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Five Point Holdings, LLC Reports Second Quarter 2021 Results

Second Quarter 2021 Highlights

  • Great Park Venture sold 774 homesites generating proceeds of $328.2 million.
  • Received a total of $98.3 million in cash distributions and incentive compensation payments from the Great Park Venture.
  • Builders started home sales at Valencia in the Company’s first phase of this community.
  • Company maintains liquidity of $361.2 million at June 30, 2021. Maturity date of the Company’s $125 million unsecured revolving line of credit was extended by two years to April 2024.

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 2021 results. Emile Haddad, Chairman and CEO, said, “We are pleased to report our results for the second quarter. The housing market continued its robust trajectory with strong demand against a limited supply of homesites in our markets. Following the sale of 774 homesites in the second quarter, the Great Park Venture made distributions, incentive compensation payments and participation payments totaling $295 million during the quarter, of which Five Point received $98.3 million. This is an important milestone for the Company since the priority distributions to the holders of the legacy interests have been satisfied. This latest distribution represents the commencement of distributions on Five Point’s 37.5% percentage interest in the Great Park Venture. In Valencia, ten of our first eighteen neighborhoods are open for sale and we are looking forward to welcoming our first homeowners to the community this fall.”

Second Quarter 2021 Consolidated Results

Liquidity and Capital Resources

As of June 30, 2021, total liquidity of $361.2 million was comprised of cash and cash equivalents totaling $236.5 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 $1.1 billion in liabilities and redeemable noncontrolling interests.

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

Revenues. Revenues of $8.3 million for the three months ended June 30, 2021 were primarily generated from management services.

Equity in earnings from unconsolidated entities. Equity in earnings from unconsolidated entities was $12.1 million for the three months ended June 30, 2021, comprised of $11.9 million in earnings from our 37.5% percentage interest in the Great Park Venture and earnings of $0.1 million from our 75% interest in the Gateway Commercial Venture.

During the three months ended June 30, 2021, the Great Park Venture sold 774 homesites on approximately 58 acres of land at the Great Park Neighborhoods for a base price of $328.2 million in addition to recognizing $7.6 million in variable marketing fees expected to be received when homes are sold to homebuyers. After completing the land sales, the Great Park Venture made aggregate distributions to its members of $255.3 million, of which we received $77.6 million for our 37.5% percentage interest and an indirect legacy percentage interest we held. With these distributions, the Great Park Venture has fully satisfied the $476.0 million priority legacy distribution rights and reduced the remaining maximum participating legacy distribution rights to $82.7 million. The remaining $82.7 million legacy interest will be paid on a pro rata basis, with approximately 10% of future distributions paid to the holders of legacy interests and approximately 90% of such distributions paid to the holders of the percentage interests, until such time as the remaining balance has been fully paid.

Selling, general, and administrative. Selling, general, and administrative expenses were $19.2 million for the three months ended June 30, 2021.

Net loss. Consolidated net loss for the quarter was $4.9 million. Net loss attributable to noncontrolling interests totaled $2.6 million, resulting in net loss attributable to the Company of $2.3 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 Thursday, August 5, 2021 at 5:00 p.m. Eastern Time. Emile Haddad, President and Chief Executive 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 (866) 269-5604 (domestic) or (929) 477-0593 (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 7892761. The telephonic replay will be available until 11:59 p.m. Eastern Time on August 19, 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

June 30,

 

Six Months Ended

June 30,

 

2021

 

 

2020

 

2021

 

 

2020

 

REVENUES:

 

 

 

 

 

 

 

Land sales

$

65

 

 

 

$

17,028

 

 

$

87

 

 

 

$

17,034

 

 

Land sales—related party

37

 

 

 

2

 

 

56

 

 

 

12

 

 

Management services—related party

7,647

 

 

 

6,314

 

 

20,086

 

 

 

14,558

 

 

Operating properties

555

 

 

 

963

 

 

1,255

 

 

 

1,923

 

 

Total revenues

8,304

 

 

 

24,307

 

 

21,484

 

 

 

33,527

 

 

COSTS AND EXPENSES:

 

 

 

 

 

 

 

Land sales

 

 

 

11,861

 

 

 

 

 

11,861

 

 

Management services

5,848

 

 

 

4,416

 

 

16,625

 

 

 

10,467

 

 

Operating properties

1,418

 

 

 

1,699

 

 

3,003

 

 

 

3,644

 

 

Selling, general, and administrative

19,218

 

 

 

16,312

 

 

38,756

 

 

 

40,938

 

 

Total costs and expenses

26,484

 

 

 

34,288

 

 

58,384

 

 

 

66,910

 

 

OTHER INCOME:

 

 

 

 

 

 

 

Interest income

26

 

 

 

226

 

 

53

 

 

 

1,232

 

 

Miscellaneous

1,113

 

 

 

88

 

 

2,317

 

 

 

176

 

 

Total other income

1,139

 

 

 

314

 

 

2,370

 

 

 

1,408

 

 

EQUITY IN EARNINGS (LOSS) FROM UNCONSOLIDATED ENTITIES

12,119

 

 

 

23,905

 

 

8,563

 

 

 

(7,006

)

 

(LOSS) INCOME BEFORE INCOME TAX (PROVISION) BENEFIT

(4,922

)

 

 

14,238

 

 

(25,967

)

 

 

(38,981

)

 

INCOME TAX (PROVISION) BENEFIT

(5

)

 

 

 

 

(5

)

 

 

 

 

NET (LOSS) INCOME

(4,927

)

 

 

14,238

 

 

(25,972

)

 

 

(38,981

)

 

LESS NET (LOSS) INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS

(2,638

)

 

 

7,606

 

 

(13,904

)

 

 

(20,807

)

 

NET (LOSS) INCOME ATTRIBUTABLE TO THE COMPANY

$

(2,289

)

 

 

$

6,632

 

 

$

(12,068

)

 

 

$

(18,174

)

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

Basic

$

(0.03

)

 

 

$

0.10

 

 

$

(0.18

)

 

 

$

(0.27

)

 

Diluted

$

(0.03

)

 

 

$

0.10

 

 

$

(0.18

)

 

 

$

(0.27

)

 

WEIGHTED AVERAGE CLASS A SHARES OUTSTANDING

 

 

 

 

 

 

 

Basic

67,410,440

 

 

 

66,731,233

 

 

67,349,986

 

 

 

66,690,550

 

 

Diluted

67,410,440

 

 

 

142,851,412

 

 

67,349,986

 

 

 

68,854,356

 

 

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)

 

 

June 30, 2021

 

December 31, 2020

ASSETS

 

 

 

INVENTORIES

$

2,103,805

 

 

 

$

1,990,859

 

 

INVESTMENT IN UNCONSOLIDATED ENTITIES

374,296

 

 

 

442,850

 

 

PROPERTIES AND EQUIPMENT, NET

32,111

 

 

 

32,769

 

 

INTANGIBLE ASSET, NET—RELATED PARTY

61,189

 

 

 

71,747

 

 

CASH AND CASH EQUIVALENTS

236,517

 

 

 

298,144

 

 

RESTRICTED CASH AND CERTIFICATES OF DEPOSIT

1,330

 

 

 

1,330

 

 

RELATED PARTY ASSETS

90,540

 

 

 

103,681

 

 

OTHER ASSETS

18,808

 

 

 

20,605

 

 

TOTAL

$

2,918,596

 

 

 

$

2,961,985

 

 

 

 

 

 

LIABILITIES AND CAPITAL

 

 

 

LIABILITIES:

 

 

 

Notes payable, net

$

618,349

 

 

 

$

617,581

 

 

Accounts payable and other liabilities

137,002

 

 

 

135,331

 

 

Related party liabilities

96,028

 

 

 

113,149

 

 

Deferred income tax liability, net

12,578

 

 

 

12,578

 

 

Payable pursuant to tax receivable agreement

172,726

 

 

 

173,248

 

 

Total liabilities

1,036,683

 

 

 

1,051,887

 

 

 

 

 

 

REDEEMABLE NONCONTROLLING INTEREST

25,000

 

 

 

25,000

 

 

CAPITAL:

 

 

 

Class A common shares; No par value; Issued and outstanding: June 30, 2021—68,758,347 shares; December 31, 2020—69,051,284 shares

 

 

 

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

 

 

 

Contributed capital

577,949

 

 

 

578,278

 

 

Retained earnings

30,153

 

 

 

42,221

 

 

Accumulated other comprehensive loss

(2,793

)

 

 

(2,833

)

 

Total members’ capital

605,309

 

 

 

617,666

 

 

Noncontrolling interests

1,251,604

 

 

 

1,267,432

 

 

Total capital

1,856,913

 

 

 

1,885,098

 

 

TOTAL

$

2,918,596

 

 

 

$

2,961,985

 

 

FIVE POINT HOLDINGS, LLC

SUPPLEMENTAL DATA

(In thousands)

(Unaudited)

Liquidity

 

 

June 30, 2021

Cash and cash equivalents

$

236,517

 

Borrowing capacity (1)

124,651

 

Total liquidity

$

361,168

 

(1)

 

As of June 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

 

June 30, 2021

Debt (1)

$

625,000

 

Total capital

1,856,913

 

Total capitalization

$

2,481,913

 

Debt to total capitalization

25.2

%

 

 

Debt (1)

$

625,000

 

Less: Cash and cash equivalents

236,517

 

Net debt

388,483

 

Total capital

1,856,913

 

Total net capitalization

$

2,245,396

 

Net debt to total capitalization (2)

17.3

%

(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 six months ended June 30, 2021 (in thousands):

 

 

Three Months Ended June 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

$

65

 

 

 

$

 

 

 

$

278,726

 

 

 

$

 

 

 

$

278,791

 

 

 

$

 

 

 

$

278,791

 

 

 

$

(278,726

)

 

 

$

65

 

 

Land sales—related party

37

 

 

 

 

 

 

58,140

 

 

 

 

 

 

58,177

 

 

 

 

 

 

58,177

 

 

 

(58,140

)

 

 

37

 

 

Management services—related party(2)

 

 

 

 

 

 

7,544

 

 

 

103

 

 

 

7,647

 

 

 

 

 

 

7,647

 

 

 

 

 

 

7,647

 

 

Operating properties

414

 

 

 

141

 

 

 

 

 

 

2,148

 

 

 

2,703

 

 

 

 

 

 

2,703

 

 

 

(2,148

)

 

 

555

 

 

Total revenues

516

 

 

 

141

 

 

 

344,410

 

 

 

2,251

 

 

 

347,318

 

 

 

 

 

 

347,318

 

 

 

(339,014

)

 

 

8,304

 

 

COSTS AND EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Land sales

 

 

 

 

 

 

251,420

 

 

 

 

 

 

251,420

 

 

 

 

 

 

251,420

 

 

 

(251,420

)

 

 

 

 

Management services(2)

 

 

 

 

 

 

5,848

 

 

 

 

 

 

5,848

 

 

 

 

 

 

5,848

 

 

 

 

 

 

5,848

 

 

Operating properties

1,418

 

 

 

 

 

 

 

 

 

510

 

 

 

1,928

 

 

 

 

 

 

1,928

 

 

 

(510

)

 

 

1,418

 

 

Selling, general, and administrative

5,483

 

 

 

937

 

 

 

8,636

 

 

 

1,158

 

 

 

16,214

 

 

 

12,798

 

 

 

29,012

 

 

 

(9,794

)

 

 

19,218

 

 

Management fees—related party

 

 

 

 

 

 

6,382

 

 

 

 

 

 

6,382

 

 

 

 

 

 

6,382

 

 

 

(6,382

)

 

 

 

 

Total costs and expenses

6,901

 

 

 

937

 

 

 

272,286

 

 

 

1,668

 

 

 

281,792

 

 

 

12,798

 

 

 

294,590

 

 

 

(268,106

)

 

 

26,484

 

 

OTHER INCOME (EXPENSE):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

 

 

 

 

91

 

 

 

 

 

 

91

 

 

 

26

 

 

 

117

 

 

 

(91

)

 

 

26

 

 

Interest expense

 

 

 

 

 

 

 

 

 

(307

)

 

 

(307

)

 

 

 

 

 

(307

)

 

 

307

 

 

 

 

 

Miscellaneous

135

 

 

 

 

 

 

 

 

 

 

 

 

135

 

 

 

978

 

 

 

1,113

 

 

 

 

 

 

1,113

 

 

Total other income (expense)

135

 

 

 

 

 

 

91

 

 

 

(307

)

 

 

(81

)

 

 

1,004

 

 

 

923

 

 

 

216

 

 

 

1,139

 

 

EQUITY IN EARNINGS (LOSS) FROM UNCONSOLIDATED ENTITIES

121

 

 

 

 

 

 

(1,409

)

 

 

 

 

 

(1,288

)

 

 

 

 

 

(1,288

)

 

 

13,407

 

 

 

12,119

 

 

SEGMENT (LOSS) PROFIT/LOSS BEFORE INCOME TAX PROVISION

(6,129

)

 

 

(796

)

 

 

70,806

 

 

 

276

 

 

 

64,157

 

 

 

(11,794

)

 

 

52,363

 

 

 

(57,285

)

 

 

(4,922

)

 

INCOME TAX PROVISION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5

)

 

 

(5

)

 

 

 

 

 

(5

)

 

SEGMENT (LOSS) PROFIT/NET LOSS

$

(6,129

)

 

 

$

(796

)

 

 

$

70,806

 

 

 

$

276

 

 

 

$

64,157

 

 

 

$

(11,799

)

 

 

$

52,358

 

 

 

$

(57,285

)

 

 

$

(4,927

)

 

(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, 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

$

87

 

 

 

$

 

 

 

$

279,467

 

 

 

$

 

 

 

$

279,554

 

 

 

$

 

 

 

$

279,554

 

 

 

$

(279,467

)

 

 

$

87

 

 

Land sales—related party

56

 

 

 

 

 

 

58,359

 

 

 

 

 

 

58,415

 

 

 

 

 

 

58,415

 

 

 

(58,359

)

 

 

56

 

 

Management services—related party(2)

 

 

 

 

 

 

19,884

 

 

 

202

 

 

 

20,086

 

 

 

 

 

 

20,086

 

 

 

 

 

 

20,086

 

 

Operating properties

965

 

 

 

290

 

 

 

 

 

 

4,249

 

 

 

5,504

 

 

 

 

 

 

5,504

 

 

 

(4,249

)

 

 

1,255

 

 

Total revenues

1,108

 

 

 

290

 

 

 

357,710

 

 

 

4,451

 

 

 

363,559

 

 

 

 

 

 

363,559

 

 

 

(342,075

)

 

 

21,484

 

 

COSTS AND EXPENSES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Land sales

 

 

 

 

 

 

251,420

 

 

 

 

 

 

251,420

 

 

 

 

 

 

251,420

 

 

 

(251,420

)

 

 

 

 

Management services(2)

 

 

 

 

 

 

16,625

 

 

 

 

 

 

16,625

 

 

 

 

 

 

16,625

 

 

 

 

 

 

16,625

 

 

Operating properties

3,003

 

 

 

 

 

 

 

 

 

669

 

 

 

3,672

 

 

 

 

 

 

3,672

 

 

 

(669

)

 

 

3,003

 

 

Selling, general, and administrative

9,523

 

 

 

2,062

 

 

 

16,204

 

 

 

2,317

 

 

 

30,106

 

 

 

27,171

 

 

 

57,277

 

 

 

(18,521

)

 

 

38,756

 

 

Management fees—related party

 

 

 

 

 

 

12,500

 

 

 

 

 

 

12,500

 

 

 

 

 

 

12,500

 

 

 

(12,500

)

 

 

 

 

Total costs and expenses

12,526

 

 

 

2,062

 

 

 

296,749

 

 

 

2,986

 

 

 

314,323

 

 

 

27,171

 

 

 

341,494

 

 

 

(283,110

)

 

 

58,384

 

 

OTHER INCOME (EXPENSE):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

 

 

 

 

333

 

 

 

 

 

 

333

 

 

 

53

 

 

 

386

 

 

 

(333

)

 

 

53

 

 

Interest expense

 

 

 

 

 

 

 

 

 

(610

)

 

 

(610

)

 

 

 

 

 

(610

)

 

 

610

 

 

 

 

 

Miscellaneous

269

 

 

 

1,070

 

 

 

 

 

 

 

 

 

1,339

 

 

 

978

 

 

 

2,317

 

 

 

 

 

 

2,317

 

 

Total other income (expense)

269

 

 

 

1,070

 

 

 

333

 

 

 

(610

)

 

 

1,062

 

 

 

1,031

 

 

 

2,093

 

 

 

277

 

 

 

2,370

 

 

EQUITY IN EARNINGS (LOSS) FROM UNCONSOLIDATED ENTITIES

121

 

 

 

 

 

 

(1,409

)

 

 

 

 

 

(1,288

)

 

 

 

 

 

(1,288

)

 

 

9,851

 

 

 

8,563

 

 

SEGMENT (LOSS) PROFIT/LOSS BEFORE INCOME TAX PROVISION

(11,028

)

 

 

(702

)

 

 

59,885

 

 

 

855

 

 

 

49,010

 

 

 

(26,140

)

 

 

22,870

 

 

 

(48,837

)

 

 

(25,967

)

 

INCOME TAX PROVISION

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5

)

 

 

(5

)

 

 

 

 

 

(5

)

 

SEGMENT (LOSS) PROFIT/NET LOSS

$

(11,028

)

 

 

$

(702

)

 

 

$

59,885

 

 

 

$

855

 

 

 

$

49,010

 

 

 

$

(26,145

)

 

 

$

22,865

 

 

 

$

(48,837

)

 

 

$

(25,972

)

 

(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 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 six months ended June 30, 2021 (in thousands):

 

Three Months Ended

June 30, 2021

 

Six Months Ended

June 30, 2021

Segment profit from operations

$

70,806

 

 

 

$

59,885

 

 

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

1,696

 

 

 

3,259

 

 

Net income of the Great Park Venture

69,110

 

 

 

56,626

 

 

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

25,917

 

 

 

21,235

 

 

Basis difference amortization

(14,049

)

 

 

(13,283

)

 

Equity in earnings from the Great Park Venture

$

11,868

 

 

 

$

7,952

 

 

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, 2021 (in thousands):

 

Three Months Ended

June 30, 2021

 

Six Months Ended

June 30, 2021

Segment profit from operations

$

276

 

 

$

855

 

Less net income of management company attributed to the Commercial segment

103

 

 

202

 

Net income of the Gateway Commercial Venture

173

 

 

653

 

Equity in earnings from the Gateway Commercial Venture

$

130

 

 

$

490

 

 

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