Five Point Holdings, LLC (FPH) 2022年年度报告「NYSE」.pdf

1、April 28,2023 Dear Shareholders,2022 was a year of organizational transition for Five Point,while at the same time the market was subject to rising inflation and,in response,a series of unprecedented aggressive interest rate hikes by the Federal Reserve.Our team here nevertheless remained focus thro

2、ughout the year on our three priorities:1.Generating revenue and positive cash flow;2.Managing and limiting our capital spend;and3.Rightsizing our SG&A.Our associates executed on a number of key strategic objectives in pursuit of these priorities in 2022,including:closing on the sale of approximatel

3、y 42 acres of commercial land for a purchase price of$240 million,or$5.7 million per acre,at the Great Park Neighborhoods community ownedby our joint venture,the Great Park Venture;receiving$66.9 million in distributions and incentive compensation from the Great ParkVenture;reducing our selling,gene

4、ral and administrative expenses to$54.6 million,a 29%reduction compared to 2021;renewing our development management agreement with the Great Park Venture throughthe end of 2024;implementing an internal restructuring that resulted in annualized anticipated costsavings of approximately$9 million;andma

5、intaining a debt to total capitalization ratio of 25.1%and liquidity of$256.8 million asof December 31,2022.Despite tightening market conditions and limited inventory,our guest homebuilders sold 594 homes at Valencia and 326 homes at the Great Park Neighborhoods in 2022.In the early months of 2023,w

6、e have seen an increase in home sales activity at our communities,which we believe will help drive land sales to builders throughout the rest of 2023.As a complement to our residential land sale program,the commercial land sale that closed in the fourth quarter of 2022 at the Great Park Neighborhood