CASH AND CASH EQUIVALENTS

 

127,820

 

 

 

265,462

 

RESTRICTED CASH AND CERTIFICATES OF DEPOSIT

 

1,330

 

 

 

1,330

 

RELATED PARTY ASSETS

 

98,656

 

 

 

101,818

 

OTHER ASSETS

 

19,185

 

 

 

20,052

 

TOTAL

$

2,889,609

 

 

$

2,942,910

 

 

 

 

 

LIABILITIES AND CAPITAL

 

 

 

LIABILITIES:

 

 

 

Notes payable, net

$

619,884

 

 

$

619,116

 

Accounts payable and other liabilities

 

100,757

 

 

 

115,374

 

Related party liabilities

 

102,588

 

 

 

95,918

 

Deferred income tax liability, net

 

12,998

 

 

 

12,998

 

Payable pursuant to tax receivable agreement

 

173,068

 

 

 

174,126

 

Total liabilities

 

1,009,295

 

 

 

1,017,532

 

 

 

 

 

REDEEMABLE NONCONTROLLING INTEREST

 

25,000

 

 

 

25,000

 

CAPITAL:

 

 

 

Class A common shares; No par value; Issued and outstanding: June 30, 2022—69,068,354 shares; December 31, 2021—70,107,552 shares

 

 

 

Class B common shares; No par value; Issued and outstanding: June 30, 2022—79,233,544 shares; December 31, 2021—79,233,544 shares

 

 

 

Contributed capital

 

586,267

 

 

 

587,587

 

Retained earnings

 

26,548

 

 

 

48,789

 

Accumulated other comprehensive loss

 

(1,925

)

 

 

(1,952

)

Total members’ capital

 

610,890

 

 

 

634,424

 

Noncontrolling interests

 

1,244,424

 

 

 

1,265,954

 

Total capital

 

1,855,314

 

 

 

1,900,378

 

TOTAL

$

2,889,609

 

 

$

2,942,910

 

FIVE POINT HOLDINGS, LLC

SUPPLEMENTAL DATA

(In thousands)

(Unaudited)

 

Liquidity

 

 

June 30, 2022

Cash and cash equivalents

$

127,820

Borrowing capacity (1)

 

124,651

Total liquidity

$

252,471

(1)

As of June 30, 2022, no amounts were drawn on the Company’s $125.0 million revolving credit facility; however, letters of credit of approximately $0.3 million were issued and outstanding under the revolving credit facility, thus reducing the available capacity by the outstanding letters of credit amount.

Debt to Total Capitalization and Net Debt to Total Capitalization

 

 

June 30, 2022

Debt (1)

$

625,000

 

Total capital

 

1,855,314

 

Total capitalization

$

2,480,314

 

Debt to total capitalization

 

25.2

%

 

 

Debt (1)

$

625,000

 

Less: Cash and cash equivalents

 

127,820

 

Net debt

 

497,180

 

Total capital

 

1,855,314

 

Total net capitalization

$

2,352,494

 

Net debt to total capitalization (2)

 

21.1

%

(1)

For purposes of this calculation, debt is the amount due on the Company’s notes payable before offsetting for capitalized deferred financing costs.

(2)

Net debt to total capitalization is a non-GAAP financial measure defined as net debt (debt less cash and cash equivalents) divided by total net capitalization (net debt plus total capital). The Company believes the ratio of net debt to total capitalization is a relevant and a useful financial measure to investors in understanding the leverage employed in the Company’s operations. However, because net debt to total capitalization is not calculated in accordance with GAAP, this financial measure should not be considered in isolation or as an alternative to financial measures prescribed by GAAP. Rather, this non-GAAP financial measure should be used to supplement the Company's GAAP results.

Segment Results

The following table reconciles the results of operations of our segments to our consolidated results for the three and six months ended June 30, 2022 (in thousands):

 

Three Months Ended June 30, 2022

 

Valencia

 

San

Francisco

 

Great Park

 

Commercial

 

Total

reportable

segments

 

Corporate and

unallocated

 

Total under

management

 

Removal of

unconsolidated

entities(1)

 

Total

consolidated

REVENUES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Land sales

$

14

 

 

$

 

 

$

262

 

$

 

 

$

276

 

 

$

 

 

$

276

 

 

$

(262

)

 

$

14

 

Land sales—related party

 

1,711

 

 

 

 

 

 

1,744

 

 

 

 

 

3,455

 

 

 

 

 

 

3,455

 

 

 

(1,744

)

 

 

1,711

 

Home sales

 

 

 

 

 

 

 

23,314

 

 

 

 

 

23,314

 

 

 

 

 

 

23,314

 

 

 

(23,314

)

 

 

 

Management services—related party(2)

 

 

 

 

 

 

 

2,602

 

 

101

 

 

 

2,703

 

 

 

 

 

 

2,703

 

 

 

 

 

 

2,703

 

Operating properties

 

843

 

 

 

122

 

 

 

 

 

2,121

 

 

 

3,086

 

 

 

 

 

 

3,086

 

 

 

(2,121

)

 

 

965

 

Total revenues

 

2,568

 

 

 

122

 

 

 

27,922

 

 

2,222

 

 

 

32,834

 

 

 

 

 

 

32,834

 

 

 

(27,441

)

 

 

5,393

 

COSTS AND EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Land sales

 

 

 

 

 

 

 

13

 

 

 

 

 

13

 

 

 

 

 

 

13

 

 

 

(13

)

 

 

 

Home sales

 

 

 

 

 

 

 

17,882

 

 

 

 

 

17,882

 

 

 

 

 

 

17,882

 

 

 

(17,882

)

 

 

 

Management services(2)

 

 

 

 

 

 

 

2,200

 

 

 

 

 

2,200

 

 

 

 

 

 

2,200

 

 

 

 

 

 

2,200

 

Operating properties

 

2,378

 

 

 

 

 

 

 

 

629

 

 

 

3,007

 

 

 

 

 

 

3,007

 

 

 

(629

)

 

 

2,378

 

Selling, general, and administrative

 

3,582

 

 

 

936

 

 

 

4,425

 

 

1,046

 

 

 

9,989

 

 

 

8,133

 

 

 

18,122

 

 

 

(5,471

)

 

 

12,651

 

Management fees—related party

 

 

 

 

 

 

 

1,848

 

 

 

 

 

1,848

 

 

 

 

 

 

1,848

 

 

 

(1,848

)

 

 

 

Total costs and expenses

 

5,960

 

 

 

936

 

 

 

26,368

 

 

1,675

 

 

 

34,939

 

 

 

8,133

 

 

 

43,072

 

 

 

(25,843

)

 

 

17,229

 

OTHER INCOME (EXPENSE):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

 

 

 

 

 

89

 

 

 

 

 

89

 

 

 

117

 

 

 

206

 

 

 

(89

)

 

 

117

 

Interest expense

 

 

 

 

 

 

 

 

 

(313

)

 

 

(313

)

 

 

 

 

 

(313

)

 

 

313

 

 

 

 

Miscellaneous

 

112

 

 

 

 

 

 

 

 

 

 

 

112

 

 

 

 

 

 

112

 

 

 

 

 

 

112

 

Total other income (expense)

 

112

 

 

 

 

 

 

89

 

 

(313

)

 

 

(112

)

 

 

117

 

 

 

5

 

 

 

224

 

 

 

229

 

EQUITY IN EARNINGS FROM UNCONSOLIDATED ENTITIES

 

336

 

 

 

 

 

 

235

 

 

 

 

 

571

 

 

 

 

 

 

571

 

 

 

72

 

 

 

643

 

SEGMENT (LOSS) PROFIT/LOSS BEFORE INCOME TAX PROVISION

 

(2,944

)

 

 

(814

)

 

 

1,878

 

 

234

 

 

 

(1,646

)

 

 

(8,016

)

 

 

(9,662

)

 

 

(1,302

)

 

 

(10,964

)

INCOME TAX PROVISION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8

)

 

 

(8

)

 

 

 

 

 

(8

)

SEGMENT (LOSS) PROFIT/NET LOSS

$

(2,944

)

 

$

(814

)

 

$

1,878

 

$

234

 

 

$

(1,646

)

 

$

(8,024

)

 

$

(9,670

)

 

$

(1,302

)

 

$

(10,972

)

(1)

Represents the removal of the Great Park Venture and Gateway Commercial Venture operating results, which are included in the Great Park segment and Commercial segment operating results at 100% of each venture’s historical basis, respectively, but are not included in our consolidated results as we account for our investment in each venture using the equity method of accounting.

(2)

For the Great Park and Commercial segments, represents the revenues and expenses attributable to the management company for providing services to the Great Park Venture and the Gateway Commercial Venture, as applicable.

 

Six Months Ended June 30, 2022

 

Valencia

 

San

Francisco

 

Great Park

 

Commercial

 

Total

reportable

segments

 

Corporate

and

unallocated

 

Total under

management

 

Removal of

unconsolidated

entities(1)

 

Total

consolidated

REVENUES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Land sales

$

571

 

 

$

 

 

$

592

 

 

$

 

 

$

1,163

 

 

$

 

 

$

1,163

 

 

$

(592

)

 

$

571

 

Land sales—related party

 

1,712

 

 

 

 

 

 

3,233

 

 

 

 

 

 

4,945

 

 

 

 

 

 

4,945

 

 

 

(3,233

)

 

 

1,712

 

Home sales

 

 

 

 

 

 

 

40,475

 

 

 

 

 

 

40,475

 

 

 

 

 

 

40,475

 

 

 

(40,475

)

 

 

 

Management services—related party(2)

 

 

 

 

 

 

 

6,046

 

 

 

204

 

 

 

6,250

 

 

 

 

 

 

6,250

 

 

 

 

 

 

6,250

 

Operating properties

 

1,444

 

 

 

302

 

 

 

 

 

 

4,059

 

 

 

5,805

 

 

 

 

 

 

5,805

 

 

 

(4,059

)

 

 

1,746

 

Total revenues

 

3,727

 

 

 

302

 

 

 

50,346

 

 

 

4,263

 

 

 

58,638

 

 

 

 

 

 

58,638

 

 

 

(48,359

)

 

 

10,279

 

COSTS AND EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Land sales

 

 

 

 

 

 

 

13

 

 

 

 

 

 

13

 

 

 

 

 

 

13

 

 

 

(13

)

 

 

 

Home sales

 

 

 

 

 

 

 

30,784

 

 

 

 

 

 

30,784

 

 

 

 

 

 

30,784

 

 

 

(30,784

)

 

 

 

Management services(2)

 

 

 

 

 

 

 

4,884

 

 

 

 

 

 

4,884

 

 

 

 

 

 

4,884

 

 

 

 

 

 

4,884

 

Operating properties

 

4,217

 

 

 

 

 

 

 

 

 

1,069

 

 

 

5,286

 

 

 

 

 

 

5,286

 

 

 

(1,069

)

 

 

4,217

 

Selling, general, and administrative

 

8,026

 

 

 

1,785

 

 

 

11,986

 

 

 

2,125

 

 

 

23,922

 

 

 

19,631

 

 

 

43,553

 

 

 

(14,111

)

 

 

29,442

 

Restructuring

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19,437

 

 

 

19,437

 

 

 

 

 

 

19,437

 

Management fees—related party

 

 

 

 

 

 

 

3,351

 

 

 

 

 

 

3,351

 

 

 

 

 

 

3,351

 

 

 

(3,351

)

 

 

 

Total costs and expenses

 

12,243

 

 

 

1,785

 

 

 

51,018

 

 

 

3,194

 

 

 

68,240

 

 

 

39,068

 

 

 

107,308

 

 

 

(49,328

)

 

 

57,980

 

OTHER INCOME (EXPENSE):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

 

 

 

 

 

244

 

 

 

 

 

 

244

 

 

 

138

 

 

 

382

 

 

 

(244

)

 

 

138

 

Interest expense

 

 

 

 

 

 

 

 

 

 

(620

)

 

 

(620

)

 

 

 

 

 

(620

)

 

 

620

 

 

 

 

Miscellaneous

 

224

 

 

 

 

 

 

 

 

 

 

 

 

224

 

 

 

 

 

 

224

 

 

 

 

 

 

224

 

Total other income (expense)

 

224

 

 

 

 

 

 

244

 

 

 

(620

)

 

 

(152

)

 

 

138

 

 

 

(14

)

 

 

376

 

 

 

362

 

EQUITY IN EARNINGS (LOSS) FROM UNCONSOLIDATED ENTITIES

 

521

 

 

 

 

 

 

235

 

 

 

 

 

 

756

 

 

 

 

 

 

756

 

 

 

(1,145

)

 

 

(389

)

SEGMENT (LOSS) PROFIT/LOSS BEFORE INCOME TAX PROVISION

 

(7,771

)

 

 

(1,483

)

 

 

(193

)

 

 

449

 

 

 

(8,998

)

 

 

(38,930

)

 

 

(47,928

)

 

 

200

 

 

 

(47,728

)

INCOME TAX PROVISION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(13

)

 

 

(13

)

 

 

 

 

 

(13

)

SEGMENT (LOSS) PROFIT/NET LOSS

$

(7,771

)

 

$

(1,483

)

 

$

(193

)

 

$

449

 

 

$

(8,998

)

 

$

(38,943

)

 

$

(47,941

)

 

$

200

 

 

$

(47,741

)

(1)

Represents the removal of the Great Park Venture and Gateway Commercial Venture operating results, which are included in the Great Park segment and Commercial segment operating results at 100% of each venture’s historical basis, respectively, but are not included in our consolidated results as we account for our investments in each venture using the equity method of accounting.

(2)

For the Great Park and Commercial segments, represents the revenues and expenses attributable to the management company for providing services to the Great Park Venture and the Gateway Commercial Venture, as applicable.

The table below reconciles the Great Park segment results to the equity in earnings (loss) from our investment in the Great Park Venture that is reflected in the condensed consolidated statement of operations for the three and six months ended June 30, 2022 (in thousands):

 

Three Months Ended

June 30, 2022

 

Six Months Ended

June 30, 2022

Segment profit (loss) from operations

$

1,878

 

 

$

(193

)

Less net income of management company attributed to the Great Park segment

 

402

 

 

 

1,162

 

Net income (loss) of the Great Park Venture

 

1,476

 

 

 

(1,355

)

The Company’s share of net income (loss) of the Great Park Venture

 

554

 

 

 

(508

)

Basis difference amortization

 

(347

)

 

 

(586

)

Equity in earnings (loss) from the Great Park Venture

$

207

 

 

$

(1,094

)

The table below reconciles the Commercial segment results to the equity in earnings from our investment in the Gateway Commercial Venture that is reflected in the condensed consolidated statement of operations for the three and six months ended June 30, 2022 (in thousands):

 

Three Months Ended

June 30, 2022

 

Six Months Ended

June 30, 2022

Segment profit from operations

$

234

 

$

449

Less net income of management company attributed to the Commercial segment

 

101

 

 

204

Net income of the Gateway Commercial Venture

 

133

 

 

245

Equity in earnings from the Gateway Commercial Venture

$

100

 

$

184

 

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