Five Point Holdings, LLC (FPH) 2019年年度报告「NYSE」.pdf

1、 2019 ANNUAL REPORT April 28,2020 Dear Shareholder:I hope that this letter reaches you while you and your loved ones are in good health.I first want to acknowledge the unprecedented times we are all living in and share some of my thoughts about our Companys actions in response to the COVID-19 pandem

2、ic.Our management team has been together through several market cycles.During the Great Recession period of 2008-09,this same team repositioned the Companys current assets through some of the most complicated work outs.As such,it is in the DNA of the Company to be prepared for unforeseen market shif

3、ts and to maintain a strong balance sheet.Our liquidity at the end of 2019 was approximately$471 million,which was comprised of$347 million in cash and$124 million of borrowing availability under our$125 million unsecured,revolving credit facility.Our senior notes do not mature until 2025,and our de

4、bt-to-capitalization ratio currently is at twenty-five percent.In addition,none of the Companys master-planned communities is encumbered with project debt,and over sixty percent of our expenditures are variable costs.Our planning and development contracts give us the right to suspend or terminate wo

5、rk on less than 30-days notice,giving us the ability to slow down or,if needed,stop these expenditures.While our current financial position is strong,we dont know how long this current environment will last.As a response to the COVID-19 pandemic,we asked all of our associates to start working remote

6、ly as of March 16,2020.Since then,the only people working regularly at the office while observing social distancing are Lynn Jochim,our COO,Erik Higgins,our CFO,Mike Alvarado,our CLO,and me.Our first order of business was to implement what we refer to as our“3-6-9 Plan.”It is simply a plan that assu