earnings
confidence high
sentiment positive
materiality 0.75
Five Point Q3 net income $55.7M; sells 326 homesites; issues $450M 8% notes due 2030
Five Point Holdings, LLC
- Consolidated net income of $55.7M in Q3; revenue of $13.5M primarily from management services.
- Great Park Venture sold 326 homesites for $257.7M; equity in earnings of $70.1M.
- Closed acquisition of 75% interest in Hearthstone land banking venture for $57.6M.
- Issued $450M in 8.000% Senior Notes due 2030; redeemed $523.5M of 10.500% notes.
- Credit rating upgraded to B2/B2 by Moody's; initial BB-/B from Fitch; revolver upsized to $217.5M.