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Five Point Holdings, LLC Reports Third Quarter 2021 Results

Third Quarter 2021 Highlights

  • Great Park Venture sold 113 homesites and 8 homes generating proceeds of $78.0 million.
  • Great Park Neighborhoods home sales were 135 during the third quarter bringing the total to 591 year-to-date, representing a 44% increase compared to the first nine months of 2020.
  • In Valencia, 11 neighborhoods are open for sale by builders, and the first homebuyers moved into their new homes in the third quarter.
  • Valencia home sales were 156 during the third quarter and 199 through the end of the quarter since sales commenced in May 2021.
  • Consolidated revenues of $20.7 million; consolidated net loss of $8.2 million.
  • Company maintains a debt to total capitalization ratio of 25.3% and liquidity of $315.8 million as of September 30, 2021.

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 third quarter 2021 results.

Lynn Jochim, President and Chief Operating Officer, said, “Business conditions continue to be favorable for Five Point and its homebuilding partners. Homebuilders are continuing to see strong demand throughout California, and this is especially true in our unique Five Point communities. While we reported a $8.2 million loss for the quarter, current market conditions provide us an excellent environment to drive volume and performance. To that end, we anticipate meaningful land sales over the next quarters, starting with Valencia in either the fourth quarter or the first quarter of 2022 and then at Great Park Neighborhoods in the second half of 2022.

“Given our well-positioned communities in supply constrained markets, our strategy going forward will be as follows: First, we will continue to build leading sustainable mixed-use communities, which we believe will drive short-term and long-term value. Second, we will enhance entitlements to address the current housing shortage. Third, we are crafting a renewed strategic approach for the 23 million square feet of planned commercial opportunities in our three communities. Fourth, we will intensify our focus on bringing our extraordinary properties in San Francisco to market. And fifth, we will optimize and rationalize our cost structure to properly fit the size and scale of our business.

“Let me conclude by saying that our irreplaceable assets and strong business conditions leave me optimistic about both the short-term and long-term future of our company. With a clearly defined strategy and a commitment to excellence by our associates, we will continue to lead in sustainable community development while we focus on maximizing returns and driving shareholder value.”

Third Quarter 2021 Consolidated Results

Liquidity and Capital Resources

As of September 30, 2021, total liquidity of $315.8 million was comprised of cash and cash equivalents totaling $191.1 million and borrowing availability of $124.7 million under our $125.0 million unsecured revolving credit facility. Total capital was $1.8 billion, reflecting $2.9 billion in assets and $1.1 billion in liabilities and redeemable noncontrolling interests.

Results of Operations for the Three Months Ended September 30, 2021

Revenues. Revenues of $20.7 million for the three months ended September 30, 2021 were primarily generated from management services and contingent consideration received from a commercial land sale in Valencia that was sold in 2011.

Equity in earnings from unconsolidated entities. Equity in earnings from unconsolidated entities was $0.5 million for the three months ended September 30, 2021, comprised of $0.4 million in earnings from our 37.5% percentage interest in the Great Park Venture offset by less than $0.1 million in loss from our 75% interest in the Gateway Commercial Venture.

During the three months ended September 30, 2021, the Great Park Venture sold 113 homesites on approximately 13 acres of land at the Great Park Neighborhoods for a base price of $65.1 million in addition to recognizing $1.4 million in variable marketing fees expected to be received when homes are sold to homebuyers. Additionally, the Great Park Venture closed on the sales of eight homes that were constructed, marketed, and sold under a fee build agreement for an aggregate sales price of $12.9 million.

Selling, general, and administrative. Selling, general, and administrative expenses were $20.8 million for the three months ended September 30, 2021.

Net loss. Consolidated net loss for the quarter was $8.2 million. Net loss attributable to noncontrolling interests totaled $4.4 million, resulting in net loss attributable to the Company of $3.8 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 our Class A common shares on a one-for-one basis or, at our election, cash. In connection with any redemption or exchange, our ownership of our operating subsidiaries will increase and reduce the amount of income allocated to noncontrolling interests.

Conference Call Information

In conjunction with this release, Five Point will host a conference call on Wednesday, November 3, 2021 at 5:00 p.m. Eastern Time. Lynn Jochim, President and Chief Operating Officer, and Erik Higgins, Vice President and 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 (856) 344-9283 (domestic) or (800) 263-0877 (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 8172054. The telephonic replay will be available until 11:59 p.m. Eastern Time on November 17, 2021.

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® (formerly known as Newhall Ranch®) 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

September 30,

 

Nine Months Ended

September 30,

 

2021

 

2020

 

2021

 

2020

REVENUES:

 

 

 

 

 

 

 

Land sales

$

10,000

 

 

$

42

 

 

$

10,087

 

 

$

17,076

 

Land sales—related party

17

 

 

2

 

 

73

 

 

14

 

Management services—related party

10,156

 

 

7,999

 

 

30,242

 

 

22,557

 

Operating properties

522

 

 

334

 

 

1,777

 

 

2,257

 

Total revenues

20,695

 

 

8,377

 

 

42,179

 

 

41,904

 

COSTS AND EXPENSES:

 

 

 

 

 

 

 

Land sales

 

 

 

 

 

 

11,861

 

Management services

8,075

 

 

6,120

 

 

24,700

 

 

16,587

 

Operating properties

2,095

 

 

764

 

 

5,098

 

 

4,408

 

Selling, general, and administrative

20,757

 

 

17,656

 

 

59,513

 

 

58,594

 

Total costs and expenses

30,927

 

 

24,540

 

 

89,311

 

 

91,450

 

OTHER INCOME:

 

 

 

 

 

 

 

Interest income

21

 

 

71

 

 

74

 

 

1,303

 

Miscellaneous

1,516

 

 

91

 

 

3,833

 

 

267

 

Total other income

1,537

 

 

162

 

 

3,907

 

 

1,570

 

EQUITY IN EARNINGS FROM UNCONSOLIDATED ENTITIES

485

 

 

52,423

 

 

9,048

 

 

45,417

 

(LOSS) INCOME BEFORE INCOME TAX BENEFIT (PROVISION)

(8,210

)

 

36,422

 

 

(34,177

)

 

(2,559

)

INCOME TAX BENEFIT (PROVISION)

 

 

 

 

(5

)

 

 

NET (LOSS) INCOME

(8,210

)

 

36,422

 

 

(34,182

)

 

(2,559

)

LESS NET (LOSS) INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS

(4,362

)

 

19,458

 

 

(18,266

)

 

(1,349

)

NET (LOSS) INCOME ATTRIBUTABLE TO THE COMPANY

$

(3,848

)

 

$

16,964

 

 

$

(15,916

)

 

$

(1,210

)

 

 

 

 

 

 

 

 

NET (LOSS) INCOME ATTRIBUTABLE TO THE COMPANY PER CLASS A SHARE

 

 

 

 

 

 

 

Basic

$

(0.06

)

 

$

0.25

 

 

$

(0.23

)

 

$

(0.02

)

Diluted

$

(0.06

)

 

$

0.25

 

 

$

(0.23

)

 

$

(0.02

)

WEIGHTED AVERAGE CLASS A SHARES OUTSTANDING

 

 

 

 

 

 

 

Basic

67,429,394

 

 

66,746,065

 

 

67,376,746

 

 

66,709,190

 

Diluted

67,429,394

 

 

142,866,245

 

 

67,376,746

 

 

68,848,283

 

NET (LOSS) INCOME 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)

 

 

September 30, 2021

 

December 31, 2020

ASSETS

 

 

 

INVENTORIES

$

2,167,291

 

 

$

1,990,859

 

INVESTMENT IN UNCONSOLIDATED ENTITIES

374,441

 

 

442,850

 

PROPERTIES AND EQUIPMENT, NET

31,785

 

 

32,769

 

INTANGIBLE ASSET, NET—RELATED PARTY

56,259

 

 

71,747

 

CASH AND CASH EQUIVALENTS

191,134

 

 

298,144

 

RESTRICTED CASH AND CERTIFICATES OF DEPOSIT

1,330

 

 

1,330

 

RELATED PARTY ASSETS

96,659

 

 

103,681

 

OTHER ASSETS

17,376

 

 

20,605

 

TOTAL

$

2,936,275

 

 

$

2,961,985

 

 

 

 

 

LIABILITIES AND CAPITAL

 

 

 

LIABILITIES:

 

 

 

Notes payable, net

$

618,732

 

 

$

617,581

 

Accounts payable and other liabilities

158,197

 

 

135,331

 

Related party liabilities

99,796

 

 

113,149

 

Deferred income tax liability, net

12,578

 

 

12,578

 

Payable pursuant to tax receivable agreement

174,126

 

 

173,248

 

Total liabilities

1,063,429

 

 

1,051,887

 

 

 

 

 

REDEEMABLE NONCONTROLLING INTEREST

25,000

 

 

25,000

 

CAPITAL:

 

 

 

Class A common shares; No par value; Issued and outstanding: September 30, 2021—70,107,552 shares; December 31, 2020—69,051,284 shares

 

 

 

Class B common shares; No par value; Issued and outstanding: September 30, 2021—79,233,544 shares; December 31, 2020—79,233,544 shares

 

 

 

Contributed capital

583,890

 

 

578,278

 

Retained earnings

26,305

 

 

42,221

 

Accumulated other comprehensive loss

(2,797

)

 

(2,833

)

Total members’ capital

607,398

 

 

617,666

 

Noncontrolling interests

1,240,448

 

 

1,267,432

 

Total capital

1,847,846

 

 

1,885,098

 

TOTAL

$

2,936,275

 

 

$

2,961,985

 

FIVE POINT HOLDINGS, LLC

SUPPLEMENTAL DATA

(In thousands)

(Unaudited)

 

Liquidity

 

September 30, 2021

Cash and cash equivalents

$

191,134

 

Borrowing capacity (1)

124,651

 

Total liquidity

$

315,785

 

(1)

As of September 30, 2021, 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

 

September 30, 2021

Debt (1)

$

625,000

 

Total capital

1,847,846

 

Total capitalization

$

2,472,846

 

Debt to total capitalization

25.3

%

 

 

Debt (1)

$

625,000

 

Less: Cash and cash equivalents

191,134

 

Net debt

433,866

 

Total capital

1,847,846

 

Total net capitalization

$

2,281,712

 

Net debt to total capitalization (2)

19.0

%

(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 tables reconcile the results of operations of our segments to our consolidated results for the three and nine months ended September 30, 2021 (in thousands):

 

 

Three Months Ended September 30, 2021

 

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

$

10,000

 

 

$

 

 

$

66,950

 

 

$

 

 

$

76,950

 

 

$

 

 

$

76,950

 

 

$

(66,950

)

 

$

10,000

 

Land sales—related party

17

 

 

 

 

2,535

 

 

 

 

2,552

 

 

 

 

2,552

 

 

(2,535

)

 

17

 

Home sales

 

 

 

 

12,947

 

 

 

 

12,947

 

 

 

 

12,947

 

 

(12,947

)

 

 

Management services—related party(2)

 

 

 

 

10,054

 

 

102

 

 

10,156

 

 

 

 

10,156

 

 

 

 

10,156

 

Operating properties

381

 

 

141

 

 

 

 

2,108

 

 

2,630

 

 

 

 

2,630

 

 

(2,108

)

 

522

 

Total revenues

10,398

 

 

141

 

 

92,486

 

 

2,210

 

 

105,235

 

 

 

 

105,235

 

 

(84,540

)

 

20,695

 

COSTS AND EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Land sales

 

 

 

 

49,827

 

 

 

 

49,827

 

 

 

 

49,827

 

 

(49,827

)

 

 

Home sales

 

 

 

 

10,187

 

 

 

 

10,187

 

 

 

 

10,187

 

 

(10,187

)

 

 

Management services(2)

 

 

 

 

8,075

 

 

 

 

8,075

 

 

 

 

8,075

 

 

 

 

8,075

 

Operating properties

2,095

 

 

 

 

 

 

596

 

 

2,691

 

 

 

 

2,691

 

 

(596

)

 

2,095

 

Selling, general, and administrative

5,227

 

 

926

 

 

8,630

 

 

1,255

 

 

16,038

 

 

14,604

 

 

30,642

 

 

(9,885

)

 

20,757

 

Management fees—related party

 

 

 

 

6,893

 

 

 

 

6,893

 

 

 

 

6,893

 

 

(6,893

)

 

 

Total costs and expenses

7,322

 

 

926

 

 

83,612

 

 

1,851

 

 

93,711

 

 

14,604

 

 

108,315

 

 

(77,388

)

 

30,927

 

OTHER INCOME (EXPENSE):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

 

 

83

 

 

 

 

83

 

 

21

 

 

104

 

 

(83

)

 

21

 

Interest expense

 

 

 

 

 

 

(311

)

 

(311

)

 

 

 

(311

)

 

311

 

 

 

Miscellaneous

1,516

 

 

 

 

 

 

 

 

1,516

 

 

 

 

1,516

 

 

 

 

1,516

 

Total other income (expense)

1,516

 

 

 

 

83

 

 

(311

)

 

1,288

 

 

21

 

 

1,309

 

 

228

 

 

1,537

 

EQUITY IN EARNINGS FROM UNCONSOLIDATED ENTITIES

159

 

 

 

 

 

 

 

 

159

 

 

 

 

159

 

 

326

 

 

485

 

SEGMENT PROFIT (LOSS)/LOSS BEFORE INCOME TAX BENEFIT

4,751

 

 

(785

)

 

8,957

 

 

48

 

 

12,971

 

 

(14,583

)

 

(1,612

)

 

(6,598

)

 

(8,210

)

INCOME TAX BENEFIT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SEGMENT PROFIT (LOSS)/NET LOSS

$

4,751

 

 

$

(785

)

 

$

8,957

 

 

$

48

 

 

$

12,971

 

 

$

(14,583

)

 

$

(1,612

)

 

$

(6,598

)

 

$

(8,210

)

(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.

 

Nine Months Ended September 30, 2021

 

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

$

10,087

 

 

$

 

 

$

346,417

 

 

$

 

 

$

356,504

 

 

$

 

 

$

356,504

 

 

$

(346,417

)

 

$

10,087

 

Land sales—related party

73

 

 

 

 

60,894

 

 

 

 

60,967

 

 

 

 

60,967

 

 

(60,894

)

 

73

 

Home sales

 

 

 

 

12,947

 

 

 

 

12,947

 

 

 

 

12,947

 

 

(12,947

)

 

 

Management services—related party(2)

 

 

 

 

29,938

 

 

304

 

 

30,242

 

 

 

 

30,242

 

 

 

 

30,242

 

Operating properties

1,346

 

 

431

 

 

 

 

6,357

 

 

8,134

 

 

 

 

8,134

 

 

(6,357

)

 

1,777

 

Total revenues

11,506

 

 

431

 

 

450,196

 

 

6,661

 

 

468,794

 

 

 

 

468,794

 

 

(426,615

)

 

42,179

 

COSTS AND EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Land sales

 

 

 

 

301,247

 

 

 

 

301,247

 

 

 

 

301,247

 

 

(301,247

)

 

 

Home sales

 

 

 

 

10,187

 

 

 

 

10,187

 

 

 

 

10,187

 

 

(10,187

)

 

 

Management services(2)

 

 

 

 

24,700

 

 

 

 

24,700

 

 

 

 

24,700

 

 

 

 

24,700

 

Operating properties

5,098

 

 

 

 

 

 

1,265

 

 

6,363

 

 

 

 

6,363

 

 

(1,265

)

 

5,098

 

Selling, general, and administrative

14,750

 

 

2,988

 

 

24,834

 

 

3,572

 

 

46,144

 

 

41,775

 

 

87,919

 

 

(28,406

)

 

59,513

 

Management fees—related party

 

 

 

 

19,393

 

 

 

 

19,393

 

 

 

 

19,393

 

 

(19,393

)

 

 

Total costs and expenses

19,848

 

 

2,988

 

 

380,361

 

 

4,837

 

 

408,034

 

 

41,775

 

 

449,809

 

 

(360,498

)

 

89,311

 

OTHER INCOME (EXPENSE):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

 

 

416

 

 

 

 

416

 

 

74

 

 

490

 

 

(416

)

 

74

 

Interest expense

 

 

 

 

 

 

(921

)

 

(921

)

 

 

 

(921

)

 

921

 

 

 

Miscellaneous—related party

 

 

1,070

 

 

 

 

 

 

1,070

 

 

978

 

 

2,048

 

 

 

 

2,048

 

Miscellaneous

1,785

 

 

 

 

 

 

 

 

1,785

 

 

 

 

1,785

 

 

 

 

1,785

 

Total other income (expense)

1,785

 

 

1,070

 

 

416

 

 

(921

)

 

2,350

 

 

1,052

 

 

3,402

 

 

505

 

 

3,907

 

EQUITY IN EARNINGS (LOSS) FROM UNCONSOLIDATED ENTITIES

280

 

 

 

 

(1,409

)

 

 

 

(1,129

)

 

 

 

(1,129

)

 

10,177

 

 

9,048

 

SEGMENT (LOSS) PROFIT/LOSS BEFORE INCOME TAX PROVISION

(6,277

)

 

(1,487

)

 

68,842

 

 

903

 

 

61,981

 

 

(40,723

)

 

21,258

 

 

(55,435

)

 

(34,177

)

INCOME TAX PROVISION

 

 

 

 

 

 

 

 

 

 

(5

)

 

(5

)

 

 

 

(5

)

SEGMENT (LOSS) PROFIT/NET LOSS

$

(6,277

)

 

$

(1,487

)

 

$

68,842

 

 

$

903

 

 

$

61,981

 

 

$

(40,728

)

 

$

21,253

 

 

$

(55,435

)

 

$

(34,182

)

(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 from our investment in the Great Park Venture that is reflected in the condensed consolidated statement of operations for the three and nine months ended September 30, 2021 (in thousands):

 

 

Three Months Ended

September 30, 2021

 

Nine Months Ended

September 30, 2021

Segment profit from operations

$

8,957

 

 

$

68,842

 

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

1,979

 

 

5,238

 

Net income of the Great Park Venture

6,978

 

 

63,604

 

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

2,617

 

 

23,852

 

Basis difference amortization

(2,250

)

 

(15,533

)

Equity in earnings from the Great Park Venture

$

367

 

 

$

8,319

 

 

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 nine months ended September 30, 2021 (in thousands):

 

 

Three Months Ended

September 30, 2021

 

Nine Months Ended

September 30, 2021

Segment profit from operations

$

48

 

 

$

903

 

Less net income of management company attributed to the Commercial segment

102

 

 

304

 

Net (loss) income of the Gateway Commercial Venture

(54

)

 

599

 

Equity in (loss) earnings from the Gateway Commercial Venture

$

(41

)

 

$

449

 

 

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