Five Point (FPH) 8-K Five Point Holdings, LLC Announces Third Quarter 2018 Results

Exhibit 99.1

Five Point Holdings, LLC Announces Third Quarter 2018 Results

Third Quarter 2018 and Recent Highlights

• Continued land development activity at Newhall in Los Angeles County, Candlestick Point in San Francisco, and the Great Park Neighborhoods in Orange County.

• Consistent home buyer demand at the Great Park Neighborhoods.

• Company maintains strong credit profile, including total liquidity of $718.9 million and debt to total capitalization of 24.4% at September 30, 2018.

Aliso Viejo, CA, November 13, 2018 (Business Wire) – Five Point Holdings, LLC (“Five Point” or the “Company”) (NYSE:FPH), an owner and developer of largemixed-use, master-planned communities in California, today reported financial results for the third quarter of 2018. Emile Haddad, Chairman and CEO, said, “Consistent job growth during the past six years and limited new residential construction activity in San Francisco, Los Angeles, and Orange County have resulted inpent-up demand in California’s primary housing markets. We think the persistence of this dynamic will benefit our communities in contrast with choppier demand trends in the national housing market. Operationally, our ongoing efforts to develop Newhall in Los Angeles County remain on track, and we continue to believe that we are positioned to generate revenue in that community sometime toward the end of 2019. In San Francisco, we are continuing to build infrastructure at Candlestick Point, consistent with our prior comments that this will be our main area of focus while the Navy continues retesting at Hunters Point. In the Great Park Neighborhoods, home buyer activity remains consistent with prior trends. From our perspective, a pronounced imbalance between levels of supply and demand across our markets is likely to persist into next year.”

Third Quarter 2018 Consolidated Results

Liquidity and Capital Resources

As of September 30, 2018, total liquidity of $718.9 million was comprised of cash and cash equivalents totaling $594.9 million and borrowing availability of $124.0 million under our $125.0 million unsecured revolving credit facility. Total capital was $1.9 billion, reflecting $3.0 billion in assets and $1.1 billion in liabilities.

Results of Operations for the Three Months Ended September 30, 2018

Revenues. Revenues of $13.0 million for the three months ended September 30, 2018 were primarily generated from management services. Our adoption of new revenue accounting guidance on January 1, 2018 has resulted in accelerated recognition of revenue from variable incentive compensation in our development management agreement with the Great Park Venture.

Equity in loss from unconsolidated entities.Equity in loss from unconsolidated entities was $4.0 million for the three months ended September 30, 2018. The loss was primarily due to our proportionate share of the Great Park Venture’s net loss during the quarter of $10.0 million. After adjusting for amortization and accretion of the basis difference, our equity in loss from our 37.5% percentage interest in the Great Park Venture was $3.5 million. Equity in loss from our 75% interest in the Gateway Commercial Venture was $0.5 million for the three months ended September 30, 2018.

Selling, general, and administrative.Selling, general, and administrative expenses were $26.2 million for the three months ended September 30, 2018.

Net loss. Consolidated net loss for the quarter was $21.9 million. The net loss attributable to noncontrolling interests totaled $11.9 million, resulting in a net loss attributable to the Company of $10.0 million.

Segment Results

Newhall Segment.Total segment revenues were $1.4 million for the third quarter of 2018 and were derived from agricultural leasing and the sale of citrus crops. Selling, general, and administrative expenses were $3.6 million for the three months ended September 30, 2018.

1

San Francisco Segment.Total segment revenues were $1.1 million for the third quarter of 2018. Revenues during the quarter were mostly attributable to fees generated from management agreements. Selling, general, and administrative expenses were $5.3 million for the three months ended September 30, 2018.

Great Park Segment.Total segment revenues were $11.3 million for the third quarter of 2018. Revenues were mainly attributable to management services we provide to the Great Park Venture. The Great Park segment’s net loss for the quarter was $6.7 million, which included net loss of $10.0 million attributed to the Great Park Venture that is not consolidated in our financial statements. After adjusting to account for a difference in investment basis, the Company’s equity in loss from the Great Park Venture was $3.5 million for the three months ended September 30, 2018.

Commercial Segment.For the three months ended September 30, 2018, the Commercial segment recognized $6.9 million in revenues from rental income at the Five Point Gateway Campus and property management services provided by us at the Five Point Gateway Campus. Segment expenses were mostly comprised of depreciation, amortization and interest expense totaling $5.8 million. Segment net loss was approximately $46,000. Our share of equity in loss from the Gateway Commercial Venture totaled $0.5 million for the three months ended September 30, 2018.

Conference Call Information

In conjunction with this release, Five Point will host a conference call today, Tuesday, November 13, 2018 at 5:00 pm 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 (877)425-9470 (domestic) or (201)389-0878 (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 13684857. The telephonic replay will be available until 11:59 p.m. Eastern Time on November 27, 2018.

About Five Point

Five Point, headquartered in Aliso Viejo, California, designs and develops largemixed-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 Orange County, Newhall Ranch^® in Los Angeles County, and Candlestick Point 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 Form10-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.

2

Investor Relations:

Bob Wetenhall,949-349-1087

bob.wetenhall@fivepoint.com

or

Media:

Steve Churm,949-349-1034

steve.churm@fivepoint.com

Source: Five Point Holdings, LLC

3

FIVE POINT HOLDINGS, LLC

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands)

(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
REVENUES:
Land sales	$	70		$	2,655		$	122		$	7,859
Land sales—related party		225			693			667			85,551
Management services—related party		11,159			5,466			34,366			16,417
Operating properties		1,534			2,805			5,890			7,341
Total revenues		12,988			11,619			41,045			117,168
COSTS AND EXPENSES:
Land sales		90			1,641			180			83,755
Management services		6,684			2,572			20,536			7,878
Operating properties		1,027			3,115			4,524			8,307
Selling, general, and administrative		26,220			37,450			83,831			92,605
Total costs and expenses		34,021			44,778			109,071			192,545
OTHER INCOME:
Adjustment to payable pursuant to tax receivable agreement		—			—			1,928			—
Interest income		3,062			—			8,719			—
Miscellaneous		60			23			8,472			69
Total other income		3,122			23			19,119			69
EQUITY IN (LOSS) EARNINGS FROM UNCONSOLIDATED ENTITIES		(4,028	)		22,825			1,368			17,584
LOSS BEFORE INCOME TAX BENEFIT		(21,939	)		(10,311	)		(47,539	)		(57,724	)
INCOME TAX BENEFIT		—			—			—			—
NET LOSS		(21,939	)		(10,311	)		(47,539	)		(57,724	)
LESS NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS		(11,920	)		(5,844	)		(27,128	)		(35,632	)
NET LOSS ATTRIBUTABLE TO THE COMPANY	$	(10,019	)	$	(4,467	)	$	(20,411	)	$	(22,092	)
NET LOSS ATTRIBUTABLE TO THE COMPANY PER CLASS A SHARE
Basic	$	(0.15	)	$	(0.07	)	$	(0.31	)	$	(0.45	)
Diluted	$	(0.15	)	$	(0.07	)	$	(0.33	)	$	(0.45	)
WEIGHTED AVERAGE CLASS A SHARES OUTSTANDING
Basic		65,740,931			62,946,348			64,736,942			51,024,766
Diluted		65,740,931			62,946,348			144,872,638			51,024,766
NET LOSS 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		79,145,487			81,463,433			80,111,663			77,944,525

4

FIVE POINT HOLDINGS, LLC

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except shares)

(Unaudited)

	September 30, 2018			December 31, 2017
ASSETS
INVENTORIES	$	1,628,113		$	1,425,892
INVESTMENT IN UNCONSOLIDATED ENTITIES		542,880			530,007
PROPERTIES AND EQUIPMENT, NET		29,869			29,656
ASSETS HELD FOR SALE, NET		—			4,519
INTANGIBLE ASSET, NET—RELATED PARTY		97,212			127,593
CASH AND CASH EQUIVALENTS		594,908			848,478
RESTRICTED CASH AND CERTIFICATES OF DEPOSIT		1,403			1,467
RELATED PARTY ASSETS		55,049			3,158
OTHER ASSETS		9,433			7,585
TOTAL	$	2,958,867		$	2,978,355
LIABILITIES AND CAPITAL
LIABILITIES:
Notes payable, net	$	556,707		$	560,618
Accounts payable and other liabilities		186,488			167,620
Liabilities related to assets held for sale		—			5,363
Related party liabilities		178,675			186,670
Payable pursuant to tax receivable agreement		168,027			152,475
Total liabilities		1,089,897			1,072,746
CAPITAL:
Class A common shares; No par value; Issued and outstanding: 2018—66,504,137 shares; 2017—62,314,850 shares
Class B common shares; No par value; Issued and outstanding: 2018—79,145,487 shares; 2017—81,463,433 shares
Contributed capital		551,905			530,015
Retained earnings		48,114			57,841
Accumulated other comprehensive loss		(2,530	)		(2,455	)
Total members’ capital		597,489			585,401
Noncontrolling interests		1,271,481			1,320,208
Total capital		1,868,970			1,905,609
TOTAL	$	2,958,867		$	2,978,355

5

FIVE POINT HOLDINGS, LLC

SUPPLEMENTAL DATA

(In thousands)

(Unaudited)

Liquidity

	September 30, 2018
Cash and cash equivalents	$	594,908
Borrowing capacity (1)		124,000
Total liquidity	$	718,908

(1) As of September 30, 2018, no funds have been drawn on the Company’s $125.0 million revolving credit facility; however, letters of credit of $1.0 million are issued and outstanding under the revolving credit facility, thus reducing the available capacity by the outstanding letters of credit amount.

Debt to Total Capitalization

	September 30, 2018
Debt (1)	$	602,692
Total capital		1,868,970
Total capitalization	$	2,471,662
Debt to total capitalization		24.4	%

(1) For purposes of this calculation, debt consists of (i) the outstanding principal on the Company’s 7.875% senior notes due 2025 of $500.0 million, and (ii) the Company’s relatedparty EB-5 reimbursement obligation of $102.7 million.

6

Segment Results

Newhall

The following table summarizes the results of operations of our Newhall segment for the three months and nine months ended September 30, 2018 and 2017.

	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
	(in thousands)
Statement of Operations Data
Revenues
Land sales	$	70		$	2,655		$	122		$	7,859
Land sales—related party		4			109			4			962
Operating properties		1,354			2,501			5,342			6,983
Total revenues		1,428			5,265			5,468			15,804
Costs and expenses
Land sales		14			1,197			104			3,166
Operating properties		1,027			3,115			4,524			8,307
Selling, general, and administrative		3,615			7,045			12,131			23,604
Total costs and expenses		4,656			11,357			16,759			35,077
Other income		60			23			6,922			69
Segment loss	$	(3,168	)	$	(6,069	)	$	(4,369	)	$	(19,204	)

San Francisco

The following table summarizes the results of operations of our San Francisco segment for the three months and nine months ended September 30, 2018 and 2017.

	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
	(in thousands)
Statement of Operations Data
Revenues
Land sales—related party	$	221		$	584		$	663		$	84,589
Operating property		180			304			548			358
Management services—related party		689			1,467			3,741			4,352
Total revenues		1,090			2,355			4,952			89,299
Costs and expenses
Land sales		76			444			76			80,589
Management services		219			183			830			503
Selling, general, and administrative		5,281			7,266			18,211			20,772
Total costs and expenses		5,576			7,893			19,117			101,864
Segment loss	$	(4,486	)	$	(5,538	)	$	(14,165	)	$	(12,565	)

7

Great Park

The following table summarizes the results of operations of our Great Park segment for the three months and nine months ended September 30, 2018 and 2017.

		Three Months Ended September 30,					Nine Months Ended September 30,
		2018			2017		2018		2017
		(in thousands)
Statement of Operations Data
Revenues
Land sales		$	485		$	457,516	$	171,061	$	461,710
Land sales—related party			936			720		1,373		3,706
Management services—related party			9,833			3,929		29,808		11,995
Total revenues			11,254			462,165		202,242		477,411
Costs and expenses
Land sales			—			325,678		118,113		328,871
Management services			6,465			2,389		19,706		7,375
Selling, general, and administrative			9,365			6,364		26,157		18,444
Management fees—related party			2,594			1,539		17,858		4,618
Total costs and expenses			18,424			335,970		181,834		359,308
Interest income			505			—		2,392		—
Segment (loss) income		$	(6,665	)	$	126,195	$	22,800	$	118,103
	��

The table below reconciles the Great Park segment results to the equity in (loss) earnings from our investment in the Great Park Venture that is reflected in the condensed consolidated statements of operations for the three months and nine months ended September 30, 2018 and 2017.

	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
	(in thousands)
Segment net (loss) income from operations	$	(6,665	)	$	126,195		$	22,800		$	118,103
Less net income of management company attributed to the Great Park segment		3,368			1,574			10,102			4,618
Net (loss) income of Great Park Venture		(10,033	)		124,621			12,698			113,485
The Company’s share of net (loss) income of the Great Park Venture		(3,762	)		46,733			4,762			42,557
Basis difference accretion (amortization)		246			(23,770	)		(3,406	)		(24,835	)
Equity in (loss) earnings from the Great Park Venture	$	(3,516	)	$	22,963		$	1,356		$	17,722

8

Commercial

The following table summarizes the results of operations of our Commercial segment for the three months and nine months ended September 30, 2018.

	Three Months Ended September 30,			Nine Months Ended September 30,
	2018			2018
	(in thousands)
Statement of Operations Data
Revenues
Rental and related income	$	6,299		$	19,245
Property management fees		637			817
Total revenues		6,936			20,062
Costs and expenses
Rental operating expenses		1,106			2,773
Other expenses		5,876			16,456
Total costs and expenses		6,982			19,229
Segment (loss) income	$	(46	)	$	833

The table below reconciles the Commercial segment results to the equity in (loss) earnings from our investment in the Gateway Commercial Venture that is reflected in the condensed consolidated statements of operations for the three and nine months ended September 30, 2018.

	Three Months Ended September 30,			Nine Months Ended September 30,
	2018			2018
	(in thousands)
Segment net (loss) income from operations	$	(46	)	$	833
Less net income of management company attributed to the Commercial segment		637			817
Net (loss) income of Gateway Commercial Venture		(683	)		16
Equity in (loss) earnings from the Gateway Commercial Venture	$	(512	)	$	12

9