Five Point Q4 2023 Earnings Call Transcript

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Provided by Quartr
January 18, 2024

There are 5 speakers on the call.

Operator

Greetings, and welcome to the Five Point Holdings LLC 4th Quarter and Year End 2023 Conference Call. As a reminder, this call is being recorded. Today's call may include forward looking statements regarding Five Point's business, financial condition, operations, cash flow, strategy and prospects. Forward looking statements represent Five Point's estimates on the date of this conference call and are not intended to give any assurance as to actual future results. Because forward looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties.

Operator

Many factors could affect future results and may cause Five Point's actual activities or results to differ materially from the activities and results anticipated in forward looking statements. These factors include those described in today's press release and Five Point's TC filings, including those in the Risk Factors section of the 5 Points most recent annual report on Form 10 ks filed with the SEC. Please note that Five Point assumes no obligation to update any forward looking statements. Now, I would like to turn the call over to Dan Hedigan, Chief Executive Officer. Please go ahead.

Speaker 1

Thank you. Good afternoon and thank you for joining our call. I'm going to start off by telling you that I have picked up the cold that seems to be going around To a lot of people, so I don't sound like myself, that's the reason. I have with me today Kim Tobler, our Chief Financial Officer Mike Alvarado, our Chief Legal Officer and Leo Key, our Senior Vice President of Finance and Reporting. Stuart Miller, our Executive Chairman is joining us remotely.

Speaker 1

In my remarks, I'll update you on our Q4 year end results, on our team's focus during the quarter and on the steps we are taking to implement our strategic priorities. Next, Kim will give an overview of the company's financial performance and condition. We'll then open the line for questions to our management team. So let's begin. 1st, Let me congratulate our team on a very strong quarter year.

Speaker 1

We started the year with a little further still somewhat uncertain about the market and And we finished the year with capital markets making it more difficult for commercial developers to pursue new speculative development projects. Yet despite those headwinds, we ended the year strongly with consolidated net income of 58,700,000 in the 4th quarter, resulting in a net income for the year of 113,700,000. We're able to accomplish these results by continuing to focus on our 3 main priorities, generating revenue and positive cash flow, Controlling SG and A costs and probably most importantly this past year, managing capital spend to match near term revenue opportunities. 2nd, I would like to take a moment to note that this is the most consolidated net income that Five Point has generated in a single year since its formation. We also ended the year with $353,800,000 in cash and $0 drawn on $125,000,000 revolver for total liquidity of 478 $800,000 In addition to executing on our operating priorities, we also initiated an exchange offer For our 625,000,000 7.875 percent senior notes due November 2025, for new 10.5 percent initial rate senior notes due January of 2028.

Speaker 1

I'm happy to announce that on Tuesday of this week, we successfully With the participation rate over 99%. As part of the exchange, we reduced our outstanding debt by $100,000,000 and which will reduce our cash balance, which will be reflected in our Q1 Release. This exchange strengthens our balance sheet and provides us additional time to monetize our land development investments and prepare the company for growth. Kim will cover more details regarding this exchange during his comments. Since I arrived at Five Points, we've been working on a number of initiatives underlying our 3 main operating priorities.

Speaker 1

In particular, we have focused on our government relationships, assisting local agencies to deliver badly needed housing in these supply constrained markets in a manner that maintains the attractiveness of our communities to today's consumer and with product offerings at several different pricing levels. We have reengaged with the builders, drawing on my deep relationships with them in order to drive higher land residuals by allowing them to design and build more efficient housing products. You've heard me speak to this in the past and we have seen this come to fruition in our more recent land sales. Finally, we spent considerable time to enter 2022 and beginning of 2023 analyzing the different commercial uses that could be developed on our commercial land holdings at a time when residential was lagging, allowing us to pursue industrial land sale transactions that we're able to close in Q4 Despite the challenges that most commercial markets felt in the second half of twenty twenty three, the work we have done and continue to do regarding our commercial land will allow us to be able to toggle back and forth between residential and commercial land sales as current market conditions dictate. Our focus on these initiatives allowed us to have a strong year, notwithstanding the changing economic client we experienced in 2023.

Speaker 1

We intend to stay the course in 2024, building on the successes we have achieved to date. To that end, While we do not expect to have the same record breaking earnings in 2024 that we had in 'twenty three, we do expect to be cash flow positive and generate substantial earnings, which will strengthen our balance sheet and prepare the company for the future. Let's now move to a market update. The macroeconomic environment for most of 2023 was challenging for new home sales, the dominant theme being the impact of higher interest rates on the homebuyer. It It was a year when home affordability was tested and demand was constrained by the ability of the homebuyer to purchase.

Speaker 1

In that environment, homebuilders assisted in stabilizing demand By offering mortgage products with reduced interest rates allowed new home sales to continue even as the resale market slowed. At the end of the Q3, the market was expecting rates to stay at elevated levels for longer than originally anticipated. However, as we ended the 4th quarter, The Fed signaled that we might be closer to the end of the tightening cycle and we might see lower rates in 2024. We're in sales reports from builders This has led to improvement in homebuilder confidence, which we expect will translate into greater builder demand for residential land in our communities. California's housing dynamics are still very favorable to new home sales.

Speaker 1

The housing shortage is a driving force with production constrained by availability of land, Labor and materials. Owned and rental occupancies remain extremely tight, clearly signaling that more homes are needed. Against this backdrop, we feel good about our position in the California market with entitled and irreplaceable land at Great Park in Irvine, Valencia in North Los Angeles County and a Candlestick in Hunters Point in San Francisco. And we still have strong interest from homebuilders for pipeline in these key California markets. On the commercial side of our business, sample markets have slowed perspective commercial development, but we are still seeing interest from the user market as users have limited options if they want to design, own and control their own facilities on a long term basis.

Speaker 1

We expect this user interest will continue to support demand in this preferred asset class. We also believe that the regional housing needs assessment Or some of you may know it as RENA, process that is ongoing in California will give us an opportunity to add more entitled housing units, thereby creating options to consider multifamily or for sale housing on our remaining commercial sites, with the most likely outcome being a combination of commercial and residential uses on these sites. We're actually studying these options to be sure we are maximizing both land value and shareholder value. Let me pivot now and provide you with some updates on our communities, starting first with the Great Park neighborhoods. During the Q4, builders in our Great Park community sold 76 homes.

Speaker 1

That number, which is low by comparison to more recent quarters, was driven by very limited inventory at Solis Park, our only actively selling neighborhood in Great Park. Despite the limited inventory, We're encouraged by the substantial interest in traffic in the community, affirming the ongoing appeal of our homes to prospective buyers. We believe the builders share our sentiment as we are actively engaged with multiple builders on new land sale opportunities at the Great Park. Our next major neighborhood, Luna Park, will debut with 798 homes across 13 collections as projected to open in phases from March through December of this year. In the first half of the year in Great Park, we anticipate closing 2 land sales totaling 187 home sites and approximately 24 acres.

Speaker 1

As I mentioned earlier, there remains strong homebuilder interest in acquiring homesites at Great Park and we anticipate putting additional homesites out to market during the year, which could close either this year or next. Moving to our commercial land, during the Q4 we closed Land sales totaling approximately 38 acres of land for aggregate purchase price of $174,200,000 This was the balance of the 80 acres we had taken to market to initiate our commercial land sales program at Great Park. We had initially entered into these Land sale agreements early in 2023 before the capital market started adjusting throughout the year. Our speculative developers avoided closing On new land acquisitions, if many, if not most markets, we were able to close these transactions. The ultimate closing price reflected the increased borrowing costs, Higher financial returns that institutional developers expect on spec development projects in this market, but are still strong for aggregate values by even recent historic measures.

Speaker 1

As we move forward into 2024, we'll look to bring additional commercial land to the market, focusing on users, while using our flexible zoning to evaluate the opportunity for commercial and or residential land uses on these sites, depending on which provides the highest land value. While there has been a reduction in inspector building in relevant Southern California markets, which has slowed the pace and pricing of offers for commercial land, Our location in the heart of Orange County has supported continued interest in our commercial land for various uses and we do not anticipate that change into 2024. Now moving to Valencia, our other active community. During the Q4, the builders sold 31 new homes. As of year end, 1202 homes from our initial offering of 1268 homes have been sold with only 66 homes remaining, which is 5% of that initial offering.

Speaker 1

In our newest Valencia development area, we now have 3 new neighborhoods open with 4 more still to be opened. We are seeing continued strong demand in Valencia. These new offerings will augment our current lineup and we anticipate that these openings will result in an increased pace of sales. Builders remain engaged with us in Valencia. During the Q4, we sold 5 83 homesites dispersed across 6 programs and approximately 46 cumulative acres for $101,800,000 and furtherance of Our priority to minimize capital spend with this land sale, we shifted some of the final horizontal development cost to the builder.

Speaker 1

So the final consideration payable to us reflects the fact that the builder would take on these development costs. As we move forward with monetizing our financial land holdings, We're well positioned to expand on our capital management strategy, both by tying our capital expenditures to near term revenue events And by structuring land sales with our homebuilder partners to, where practical, shift land improvement costs to the builders. We also continue to market a prime 35 acre mixed use site in the community. While we're still marketing for commercial uses With adjustments to the commercial market driven by changes in interest rates and expected financial returns for developers, we're also studying residential options for the site with our home building partners. We expect to have more to report on this later in the year.

Speaker 1

Turning to our communities in San Francisco. With the passage of state legislation that allows for the extension of the existing tax increment financing program for Candlestick and Hunters Point Shipyard, We're now focusing our attention on working with the City and County of San Francisco to progress the rebalancing of the underlying entitlements. Recall that one of the main priorities of the rebalancing is to establish Candlestick as a standalone project, separate from but complementary to The ultimate development of the shipyard site, which will be developed once the Navy has completed its remediation activities. Our timing to commence development of Candlestick is on completing processing of approvals through various city and county agencies. With the state's legislation benefiting the public financing program, We believe that we are building momentum to move forward with the standalone development of Candlestick.

Speaker 1

Candlestick will be the first phase of this larger mixed use community located on irreplaceable land along the San Francisco Bay. In closing, 2023 was a year of both progress and redirection for Five Points, Starting with great uncertainty in January around the direction of interest rates and finishing with a positive view around interest rates and economic growth. Against this backdrop in 2023, we had a record year of earnings despite the market volatility. Five Point has positive momentum and we remain optimistic about our communities and our future. As we look ahead to 2024, opportunities remain strong as we build on successes in our core strategies.

Speaker 1

As I noted earlier, we are positive about our liquidity and balance sheet. We are well positioned to harvest opportunities that present themselves in this ever changing environment. The Generalized housing environment reflects a chronic supply shortage as well as a growing pent up demand for housing that has been held back by materially higher interest rates. As I noted last quarter, land development is a long game and we have continuously been improving our financial condition With each passing quarter, we're better positioned to bring our unique land offerings to market. They're not making any more land and there will never be an abundance of entitled land in California.

Speaker 1

Our efforts today are ensuring we are well positioned with that long game well, while recognizing the importance of focusing on creating and maintaining shareholder value. Now let me turn it over to Kim, who will report on our financial results and provide some limited guidance for next year.

Speaker 2

Thank you, Dan. A summary of our financial results was included in the earnings release issued earlier today. And as Dan mentioned, we reported consolidated net income of $58,700,000 for the quarter and $113,700,000 for the year. Since the guidance we gave for the second half of the year was $50,000,000 to $70,000,000 I wanted to note that we are reporting $72,900,000 in consolidated net income for the second half of the year, slightly higher than we had anticipated and that contributed to our record full year earnings for the company. I'm now going to review the sources of revenue, Our SG and A and other costs, the impacts of our equity and earnings for our unconsolidated entities, our development spend, our recent senior note exchange and liquidity for the quarter and for the full year.

Speaker 2

In the course of the discussion, I will give some high level guidance and we'll finish with an outlook for 2024. First revenue. In Q4, we recognized $100,100,000 in land sales revenue, which was primarily generated by the $101,800,000 sale of 46 acres of land entitled for 583 homesites to a single homebuilder at our Valencia community. We recognized a 34.7 percent gross margin on that sale. For the full year, we recognized 161 point $4,000,000 in land sales revenue, which was primarily generated by the sale of 72 acres of land entitled for 729 home sites to 3 different homebuilders at our Valencia community.

Speaker 2

In addition, we recognized $18,100,000 of management services revenue for the quarter, which was comprised of $3,100,000 in base fee payments and $15,000,000 in incentive compensation revenue. And for the year, dollars 47,600,000 which was comprised of $12,400,000 in base fee payments and $35,200,000 in incentive compensation revenue. The Great Park Venture made an incentive compensation payment to Five Point during the quarter of $19,500,000 and for the full year Five Point received incentive compensation payments of $41,600,000 Our selling, general and administrative expenses remained stable throughout the year. SG and A was $13,100,000 for the quarter $51,500,000 for the year. We generally expect to stay in that range in the coming year.

Speaker 2

The cost of management services for the quarter was $7,800,000 which included $5,800,000 of intangible amortization expense. For the year, it was $22,200,000 and included $15,000,000 of intangible amortization expense. We also reported $1,800,000 of other expense during the quarter associated with 3rd party costs incurred for our senior note exchange transaction. I will discuss the exchange more in a moment. However, I want to note here that the exchange will be accounted for as a modification of our existing debt as opposed to an extinguishment.

Speaker 2

Therefore, 3rd party transaction costs will be expensed as incurred in the Q4 of 2023 and in the Q1 of 2024. We estimate additional third party transaction costs of approximately $6,000,000 will be incurred in the Q1. Now let me turn to the contributions from our unconsolidated investments. Equity and earnings from our unconsolidated entities for the quarter was $24,000,000 which included 37.5 Our 37.5 percent share of the Great Park Venture's quarterly net income of $81,100,000 Or $30,400,000 for us, partly offset by a basis difference amortization of $4,500,000 and our share of a net loss from the Gateway Venture of $1,900,000 For the year, we recognized equity and earnings of $76,600,000 which included our 37.5% share of the Great Park Venture's Annual net income of $250,600,000 or $94,000,000 for 5 Point, partially offset basis difference amortization of $15,000,000 and our share of a net loss from the great Gateway Venture of $2,900,000 Given its significance to our performance, I'd like to give a little more detail about the Great Part Venture's contribution to our earnings this quarter and this year. During the Q4, the Venture closed the sale of 2 commercial land parcels to 2 separate developers, totaling approximately 38 acres for a combined sales price of $174,200,000 or $4,600,000 per acre on a blended basis for both sales.

Speaker 2

The venture recognized a 59.7% gross margin on those sales. Additionally, the Venture recognized $7,500,000 of profit participation revenue during the Q4. For the full year, the Venture recognized a total of $532,000,000 of sales revenue from residential and commercial land sales and $21,000,000 of profit participation revenue. In the Q4, the Great Park Venture made an equity distribution to 5 Point for $72,400,000 For the full year, Five Point received equity distributions totaling $154,200,000 At year end, the venture had a cash balance of $61,000,000 Now let's turn to our development spend at our 2 active projects. At Valencia, during the quarter, we added $13,500,000 of development costs and $5,200,000 of capitalized interest to inventory, offset by $1,200,000 CFD reimbursements for a net addition of $17,400,000 before cost of sales inventory relief.

Speaker 2

For the year, Valencia added $76,500,000 of development costs and $20,900,000 of capitalized interest to inventory, offset by $44,500,000 of recoveries and $18,900,000 of CFD reimbursements for a net addition of $34,000,000 before cost of sales inventory relief. For 2024, we are expecting a little higher development spend and a little more than half of the CFD reimbursements we received in 2023. During the quarter now let me turn to the Great Park Venture. During the quarter, the Great Park Venture added $20,600,000 of development costs and $11,100,000 of capitalized interest to inventory, offset by $6,800,000 of CFD reimbursements for a net addition of $24,900,000 before cost of sales inventory relief. For the year, the Venture added $86,300,000 of development costs and $23,300,000 of capitalized interest to inventory offset by $89,900,000 of CFD reimbursements for a net addition of 19 $18,800,000 before cost of sales inventory relief.

Speaker 2

For 2024, We are expecting the development spend to exceed $100,000,000 with approximately a third less CFD reimbursements than what was received in 2023. Now let me discuss the senior note exchange. As Dan mentioned, this Tuesday, we successfully settled our senior note exchange, which helped us to proactively address our senior notes that were slated to mature in November of 2025. We would like to thank our bondholders for continuing to have confidence in the company and electing to extend their relationship with us through January 2028. 99.76 percent of our bondholders elected to participate in the exchange, which provided for $100,000,000 cash payment And $523,500,000 of new 10.5 percent initial rate senior notes with the following terms.

Speaker 2

We will be paying a coupon of 10.5% from the settlement date through November 15, 2025. Then the coupon will move to 11% until November 15, 2026. And finally, the coupon of 12% until the notes mature on January 15, 2028. The new notes have a call premium schedule of 104 through November 15, 2024, then 102 through November 15, 2025 and 100 thereafter through the maturity. A copy of the indenture for the new notes was on the 8 ks we filed on Tuesday.

Speaker 2

There are still $1,500,000 of The old 7.875 senior notes outstanding that will mature on November 15, 2025. For the 1st 2 years, our interest payments will be approximately $6,000,000 more a year than what we paid historically. Now let me turn to our liquidity. I'd like to emphasize Dan's earlier comments about our liquidity. At year end, we had cash and cash equivalents of $353,800,000 $125,000,000 of available borrowing capacity under our revolving credit facility, giving us total liquidity of $478,800,000 Our debt to total capitalization was 24%.

Speaker 2

Following the close of the exchange, we still have significant liquidity And our debt to total capitalization ratio has dropped to approximately 21%. We have adequate liquidity Thoughtfully continue the development of our 3 projects and prepare Five Point for growth. Now let me conclude. I'd like to give some limited guidance relative to 2024. We remain committed to our 3 priorities that is generating revenue and positive cash Controlling SG and A costs and managing capital spend to match near term revenue opportunities.

Speaker 2

For the full year 2024, we currently expect to generate earnings and positive cash flow From what we can see right now, if the 2 sales that Dan described occur in the Q1, it should put us on that path after adjusting for all of the exchange related payments. After the Q1, we will be able to give further guidance as to how we expect the year to develop. We are actively managing everything we can control and are not letting the business run us. With that, I'll turn the call back to Camilla and look forward to your questions.

Operator

Thank you. We will now be conducting a question and answer session. It may be necessary to pick up your handset before pressing the star keys. One moment please while we poll for questions. Thank you.

Operator

Our first question will come from the line of Alan Ratner with Zelman and Associates. Please proceed with your question.

Speaker 3

Hey, guys. Good afternoon. Congrats on all of the progress you made this year. It was a busy one for you guys, but certainly entering 'twenty four A much stronger financial shape than 'twenty three. So congrats on all the great work there.

Speaker 3

First, Stan, You ran through a lot of detail, which I appreciate. Can you just reiterate what the I think you mentioned there's 2 sales expected, I think, in the first Can you just repeat what those sales expected are? Was it the 35 acres in Valencia that you were referring to?

Speaker 1

The 2 sales in the Q1, Alan, first of all, how are you doing Alan? Actually, it's good to hear from you. But those first two sales Are in the Great Park. It's 187 home sites and approximately 24 acres.

Speaker 3

Got it. Okay. So the and so you're referring to the cash flow and the Profitability is specific to that transaction occurring.

Speaker 1

Yes.

Speaker 3

This is the guidance. Got it. Yes. Second question, I don't know if you'll be able to help us with this, but there's been a lot of moving pieces in especially in Valencia and Great Park over the last year or 2 with Land transactions and maybe some rezoning or thoughts of rezoning. Is it possible to provide a snapshot of where you sit in both of those projects today in terms of Kind of lots still yet to be sold both in the residential and the commercial arenas?

Speaker 1

And Alan, let me ask you to kind of repeat that. You're saying in Valencia, in which areas are you focused on in Valencia? Mission Village? I was

Speaker 3

referring to the No, the project as a whole, just in terms of current lot counts that you have, obviously, Valencia is still much earlier on, but just trying to figure out Kind of what the one way is ahead of us for both of those projects?

Speaker 1

Well, so there's the overall Valencia and I can I think we're currently saying there's about 17,000 lots up in Valencia?

Speaker 2

Yes, but just Alan, what I would tell you, what's Ready and available, there's about 131 acres at Mission Village that's still available for sale. When you get past that, we're still land planning those And so I would defer that to a future discussion. Everybody's anxious to get that information. I'm getting a lot of requests for that. And so internally, we're trying to figure out the best way Do it.

Speaker 2

But right now, what's available in the near term is 131 acres in Mission Village.

Speaker 3

Okay. That's helpful. And that does not include the commercial site that you referenced Earlier, is that correct?

Speaker 2

No, that would include that's in its entirety. That includes that 34 acres.

Speaker 3

Got it. Okay.

Speaker 2

And again, that could And that could become residential or could stay commercial. We're trying to figure out what's the best value per acre we can get.

Speaker 3

Got it. Okay. That's really helpful. Thank you. And then do you have a similar number in Great Park just in terms of kind of lots that are on the ground ready to go?

Speaker 3

I know you mentioned The first quarter sale, is that the entirety of it?

Speaker 1

No, I mean from a standpoint of Great Park and Great Park has a very specific entitlement for lots about 10,500 including all the affordable. And I think right now we probably have sold to builders and obviously they've been sold to homeowners, but I think we're about We have about 2,000 I think left to go. I think we're about yes, I think yes, I'm doing the math. I think we're probably about 7,000 lots sold. We have 9,500 market rate lots, so probably about we're probably right around 7,000 lots sold.

Speaker 1

But I think the thing that we Need to understand about Great Park is that we really do have flexible zoning on our commercial land and The City of Irvine is pushing hard in their arena process. So we have, I think we once again it's always about What's going to return the most to the land? And so we do have real opportunity For real opportunity for having additional residential units in the Great Park. But that's something once again we're studying. And as we think, you talk about the lots we're closing in the Q1, we have other land ready to sell this year That's entitled and ready to go and mass play it.

Speaker 1

So we have a pipeline there. Once again, it's always about really trying to make sure We're maximizing the value as we go through there. But I think that, you know, RENA, we'll be talking about it this year. We're spending a lot of time City of Irvine, but I think Reno will give us an opportunity to look at additional residential opportunities there. So that 10,500 number that we've always kind of looked at as our cap, We think there is a true opportunity this year to see that move, but we'll once again, it's all about land value.

Speaker 3

Got it. That's really helpful guys. I appreciate all the detail and best of luck in the upcoming year. Thanks again.

Operator

Thank you. Thank you. Our next question comes from the line of Myron Kaplan, who's a private investor. Please proceed with your question.

Speaker 4

Yes. Hi, gentlemen. Thank you for taking my call. Yes. You've really righted the ship great venture.

Speaker 4

In the last two years, When the stock was kicked out of the Morgan Stanley Index and then you were subjected to All kinds of viral rumors of imminent bankruptcy. Put that issue behind you and what you've done, you're absolutely shown that you can Sail of the ship, so you might say ship shape, so forth. I have a question about the Exchange offer is that you mentioned in the papers, What are the important ways that the company in which the Company has released from what you considered overly restricted covenants Now that you have more freedom.

Speaker 2

Yes. Byron, can you just clarify that? I'm just not following what your question is.

Speaker 4

There were some text Somewhere in the exchange offer, I believe that the management felt you were the corporation, You were able to be able to in the new indenture, which is, I guess, the third that you were able to Be released from some overly restrictive covenants?

Speaker 2

No, I mean, no, there's We weren't released of any overly restricted covenants. We didn't add any restrictive covenants and the old notes had a covenant strip. Just to be clear, with the new notes We did add a covenant that we will not make dividend payments or buyback stock while it's outstanding. We're investing in the company. So that's what we're doing there, but that was the only thing we added other than what was already existing.

Speaker 4

I see. Okay. The other thing I wanted to ask you is, you referred already to the state's drive, California's drive for affordable housing, I believe that there is going in the fall a referendum on the ballot For a $10,000,000,000 bond for affordable housing, does that possibly help you deliver Kind of reentitled property to Versesha program.

Speaker 2

What I would tell you, Meyer, is anything that the state does to improve the ability to provide low income housing We'll ultimately provide some benefit to us in some way. We're having to explore how that will occur. And so but I wouldn't say that that's going to be a boon. We have already accounted for what it takes for us to do that and most of that kind of governmental assistance would be on the margins.

Speaker 4

Yes. The one question I had technically is this reimbursement that you get, what you call it, it's called CRP? CFD. CFD. Why will the reimbursement go to be cut in half this year?

Speaker 2

Only because we have fewer costs that we have available to request at this time.

Speaker 4

I see. Okay. Well, all I can say is that the prospect of shareholder value is way up in the blue given Quality of your land and you seem to absolutely be managing it excellently. Thank you very much.

Speaker 1

Thanks, Myron. Thank you. Thank

Operator

you. We have reached the end of our question and answer session. I'd like to turn Floor back over to CEO, Dan Hedigian for closing comments.

Speaker 1

Thank you. On behalf of our management team, we thank you for joining us on today's call

Operator

You may disconnect your lines at this time. Thank you for your participation.

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Earnings Conference Call
Five Point Q4 2023
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