Five Point Holdings, LLC Announces the Sale of First Homesites at New Community in Los Angeles County
January 13 2020 - 4:15PM
Business Wire
Five Point Holdings, LLC (“Five Point” or the “Company”)
(NYSE:FPH), in a major step forward to opening its newest
master-planned community in Los Angeles County, announced the sale
of 781 homesites at Valencia (formerly Newhall Ranch) in the fourth
quarter of 2019. The Company closed on 711 of these homesites, and
the balance is anticipated to close in the first half of this year.
The proceeds from the closed homesites were approximately $135
million.
“This is a milestone for the Company, as we have been waiting
for this day for a long time,” said Emile Haddad, Chairman and CEO
of Five Point. “These are the first deliveries of the approximately
21,000 homesites anticipated to be delivered next in Valencia,
building on the reputation of one of the premier master-planned
communities in the country that already has over 60,000 existing
residents and 60,000 permanent jobs.”
“Los Angeles is one of the most constrained housing markets in
the country,” he said, “and we are excited to be working with the
County of Los Angeles to build this new community within Valencia.
It will ultimately include the lifestyle elements and amenities
that we believe are essential to creating a fully integrated and
multi-generational community, while helping mitigate the County’s
growing need for additional housing.”
This new community is anticipated to provide a wide range of
homes, high quality public education, job/housing balance with
approximately 11.5 million square feet of commercial space,
including healthcare and lifestyle-focused uses among other
amenities, and 10,000 acres of open space. In addition, this
community is designed to be the first net zero greenhouse gas
community of its size in America.
The financial results of this transaction will be included in
the Company’s next earnings report.
About Five Point
Five Point, headquartered in Irvine, California, designs and
develops large mixed-use, master-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, including anticipated deliveries of homesites
and anticipated amenities in our communities. 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.
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Five Point Holdings, LLC
Investor Relations: Bob Wetenhall, 949-349-1087
bob.wetenhall@fivepoint.com
or
Media: Steve Churm, 949-349-1034
steve.churm@fivepoint.com
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