Five Point (FPH) 10-Q 8 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	Apr. 30, 2019
Class of Stock [Line Items]
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Entity Registrant Name	Five Point Holdings, LLC
Amendment Flag	false
Entity Emerging Growth Company	true
Entity Small Business	false
Entity Ex Transition Period	true
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001574197
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Common Class A
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		68,746,555
Common Class B
Class of Stock [Line Items]
Entity Common Stock, Shares Outstanding		79,275,234

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
ASSETS
INVENTORIES	$ 1,744,337	$ 1,696,084
INVESTMENT IN UNCONSOLIDATED ENTITIES	540,318	532,899
PROPERTIES AND EQUIPMENT, NET	32,551	31,677
INTANGIBLE ASSET, NET—RELATED PARTY	91,620	95,917
CASH AND CASH EQUIVALENTS	373,292	495,694
RESTRICTED CASH AND CERTIFICATES OF DEPOSIT	1,738	1,403
RELATED PARTY ASSETS	83,044	61,039
OTHER ASSETS	18,650	9,179
TOTAL	2,885,550	2,923,892
LIABILITIES:
Notes payable, net	492,171	557,004
Accounts payable and other liabilities	153,112	161,139
Related party liabilities	129,260	178,540
Deferred income tax liability, net	10,449	9,183
Payable pursuant to tax receivable agreement	171,205	169,509
Total liabilities	956,197	1,075,375
COMMITMENTS AND CONTINGENT LIABILITIES (Note 12)
REDEEMABLE NONCONTROLLING INTEREST	25,000	0
CAPITAL:
Contributed capital	562,185	556,521
Retained earnings	57,619	33,811
Accumulated other comprehensive loss	(3,320)	(3,306)
Total members’ capital	616,484	587,026
Noncontrolling interests	1,287,869	1,261,491
Total capital	1,904,353	1,848,517
TOTAL	$ 2,885,550	$ 2,923,892

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - shares	Mar. 31, 2019	Dec. 31, 2018
Common Class A
Common shares issued (in shares)	68,746,555	66,810,980
Common shares outstanding (in shares)	68,746,555	66,810,980
Common Class B
Common shares issued (in shares)	79,275,234	78,838,736
Common shares outstanding (in shares)	79,275,234	78,838,736

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
REVENUES:
Revenue from customers	$ 12,775	$ 14,261
Revenues	13,073	14,967
COSTS AND EXPENSES:
Selling, general, and administrative	25,773	28,596
Total costs and expenses	35,290	38,113
OTHER INCOME:
Adjustment to payable pursuant to tax receivable agreement	0	1,928
Interest income	2,454	2,747
Gain on settlement of contingent consideration—related party	64,870	0
Miscellaneous	10	7,781
Total other income	67,334	12,456
EQUITY IN EARNINGS (LOSS) FROM UNCONSOLIDATED ENTITIES	8,882	(3,607)
INCOME (LOSS) BEFORE INCOME TAX (PROVISION) BENEFIT	53,999	(14,297)
INCOME TAX (PROVISION) BENEFIT	(1,266)	0
NET INCOME (LOSS)	52,733	(14,297)
LESS NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS	28,925	(9,065)
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	$ 23,808	$ (5,232)
Common Class A
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY PER CLASS A SHARE
Basic (in dollars per share)	$ 0.35	$ (0.08)
Diluted (in dollar per share)	$ 0.35	$ (0.10)
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic (in shares)	66,210,916	63,367,419
Diluted (in shares)	145,296,469	144,812,299
Common Class B
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY PER CLASS A SHARE
Basic (in dollars per share)	$ 0	$ 0
Diluted (in dollar per share)	$ 0	$ 0
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic (in shares)	79,061,835	81,420,455
Diluted (in shares)	79,275,234	81,420,455
NET INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY PER CLASS B SHARE
Basic and diluted (in dollars per share)		$ 0
Land sales
REVENUES:
Revenue from customers	$ 55	$ 49
COSTS AND EXPENSES:
Cost and expenses	0	38
Land sales | Affiliated Entity
REVENUES:
Revenue from customers	230	221
Management services—related party
COSTS AND EXPENSES:
Cost and expenses	7,616	7,089
Management services—related party | Affiliated Entity
REVENUES:
Revenue from customers	11,063	11,767
Operating properties
REVENUES:
Revenues	1,725	2,930
COSTS AND EXPENSES:
Cost and expenses	$ 1,901	$ 2,390

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
Adoption of accounting standards	$ 52,733	$ (14,297)
OTHER COMPREHENSIVE INCOME:
Reclassification of actuarial loss on defined benefit pension plan included in net income (loss)	35	22
Other comprehensive income before taxes	35	22
INCOME TAX PROVISION RELATED TO OTHER COMPREHENSIVE INCOME	0	0
OTHER COMPREHENSIVE INCOME—Net of tax	35	22
COMPREHENSIVE INCOME (LOSS)	52,768	(14,275)
LESS COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS	28,938	(9,056)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO THE COMPANY	$ 23,830	$ (5,219)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Capital - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Jan. 01, 2018
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contributed capital, beginning balance	$ 556,521,000
Capital attributable to parent, beginning balance	1,848,517,000
Total members' capital, beginning balance	587,026,000
Capital including portion attributable to noncontrolling interest, beginning balance	1,848,517,000	$ 1,905,609,000
Adoption of accounting standards			$ 24,645,000
Adoption of accounting standards	52,733,000	(14,297,000)
Net loss	3,316,000	3,399,000
Reacquisition of share-based compensation awards for tax-withholding purposes	(4,099,000)	(5,131,000)
Other comprehensive income—net of tax	35,000	22,000
Contribution from noncontrolling interest and related sale of Class B common shares	5,547,000
Adjustment to liability recognized under tax receivable agreement—net of tax	(1,696,000)	(2,308,000)
Contributed capital, beginning balance	562,185,000
Capital attributable to parent, ending balance	1,904,353,000
Total members' capital, ending balance	616,484,000
Capital including portion attributable to noncontrolling interest, ending balance	$ 1,904,353,000	$ 1,911,939,000
Class A Common Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares and units outstanding, beginning balance (in shares)	66,810,980
Common shares and units outstanding, ending balance (in shares)	68,746,555
Class B Common Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares and units outstanding, beginning balance (in shares)	78,838,736
Common shares and units outstanding, ending balance (in shares)	79,275,234
Common Stock | Class A Common Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares and units outstanding, beginning balance (in shares)	66,810,980	62,314,850
Reacquisition of share-based compensation awards for tax-withholding purposes	$ (296,392)
Reacquisition of share-based compensation for tax-withholding purposes (in shares)	337,799	(68,886)
Issuance of share-based compensation awards (net of forfeitures for YTD 2018) (in shares)	1,894,168	319,783
Issuance of Class A common shares (in shares)		1,656,838
Redemption of noncontrolling interests (in shares)		45,442
Common shares and units outstanding, ending balance (in shares)	68,746,555	64,268,027
Common Stock | Class B Common Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common shares and units outstanding, beginning balance (in shares)	78,838,736	81,463,433
Contribution from noncontrolling interest and related sale of Class B common shares (in shares)	436,498
Redemption of noncontrolling interests (in shares)		(45,430)
Common shares and units outstanding, ending balance (in shares)	79,275,234	81,418,003
Contributed Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Contributed capital, beginning balance	$ 556,521,000	$ 530,015,000
Net loss	3,316,000	3,399,000
Reacquisition of share-based compensation awards for tax-withholding purposes	(4,099,000)	(5,131,000)
Contribution from noncontrolling interest and related sale of Class B common shares	3,000
Redemption of noncontrolling interests		817,000
Adjustment to liability recognized under tax receivable agreement—net of tax	(1,696,000)	(2,308,000)
Adjustment of noncontrolling interest in the Operating Company	8,140,000	9,108,000
Contributed capital, beginning balance	562,185,000	535,900,000
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital attributable to parent, beginning balance	33,811,000	57,841,000
Adoption of accounting standards			10,684,000
Adoption of accounting standards	23,808,000	(5,232,000)
Capital attributable to parent, ending balance	57,619,000	63,293,000
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital attributable to parent, beginning balance	(3,306,000)	(2,455,000)
Other comprehensive income—net of tax	22,000	13,000
Redemption of noncontrolling interests		(1,000)
Adjustment of noncontrolling interest in the Operating Company	(36,000)	(31,000)
Capital attributable to parent, ending balance	(3,320,000)	(2,474,000)
Total Members’ Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total members' capital, beginning balance	587,026,000	585,401,000
Adoption of accounting standards			10,684,000
Adoption of accounting standards	23,808,000	(5,232,000)
Net loss	3,316,000	3,399,000
Reacquisition of share-based compensation awards for tax-withholding purposes	(4,099,000)	(5,131,000)
Other comprehensive income—net of tax	22,000	13,000
Contribution from noncontrolling interest and related sale of Class B common shares	3,000
Redemption of noncontrolling interests		816,000
Adjustment to liability recognized under tax receivable agreement—net of tax	(1,696,000)	(2,308,000)
Adjustment of noncontrolling interest in the Operating Company	8,104,000	9,077,000
Total members' capital, ending balance	616,484,000	596,719,000
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Capital attributable to noncontrolling interests, beginning balance	1,261,491,000	1,320,208,000
Adoption of accounting standards			$ 13,961,000
Adoption of accounting standards	28,925,000	(9,065,000)
Other comprehensive income—net of tax	13,000	9,000
Contribution from noncontrolling interest and related sale of Class B common shares	5,544,000
Redemption of noncontrolling interests		(816,000)
Adjustment of noncontrolling interest in the Operating Company	(8,104,000)	(9,077,000)
Capital attributable to noncontrolling interests, ending balance	$ 1,287,869,000	$ 1,315,220,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Capital (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Other comprehensive income, tax	$ 0	$ 0
Tax related to adjustments to liability recognized under tax receivable agreement	$ 0	$ 0

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Adoption of accounting standards	$ 52,733	$ (14,297)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Equity in (earnings) loss from unconsolidated entities	(8,882)	3,607
Deferred income taxes	1,266	0
Depreciation and amortization	5,578	3,891
Noncash adjustment of payable pursuant to tax receivable agreement	0	(1,928)
Gain on settlement of contingent consideration—related party	(64,870)	0
Gain on sale of golf course operating properties	0	(6,700)
Gain on insurance proceeds for damaged property	0	(1,000)
Share-based compensation	3,316	3,399
Changes in operating assets and liabilities:
Inventories	(47,863)	(54,643)
Related party assets	(3,588)	(3,346)
Other assets	1,394	629
Accounts payable and other liabilities	(19,417)	(789)
Related party liabilities	(3,319)	24
Net cash used in operating activities	(83,652)	(71,153)
CASH FLOWS FROM INVESTING ACTIVITIES:
Distribution from Gateway Commercial Venture	1,463	0
Proceeds from sale of golf course operating property	0	5,685
Proceeds from insurance on damaged property	0	370
Purchase of properties and equipment	(1,196)	(7)
Net cash provided by investing activities	267	6,048
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payment on Macerich note	(65,130)	0
Reacquisition of share-based compensation awards for tax-withholding purposes	(4,099)	(5,131)
Proceeds of Class B common share offering	3	0
Contribution from noncontrolling interest	5,544	0
Proceeds from issuance of redeemable noncontrolling interest	25,000	0
Net cash used in financing activities	(38,682)	(5,131)
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(122,067)	(70,236)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—Beginning of period	497,097	849,945
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—End of period	$ 375,030	$ 779,709

Business and Organization

Business and Organization	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	BUSINESS AND ORGANIZATION Five Point Holdings, LLC, a Delaware limited liability company (the “Holding Company” and, together with its consolidated subsidiaries, the “Company”), is an owner and developer of mixed-use, master-planned communities in California. The Holding Company owns all of its assets and conducts all of its operations through Five Point Operating Company, LP, a Delaware limited partnership (the “Operating Company”), and its subsidiaries. The Company has two classes of shares outstanding: Class A common shares and Class B common shares. Holders of Class A common shares and holders of Class B common shares are entitled to one vote for each share held of record on all matters submitted to a vote of shareholders, and are both entitled to receive distributions at the same time. However, the distributions paid to holders of our Class B common shares are in an amount per share equal to 0.0003 multiplied by the amount paid per Class A common share. The diagram below presents a simplified depiction of the Company’s current organizational structure as of March 31, 2019 : (1) A wholly owned subsidiary of the Holding Company serves as the sole managing general partner of the Operating Company. As of March 31, 2019 , the Company owned approximately 62.4% of the outstanding Class A Common Units of the Operating Company. After a one year holding period, a holder of Class A Common Units of the Operating Company can exchange the units for, at the Company’s option, either Class A common shares of the Holding Company, on a one -for-one basis, or cash equal to the fair market value of such shares. Assuming the exchange of all outstanding Class A Common Units of the Operating Company and all outstanding Class A units of The Shipyard Communities, LLC, a Delaware limited liability company (the “San Francisco Venture”) (see (2) below), that are not held by the Company, based on the closing price of the Company’s Class A common shares on April 30, 2019 ( $8.51 ), the equity market capitalization of the Company was approximately $1.3 billion . (2) The Operating Company owns all of the outstanding Class B units of the San Francisco Venture, the entity developing the Candlestick and The San Francisco Shipyard communities. The Class A units of the San Francisco Venture, which the Operating Company does not own, are intended to be economically equivalent to Class A Common Units of the Operating Company. As the holder of all outstanding Class B units, the Operating Company is entitled to receive 99% of available cash from the San Francisco Venture after the holders of Class A units in the San Francisco Venture have received distributions equivalent to the distributions, if any, paid on Class A Common Units of the Operating Company. Class A units of the San Francisco Venture can be exchanged, on a one -for-one basis, for Class A Common Units of the Operating Company (See Note 5). (3) Together, the Operating Company, Five Point Communities, LP, a Delaware limited partnership (“FP LP”), and Five Point Communities Management, Inc., a Delaware corporation (“FP Inc.” and together with FP LP, the “Management Company”) own 100% of Five Point Land, LLC, a Delaware limited liability company (“FPL”), the entity developing Valencia (formerly known as Newhall Ranch), a master-planned community located in northern Los Angeles County, California. The Operating Company has a controlling interest in the Management Company. (4) Interests in Heritage Fields LLC, a Delaware limited liability company (the “Great Park Venture”), are either “Percentage Interests” or “Legacy Interests.” Holders of the Legacy Interests are entitled to receive priority distributions in an amount up to $565.0 million , of which $355.0 million had been distributed as of April 30, 2019 . The Company owns a 37.5% Percentage Interest in the Great Park Venture and serves as its administrative member. However, management of the Great Park Venture is vested in the four voting members, who have a total of five votes. Major decisions generally require the approval of at least 75% of the votes of the voting members. The Company has two votes, and the other three voting members each have one vote, so the Company is unable to approve any major decision without the consent or approval of at least two of the other voting members. The Company does not include the Great Park Venture as a consolidated subsidiary, but rather as an equity method investee in its consolidated financial statements. (5) The Company owns a 75% interest in Five Point Office Venture Holdings I, LLC, a Delaware limited liability company (the “Gateway Commercial Venture”). The Gateway Commercial Venture owns approximately 73 acres of commercial land in the Great Park Neighborhoods, on which four buildings have been newly constructed with an aggregate of approximately one million

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Basis of Presentation	BASIS OF PRESENTATION Principles of consolidation —The accompanying condensed consolidated financial statements include the accounts of the Holding Company and the accounts of all subsidiaries in which the Holding Company has a controlling interest and the consolidated accounts of variable interest entities (“VIEs”) in which the Holding Company is deemed to be the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation. Unaudited interim financial information —The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. In the opinion of management, all adjustments (including normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2019 are not necessarily indicative of the results that may be expected for the full year. Use of estimates —The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Management evaluates its estimates on an ongoing basis and makes revisions to these estimates and related disclosures as experience develops or new information becomes known. Actual results could differ from those estimates. Miscellaneous other income —Miscellaneous other income consisted of the following (in thousands): Three Months Ended March 31, 2019 2018 Gain on sale of golf club operating property $ — $ 6,700 Gain on insurance claims — 1,000 Net periodic pension benefit 10 81 Total miscellaneous other income $ 10 $ 7,781 In January 2018, the Tournament Players Club at Valencia Golf Course was sold for net cash proceeds of $5.7 million , and the buyer assumed of certain liabilities, including certain club membership related liabilities. The Company recognized a gain of $6.7 million as a result of the sale and such gain is included in miscellaneous other income in the condensed consolidated statement of operations for the three months ended March 31, 2018. Recently issued accounting pronouncements —In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU No. 2016-13”) which amends the guidance on the impairment of financial instruments, including most debt instruments, trade receivables and loans. ASU No. 2016-13 adds to U.S. GAAP an impairment model known as the current expected credit loss model that is based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses for instruments measured at amortized cost, resulting in a net presentation of the amount expected to be collected on the financial asset. ASU No. 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company is currently evaluating the impact of adopting ASU No. 2016-13 on its consolidated financial statements. Recently adopted accounting pronouncements —In June 2018, the FASB issued ASU No. 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (“ASU No. 2018-07”) which simplifies the accounting of share-based payments granted to nonemployees for goods and services. Under ASU No. 2018-07, most of the guidance on such payments to nonemployees is aligned with the requirements for share-based payments granted to employees including the determination of the measurement date. The Company adopted ASU No. 2018-07 on January 1, 2019 with no material impact on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU No. 2016-02”). This ASU generally requires that lessees recognize right-of-use ("ROU") assets and lease liabilities on the balance sheet for operating and financing leases and also requires improved disclosures to help users of financial statements better understand the amount, timing and uncertainty of cash flows arising from leases. The FASB has issued multiple clarifications and updates since ASU No. 2016-02 that include, but is not limited to, the ability to elect practical expedients upon transition. The Company adopted ASU No. 2016-02 and the related ASUs that formed ASC Topic 842, Leases, on January 1, 2019 using the modified retrospective approach. Consequently, comparative prior periods presented in financial statements after adoption will continue to be in accordance with historical U.S. GAAP (Topic 840, Leases) . Upon transition, the Company elected the package of practical expedients, whereby the Company did not reassess whether existing contracts contain leases, the lease classification of existing leases and initial direct costs associated with those leases. Additionally, the Company has excluded recognition of short term leases on the balance sheet and did not separate lease and nonlease components for both lessee and lessor leases. Lease payments for short term leases will continue to be recognized in the consolidated statements of operations on a straight-line basis over the lease term. The adoption of ASU No. 2016-02 had a material impact on the Company's consolidated balance sheet but did not have a material impact on the Company's consolidated statement of operations and statement of cash flows. The impact of adopting the new guidance primarily relates to (i) the recognition of ROU assets and lease liabilities for operating leases, and (ii) the requirement to provide more robust disclosure on the nature of the Company’s leases, cash flow impacts arising from leases and significant assumptions or judgments used by management to determine whether a contract contains a lease as well as a determination of the discount rate for a lease. The cumulative effect of the changes made to the Company’s consolidated January 1, 2019 balance sheet from the adoption of the new lease guidance were as follows (in thousands): Balance at December 31, 2018 Adjustments due to ASU No. 2016-02 Balance at January 1, 2019 ASSETS Related party assets $ 61,039 $ 18,811 $ 79,850 Other assets 9,179 11,425 20,604 LIABILITIES Accounts payable and other liabilities 161,139 11,425 172,564 Related party liabilities 178,540 18,811 197,351

Revenues

Revenues	3 Months Ended
	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Revenues	REVENUES The following tables present the Company’s consolidated revenues disaggregated by revenue source and reporting segment (see Note 14) (in thousands): Three Months Ended March 31, 2019 Valencia San Francisco Great Park Commercial Total Land sales $ 64 $ 221 $ — $ — $ 285 Management services — 698 10,396 (31 ) 11,063 Operating properties 1,253 174 — — 1,427 1,317 1,093 10,396 (31 ) 12,775 Operating properties leasing revenues 298 — — — 298 $ 1,615 $ 1,093 $ 10,396 $ (31 ) $ 13,073 Three Months Ended March 31, 2018 Valencia San Francisco Great Park Commercial Total Land sales $ 49 $ 221 $ — $ — $ 270 Management services — 1,620 10,057 90 11,767 Operating properties 2,043 181 — — 2,224 2,092 2,022 10,057 90 14,261 Operating properties leasing revenues 706 — — — 706 $ 2,798 $ 2,022 $ 10,057 $ 90 $ 14,967 The opening and closing balances of the Company’s contract assets for the three months ended March 31, 2019 were $50.6 million and $57.3 million , respectively. The increase of $6.7 million between the opening and closing balances of the Company’s contract assets primarily results from a timing difference between the Company’s recognition of revenue earned for the performance of management services and no contractual payments due from the customer during the period. The Company’s opening and closing contract liabilities for the three months ended March 31, 2019 were insignificant. As of March 31, 2019 , the aggregate amount of the transaction price allocated to the Company’s partially unsatisfied performance obligations associated with the development management agreement with the Great Park Venture was $57.3 million

Investment In Unconsolidated En

Investment In Unconsolidated Entities	3 Months Ended
	Mar. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Entities	INVESTMENT IN UNCONSOLIDATED ENTITIES Great Park Venture The Great Park Venture has two classes of interests—“Percentage Interests” and “Legacy Interests.” Legacy Interest holders are entitled to receive priority distributions in an aggregate amount equal to $476.0 million and up to an additional $89.0 million from subsequent distributions of cash depending on the performance of the Great Park Venture. The holders of the Percentage Interests will receive all other distributions. The Operating Company owns 37.5% of the Great Park Venture’s Percentage Interests as of March 31, 2019 . The Great Park Venture has made distributions to the holders of Legacy Interests in the aggregate amount of $355.0 million as of March 31, 2019 . The Great Park Venture is the owner of Great Park Neighborhoods, a mixed-use, master planned community located in Orange County, California. The Company, through the Management Company, manages the planning, development and sale of the Great Park Neighborhoods and supervises the day-to-day affairs of the Great Park Venture. The Great Park Venture is managed by an executive committee of representatives appointed by only the holders of Percentage Interests. The Company does not control the actions of the executive committee. The cost of the Company’s investment in the Great Park Venture is higher than the Company’s underlying equity in the carrying value of net assets of the Great Park Venture (basis difference). The Company’s earnings from the equity method investment are adjusted by amortization and accretion of the basis differences as the assets (mainly inventory) and liabilities that gave rise to the basis difference are sold, settled or amortized. The following table summarizes the statement of operations of the Great Park Venture for the three months ended March 31, 2019 and 2018 (in thousands): Three Months Ended March 31, 2019 2018 Land sale revenues $ 159,163 $ 407 Cost of land sales (107,819 ) — Other costs and expenses (14,233 ) (15,140 ) Net income (loss) of Great Park Venture $ 37,111 $ (14,733 ) The Company’s share of net income (loss) $ 13,917 $ (5,525 ) Basis difference (amortization) accretion (4,473 ) 1,471 Equity in earnings (loss) from Great Park Venture $ 9,444 $ (4,054 ) The following table summarizes the balance sheet data of the Great Park Venture and the Company’s investment balance as of March 31, 2019 and December 31, 2018 (in thousands): March 31, 2019 December 31, 2018 Inventories $ 969,587 $ 1,059,717 Cash and cash equivalents 181,644 60,663 Receivable and other assets 36,103 33,836 Total assets $ 1,187,334 $ 1,154,216 Accounts payable and other liabilities $ 148,816 $ 152,809 Redeemable Legacy Interests 209,967 209,967 Capital (Percentage Interest) 828,551 791,440 Total liabilities and capital $ 1,187,334 $ 1,154,216 The Company’s share of capital in Great Park Venture $ 310,707 $ 296,790 Unamortized basis difference 124,390 128,863 The Company’s investment in the Great Park Venture $ 435,097 $ 425,653 Gateway Commercial Venture The Company owns a 75% interest in the Gateway Commercial Venture as of March 31, 2019 . The Gateway Commercial Venture is governed by an executive committee in which the Company is entitled to appoint two individuals. One of the other members of the Gateway Commercial Venture is also entitled to appoint two individuals to the executive committee. The unanimous approval of the executive committee is required for certain matters, which limits the Company’s ability to control the Gateway Commercial Venture. However, the Company is able to exercise significant influence and therefore accounts for its investment in the Gateway Commercial Venture using the equity method. The Company is the manager of the Gateway Commercial Venture, with responsibility to manage and administer its day-to-day affairs and implement a business plan approved by the executive committee. The Gateway Commercial Venture owns the Five Point Gateway Campus located in Irvine, California and acquired the Five Point Gateway Campus through debt and capital funding. The debt obtained by the Gateway Commercial Venture is non-recourse to the Company other than in the case of customary “bad act” exceptions or bankruptcy or insolvency events. The following table summarizes the statement of operations of the Gateway Commercial Venture for the three months ended March 31, 2019 and 2018 (in thousands): Three Months Ended March 31, 2019 2018 Rental revenues $ 8,380 $ 6,705 Rental operating and other expenses (1,593 ) (959 ) Depreciation and amortization (3,206 ) (2,868 ) Interest expense (4,331 ) (2,282 ) Net (loss) income of Gateway Commercial Venture $ (750 ) $ 596 Equity in (loss) earnings from Gateway Commercial Venture $ (562 ) $ 447 The following table summarizes the balance sheet data of the Gateway Commercial Venture and the Company’s investment balance as of March 31, 2019 and December 31, 2018 (in thousands): March 31, 2019 December 31, 2018 Real estate and related intangible assets, net $ 463,241 $ 464,123 Other assets 15,823 14,833 Total assets $ 479,064 $ 478,956 Notes payable, net $ 298,141 $ 295,440 Other liabilities 40,628 40,521 Members’ capital 140,295 142,995 Total liabilities and capital $ 479,064 $ 478,956 The Company’s investment in the Gateway Commercial Venture $ 105,221 $ 107,246

Noncontrolling Interests

Noncontrolling Interests	3 Months Ended
	Mar. 31, 2019
Noncontrolling Interest [Abstract]
Noncontrolling Interests	NONCONTROLLING INTERESTS The Holding Company’s wholly owned subsidiary is the managing general partner of the Operating Company. At March 31, 2019 , the Holding Company and its wholly owned subsidiary owned approximately 62.4% of the outstanding Class A Common Units and 100% of the outstanding Class B Common Units of the Operating Company. The Holding Company consolidates the financial results of the Operating Company and its subsidiaries, and records a noncontrolling interest for the remaining 37.6% of the outstanding Class A Common Units of the Operating Company. After a 12 month holding period, holders of Class A Common Units of the Operating Company may exchange their units for, at the Company’s option, either (i) Class A common shares on a one -for-one basis (subject to adjustment in the event of share splits, distributions of shares, warrants or share rights, specified extraordinary distributions and similar events), or (ii) cash in an amount equal to the market value of such shares at the time of exchange. Whether such units are acquired by the Company in exchange for Class A common shares or for cash, if the holder also owns Class B common shares, then an equal number of that holder’s Class B common shares will automatically convert into Class A common shares, at a ratio of 0.0003 Class A common shares for each Class B common share. This exchange right is currently exercisable by all holders of outstanding Class A Common Units of the Operating Company. The San Francisco Venture has three classes of units—Class A, Class B and Class C units. The Operating Company owns all of the outstanding Class B units of the San Francisco Venture. All of the outstanding Class A units are owned by affiliates of Lennar Corporation (“Lennar”) and affiliates of Castlelake, LP (“Castlelake”). The Class A units of the San Francisco Venture are intended to be substantially economically equivalent to the Class A Common Units of the Operating Company. The Class A units of the San Francisco Venture represent noncontrolling interests to the Operating Company. Holders of Class A units of the San Francisco Venture can redeem their units at any time and receive Class A Common Units of the Operating Company on a one -for-one basis (subject to adjustment in the event of share splits, distributions of shares, warrants or share rights, specified extraordinary distributions and similar events). If a holder requests a redemption of Class A units that would result in the Holding Company’s ownership of the Operating Company falling below 50.1% , the Holding Company has the option of satisfying the redemption with Class A common shares instead. The Company also has the option, at any time, to acquire outstanding Class A units of the San Francisco Venture in exchange for Class A Common Units of the Operating Company. The 12 month holding period for any Class A Common Units of the Operating Company issued in exchange for Class A units of the San Francisco Venture is calculated by including the period that such Class A units of the San Francisco Venture were owned. This exchange right is currently exercisable by substantially all holders of outstanding Class A units of the San Francisco Venture. Concurrent with the termination of the Retail Project (defined in Note 8), the San Francisco Venture issued 436,498 Class A units (and the Company issued 436,498 of its Class B common shares) to, and received a contribution of $5.5 million from, the holders of Class A units of the San Francisco Venture. On February 13, 2019, the San Francisco Venture issued $25.0 million of new Class C units to an affiliate of Lennar in exchange for a contribution of $25.0 million to the San Francisco Venture. Provided that Lennar completes the construction of a certain number of new homes in Candlestick as contemplated under purchase and sale agreements with the Company, the San Francisco Venture is required to redeem the Class C units if and when the Company receives reimbursements from the Mello-Roos communities facilities district formed for the development, in an aggregate amount equal to 50% of any reimbursements up to a maximum amount of $25.0 million . The San Francisco Venture also maintains the ability to redeem the then outstanding balance of Class C units for cash at any time. Upon a liquidation of the San Francisco Venture, the holders of Class C Units are entitled to a liquidation preference in an aggregate amount equal to 50% of the cumulative amount of reimbursements received, less the aggregate amount previously paid to redeem Class C units. The maximum amount payable by the San Francisco Venture pursuant to redemptions or liquidation of the Class C units is $25.0 million . The holders of Class C units are not entitled to receive any other forms of distributions and are not entitled to any voting rights. In connection with the issuance of the Class C units, the San Francisco Venture agreed to spend $25.0 million on the development of infrastructure and/or parking facilities at the Company’s Candlestick development. At March 31, 2019 , $25.0 million of Class C units are outstanding and is included in redeemable noncontrolling interest on the condensed consolidated balance sheet. Net income (loss) attributable to the noncontrolling interests on the condensed consolidated statements of operations represents the portion of earnings attributable to the economic interest in the Company held by the noncontrolling interests. The Company allocates income (loss) to noncontrolling interests based on the substantive profit sharing provisions of the applicable operating agreements. With each exchange of Class A Common Units of the Operating Company for Class A common shares, the Holding Company’s percentage ownership interest in the Operating Company and its share of the Operating Company’s cash distributions and profits and losses will increase. Additionally, other issuances of common shares of the Holding Company or common units of the Operating Company results in changes to the noncontrolling interest percentage as well as the total net assets of the Company. As a result, all equity transactions result in an allocation between members’ capital and the noncontrolling interest in the Company’s consolidated balance sheets and statements of capital to account for the changes in the noncontrolling interest ownership percentage as well as the change in total net assets of the Company. During the three months ended March 31, 2019 , the Holding Company increased its ownership interest in the Operating Company as a result of equity transactions related to the Company’s share-based compensation plan. During the three months ended March 31, 2018

Consolidated Variable Interest

Consolidated Variable Interest Entity	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Consolidated Variable Interest Entity	CONSOLIDATED VARIABLE INTEREST ENTITY The Holding Company conducts all of its operations through the Operating Company, a consolidated VIE, and as a result, substantially all of the Company’s assets and liabilities represent the assets and liabilities of the Operating Company, other than items attributed to income taxes and the tax receivable agreement (“TRA”) related obligation, which was $171.2 million and $169.5 million at March 31, 2019 and December 31, 2018 , respectively. The Operating Company has investments in, and consolidates the assets and liabilities of, the San Francisco Venture, FP LP and FPL, all of which have also been determined to be VIEs. The San Francisco Venture is a VIE as the other members of the venture, individually or as a group, are not able to exercise kick-out rights or substantive participating rights. The Company applied the variable interest model and determined that it is the primary beneficiary of the San Francisco Venture and, accordingly, the San Francisco Venture is consolidated in its results. In making that determination, the Company evaluated that the Operating Company has unilateral and unconditional power to make decisions in regards to the activities that significantly impact the economics of the VIE, which are the development of properties, marketing and sale of properties, acquisition of land and other real estate properties and obtaining land ownership or ground lease for the underlying properties to be developed. The Company is determined to have more-than-insignificant economic benefit from the San Francisco Venture because the Operating Company can prevent or cause the San Francisco Venture from making distributions on its units, and the Operating Company would receive 99% of any such distributions (assuming no distributions had been paid on the Class A Common Units of the Operating Company). In addition, the San Francisco Venture is only allowed to make a capital call on the Operating Company and not any other interest holders, which could be a significant financial risk to the Operating Company. As of March 31, 2019 , the San Francisco Venture had total combined assets of $1,162.3 million , primarily comprised of $1,147.1 million of inventories, $1.5 million in related party assets and $5.1 million in cash and total combined liabilities of $122.8 million , including $102.8 million in related party liabilities. As of December 31, 2018 , the San Francisco Venture had total combined assets of $1,151.4 million , primarily comprised of $1,137.0 million of inventories and $12.3 million in cash and total combined liabilities of $260.8 million , including $168.9 million in related party liabilities and $65.1 million in notes payable. Those assets are owned by, and those liabilities are obligations of, the San Francisco Venture, not the Company. The San Francisco Venture is not a guarantor of the Company’s obligations, and the assets held by the San Francisco Venture may only be used as collateral for the San Francisco Venture’s debt. The creditors of the San Francisco Venture do not have recourse to the assets of the Operating Company, as the VIE’s primary beneficiary, or of the Holding Company. The Company and other partners do not generally have an obligation to make capital contributions to the San Francisco Venture. In addition, there are no liquidity arrangements or agreements to fund capital or purchase assets that could require the Company to provide financial support to the San Francisco Venture. The Company does not guarantee any debt of the San Francisco Venture. However the Operating Company has guaranteed the performance of payment by the San Francisco Venture in accordance with the redemption terms of the Class C units of the San Francisco Venture (see Note 5). FP LP and FPL are VIEs because the other partners or members have disproportionately fewer voting rights, and substantially all of the activities of the entities are conducted on behalf of the other partners or members and their related parties. The Operating Company, or a wholly owned subsidiary of the Operating Company, is the primary beneficiary of FP LP and FPL. As of March 31, 2019 , FP LP and FPL had combined assets of $785.2 million , primarily comprised of $597.3 million of inventories, $91.6 million of intangibles, $57.1 million in related party assets and $0.1 million in cash, and total combined liabilities of $119.2 million , including $109.7 million in accounts payable and other liabilities and $9.5 million in related party liabilities. As of December 31, 2018 , FP LP and FPL had combined assets of $745.3 million , primarily comprised of $559.1 million of inventories, $95.9 million of intangibles, $54.3 million in related party assets and $0.1 million in cash, and total combined liabilities of $118.1 million , including $108.6 million in accounts payable and other liabilities and $9.5 million in related party liabilities. The Company evaluates its primary beneficiary designation on an ongoing basis and assesses the appropriateness of the VIE’s status when events have occurred that would trigger such an analysis. During the three months ended March 31, 2019 and 2018

Intangible Asset, Net - Related

Intangible Asset, Net - Related Party	3 Months Ended
	Mar. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Asset, Net - Related Party	INTANGIBLE ASSET, NET—RELATED PARTY The intangible asset relates to the contract value of the incentive compensation provisions of the Management Company’s development management agreement, as amended and restated (“A&R DMA”), with the Great Park Venture. The A&R DMA has an original term commencing on December 29, 2010 and ending on December 31, 2021, with options to renew at the mutual agreement of terms and provisions by both the Company and the Great Park Venture for three additional years and then two additional years. The intangible asset will be amortized over the contract period based on the pattern in which the economic benefits are expected to be received. The carrying amount and accumulated amortization of the intangible asset as of March 31, 2019 and December 31, 2018 were as follows (in thousands): March 31, 2019 December 31, 2018 Gross carrying amount $ 129,705 $ 129,705 Accumulated amortization (38,085 ) (33,788 ) Net book value $ 91,620 $ 95,917 For the three months ended March 31, 2019 and 2018 , the Company recorded $4.3 million and $3.7 million

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions	RELATED PARTY TRANSACTIONS Related party assets and liabilities included in the Company’s condensed consolidated balance sheets as of March 31, 2019 and December 31, 2018 consisted of the following (in thousands): March 31, 2019 December 31, 2018 Related Party Assets: Contract assets (see Note 3) $ 55,465 $ 49,834 Prepaid rent — 5,972 Operating lease right-of-use asset (Note 2 and Note 11) 24,389 — Other 3,190 5,233 $ 83,044 $ 61,039 Related Party Liabilities: EB-5 loan reimbursements $ 102,692 $ 102,692 Contingent consideration—Mall Venture project property — 64,870 Payable to holders of Management Company’s Class B interests 9,000 9,000 Operating lease liability (Note 2 and Note 11) 17,031 — Other 537 1,978 $ 129,260 $ 178,540 Contingent Consideration to Class A Members of the San Francisco Venture Prior to the Company’s acquisition of The San Francisco Venture, The San Francisco Venture completed a separation transaction (the “Separation Transaction”) pursuant to an Amended and Restated Separation and Distribution Agreement (“Separation Agreement”) in which the equity interests in a subsidiary of the San Francisco Venture known as CPHP Development, LLC (“CPHP”) were distributed directly to the members of the San Francisco Venture: (i) an affiliate of Lennar and (ii) an affiliate of Castlelake. The terms of the Separation Agreement included the following: • CPHP was transferred certain acres of land where homes were being built, as well as all responsibility for current and future residential construction on the land; • Once a final subdivision map was recorded, title to a parking structure parcel at Candlestick (“CP Parking Parcel”) was to be conveyed to CPHP, and CPHP was to assume the obligation to construct the parking structure and certain other improvements at Candlestick; • CPHP was transferred the membership interest in Candlestick Retail Member, LLC, (“Mall Venture Member”), the entity that had entered into a joint venture (“Mall Venture”) with CAM Candlestick LLC (the “Macerich Member”) to build a fashion outlet retail shopping center (“Retail Project”) above and adjacent to the parking structure that CPHP was to construct on the CP Parking Parcel; and • Once a final subdivision map was recorded, the San Francisco Venture was to convey to the Mall Venture the property on which the Retail Project was to be built (the “Retail Project Property”). Under the terms of the Separation Agreement, the San Francisco Venture retained the obligation under the Mall disposition and development agreement to subdivide and convey the Retail Project Property to the Mall Venture and the CP Parking Parcel to CPHP. In early 2019, after discussions between the Company, CPHP and the Macerich Member, the parties determined not to proceed with the Retail Project. As a result of terminating the Retail Project and agreements related thereto, the obligation of the San Francisco Venture to convey the CP Parking Parcel and the Retail Project Property was terminated, and the San Francisco Venture was also released from certain development obligations, which resulted in a gain $64.9 million for the three months ended March 31, 2019. Operating lease right-of-use asset and operating lease liability The Company leases corporate office space at the Five Point Gateway Campus. Upon adoption of ASC Topic 842, Leases (see Note 2 and Note 11) , the Company recognized an operating lease right-of-use asset and operating lease liability pertaining to this related party lease. Existing prepaid rent of $6.0 million

Notes Payable, Net

Notes Payable, Net	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Notes Payable, Net	NOTES PAYABLE, NET At March 31, 2019 and December 31, 2018 , notes payable consisted of the following (in thousands): March 31, 2019 December 31, 2018 7.875% Senior Notes due 2025 $ 500,000 $ 500,000 Macerich Note — 65,130 Unamortized debt issuance costs and discount (7,829 ) (8,126 ) $ 492,171 $ 557,004 In early 2019, in connection with the termination of the Retail Project (see Note 8), the Company repaid the $65.1 million Macerich Note and settled outstanding accrued interest thereon of approximately $11.1 million

Tax Receivable Agreement

Tax Receivable Agreement	3 Months Ended
	Mar. 31, 2019
Other Liabilities Disclosure [Abstract]
Tax Receivable Agreement	TAX RECEIVABLE AGREEMENT The Company is a party to a TRA with all of the holders of Class A Common Units of the Operating Company and all the holders of Class A units of the San Francisco Venture (as parties to the TRA, the “TRA Parties”). At March 31, 2019 and December 31, 2018 , the Company’s condensed consolidated balance sheets include a liability of $171.2 million and $169.5 million , respectively, for payments expected to be made under certain components of the TRA which the Company deems to be probable and estimable. Management deems a TRA payment related to the benefits expected to be received by the Company under the application of Section 704(c) and Section 743 of the Internal Revenue Code of 1986, as amended, to be probable and estimable when an event occurs that results in the Company measuring the Operating Company’s directly or indirectly held property at fair value in the Company’s consolidated balance sheet or the sale of such property at fair value. Either of these activities are indicators that the difference between the fair market value of the property and the adjusted tax basis has been or will be realized, resulting in special allocations of income, gain, loss or deduction that are likely to reduce the amount of income taxes that the Company would otherwise pay. The Company may record adjustments to TRA liabilities related to properties not currently held at fair value when those properties are recognized or realized at fair value. Furthermore, the Company may record adjustments to TRA liabilities if and when TRA Parties exchange Class A Common Units of the Operating Company for the Company’s Class A common shares or other equity transactions that impact the Holding Company’s ownership in the Operating Company. Changes in the Company’s estimates of the utilization of its deferred tax attributes and tax rates in effect may also result in subsequent adjustments to the amount of TRA liabilities recognized. The term of the TRA will continue until all such tax benefits under the agreement have been utilized or expired, unless the Company exercises its right to terminate the TRA for an amount based on an agreed value of payments remaining to be made under the agreement. No TRA payments were made during the three months ended March 31, 2019 and 2018

Leases

Leases	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Leases	LEASES The Company adopted ASU No. 2016-02 (Note 2) effective on January 1, 2019 on a modified retrospective basis. Consequently, comparative prior periods presented in financial statements after adoption will continue to be in accordance with historical U.S. GAAP (Topic 840, Leases ). Operating Leases - Lessee The Company has entered into agreements to lease certain office facilities and equipment under operating leases. Equipment leases are generally short-term leases with terms less than 12 months or subject to month-to-month lease provisions. The Company’s office leases have remaining lease terms of 5 years to 10 years. The Company’s office leases include one or more extension options to renew, some of which include options to extend the leases for up to ten years. The Company only includes the options in the lease term when it is reasonably certain that it will exercise such options. The Company determines if an arrangement is a lease at contract inception. Operating ROU assets and operating lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term, which are generally predetermined based on fixed increases within the lease agreements. When the rate implicit in the lease is not readily determinable, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is derived from assessment of the credit quality of the Company and adjusted to reflect secured borrowing, estimated yield curves and long-term spread adjustments over appropriate tenors. The components of lease costs were as follows for the three months ended March 31, 2019 (in thousands): 2019 Operating lease cost $ 1,445 Short-term lease cost 132 Supplemental balance sheet information related to leases as of March 31, 2019 were as follows (in thousands, except lease term in years and discount rate): March 31, 2019 Operating lease right-of-use assets ($24,389 related party) $ 35,493 Operating lease liabilities ($17,031 related party) $ 29,325 Weight average remaining lease term (operating lease) 7.7 Weighted average discount rate (operating lease) 5.8 % Operating lease right-of-use asset is included in other assets or related party assets and operating lease liability is included in accounts payable and other liabilities or related party liabilities on the condensed consolidated balance sheet. As of March 31, 2019 , minimum lease payments to be made under operating leases with initial terms in excess of one year are as follows (in thousands): Years Ending December 31, Rental 2019 (excluding the three months ended March 31, 2019) $ 3,139 2020 4,846 2021 5,263 2022 5,420 2023 5,583 Thereafter 13,065 Total lease payments $ 37,316 Discount $ 7,991 Total operating lease liability $ 29,325 As of December 31, 2018, minimum lease payments to be made under operating leases with initial terms in excess of one year under noncancelable leases are as follows (in accordance with the prior period presentation of ASC 840) (in thousands): Years Ending December 31, Rental 2019 $ 5,790 2020 4,846 2021 5,263 2022 5,420 2023 5,583 Thereafter 13,065 $ 39,967 Operating Leases - Lessor

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES The Company is subject to the usual obligations associated with entering into contracts for the purchase, development and sale of real estate, which the Company does in the routine conduct of its business. The operations of the Company are conducted through the Operating Company and its subsidiaries, and in some cases, the Holding Company will guarantee the performance of the Operating Company or its subsidiaries. Valencia Project Approval Settlement In September 2017, the Company reached a settlement with key national and state environmental and Native American organizations that were petitioners (the “Settling Petitioners”) in various legal challenges to Valencia’s regulatory approvals and permits. As of March 31, 2019 , the Company has a liability balance of $36.5 million associated with certain obligations of the project approval settlement. The Holding Company has provided a guaranty to the Settling Petitioners for monetary payments due from the Company as required under the settlement. As of March 31, 2019 , the remaining estimated maximum potential amount of monetary payments subject to the guaranty was $43.1 million with the final payment due in 2026. The Company did not reach a settlement with two local environmental organizations that have pending challenges to certain Valencia project approvals. See “Legal Proceedings” below. Performance and Completion Bonding Agreements In the ordinary course of business and as a part of the entitlement and development process, the Company is required to provide performance bonds to ensure completion of certain development obligations. The Company had outstanding performance bonds of $74.0 million and $73.5 million as of March 31, 2019 and December 31, 2018 , respectively. Candlestick and The San Francisco Shipyard Disposition and Development Agreement The San Francisco Venture is a party to a disposition and development agreement with the Successor to the Redevelopment Agency of the City and County of San Francisco (the “San Francisco Agency”) in which the San Francisco Agency has agreed to convey portions of Candlestick and The San Francisco Shipyard to the San Francisco Venture for development. The San Francisco Venture has agreed to reimburse the San Francisco Agency for reasonable costs and expenses actually incurred and paid by the San Francisco Agency in performing its obligations under the disposition and development agreement. The San Francisco Agency can also earn a return of certain profits generated from the development and sale of Candlestick and The San Francisco Shipyard if certain thresholds are met. As of March 31, 2019 the thresholds had not been met. At March 31, 2019 , the San Francisco Venture had outstanding guarantees benefiting the San Francisco Agency for infrastructure and construction of certain park and open space obligations with aggregate maximum obligations of $197.8 million . Letters of Credit At each of March 31, 2019 and December 31, 2018 , the Company had outstanding letters of credit totaling $2.4 million . These letters of credit were issued to secure various development and financial obligations. At each of March 31, 2019 and December 31, 2018 , the Company had restricted cash and certificates of deposit of $1.4 million pledged as collateral under certain of the letters of credit agreements. Legal Proceedings Landmark Village/Mission Village During the pendency of certain prior litigation involving the approval of the original environmental impact reports and related permits for the Landmark Village and Mission Village projects at Valencia, in July 2017, the Los Angeles County Board of Supervisors certified the final additional environmental analyses required as a result of a prior California Supreme Court decision regarding the original greenhouse gas analysis related to the projects and reapproved the Landmark Village and Mission Village projects and related permits. In August 2017, two petitioners, Santa Clarita Organization for Planning and the Environment and Friends of the Santa Clara River (collectively, “Non-Settling Petitioners”), who did not participate in a settlement of prior litigation involving the Company and certain other petitioners, filed a new petition for writ of mandate in the Los Angeles Superior Court. The petition challenged Los Angeles County’s July 2017 approvals of the Mission Village and Landmark Village environmental analyses and the two projects based on claims arising under the California Environmental Quality Act and the California Water Code. The Court held a hearing on the merits of the petition in September 2018. In December 2018, the Superior Court issued its written decision denying the Non-Settling Petitioners’ petition for writ of mandate. Thereafter, in January 2019, the Superior Court entered judgment on the petition for writ of mandate in favor of the County and the Company. In March 2019, the Non-Settling Petitioners filed an appeal of the Superior Court’s ruling. Hunters Point Litigation In May 2018, residents of the Bayview Hunters Point neighborhood in San Francisco filed a putative class action in San Francisco Superior Court naming Tetra Tech, Inc., an independent contractor hired by the U.S. Navy to conduct testing and remediation of toxic radiological waste at The San Francisco Shipyard (“Tetra Tech”), Lennar and the Company as defendants. The plaintiffs allege that, among other things, Tetra Tech fraudulently misrepresented its test results and remediation efforts. The plaintiffs are seeking damages against Tetra Tech and have requested an injunction to prevent the Company and Lennar from undertaking any development activities at The San Francisco Shipyard. Since July 2018, a number of lawsuits have been filed in San Francisco Superior Court on behalf of homeowners in The San Francisco Shipyard, which name Tetra Tech, Lennar, the Company and the Company’s CEO, among others, as defendants. The plaintiffs allege that environmental contamination issues at The San Francisco Shipyard were not properly disclosed to them before they purchased their homes. They also allege that Tetra Tech and other defendants (not including the Company) have created a nuisance at The San Francisco Shipyard under California law. They seek damages as well as certain declaratory relief. The Company believes that it has meritorious defenses to the allegations in all of these cases and may have insurance and indemnification rights against third parties, including related parties, with respect to these claims. Given the preliminary nature of these claims, the Company cannot predict the outcome of these matters. Other Other than the actions outlined above, the Company is also a party to various other claims, legal actions, and complaints arising in the ordinary course of business, the disposition of which, in the Company’s opinion, will not have a material adverse effect on the Company’s consolidated financial statements.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2019
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information for the three months ended March 31, 2019 and 2018 were as follows (in thousands): 2019 2018 SUPPLEMENTAL CASH FLOW INFORMATION: Cash paid for interest, all of which was capitalized to inventories $ 12,141 $ — NONCASH INVESTING AND FINANCING ACTIVITIES: Receivable for insurance proceeds on damaged property $ — $ 630 Recognition of TRA liability $ 1,696 $ 2,308 Liabilities assumed by buyer in connection with sale of golf course operating property $ — $ 7,795 Supplemental cash flow information related to leases for the three months ended March 31, 2019 were as follows (in thousands): 2019 CASH PAID FOR AMOUNTS INCLUDED IN THE MEASUREMENT OF LEASE LIABILITIES: Operating cash flows from operating leases $ 2,750 The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows for the three months ended March 31, 2019 and 2018 (in thousands): 2019 2018 Cash and cash equivalents $ 373,292 $ 778,242 Restricted cash and certificates of deposit 1,738 1,467 Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows $ 375,030 $ 779,709

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Segment Reporting	SEGMENT REPORTING As of and for the three months ended March 31, 2019 , the Company’s reportable segments consist of: • Valencia (formerly Newhall)—includes the community of Valencia (formerly known as Newhall Ranch) planned for development in northern Los Angeles County, California. The Valencia segment derives revenues from the sale of residential and commercial land sites to homebuilders, commercial developers and commercial buyers in addition to ancillary operations of operating properties. • San Francisco—includes the Candlestick and The San Francisco Shipyard communities located on bayfront property in the City of San Francisco, California. The San Francisco segment derives revenues from the sale of residential and commercial land sites to homebuilders, commercial developers and commercial buyers in addition to management services provided to affiliates of a related party. • Great Park—includes the Great Park Neighborhoods being developed adjacent to and around the Orange County Great Park, a metropolitan park under construction in Orange County, California. This segment also includes management services provided by the Management Company to the Great Park Venture, the owner of the Great Park Neighborhoods. As of March 31, 2019 , the Company had a 37.5% Percentage Interest in the Great Park Venture and accounted for the investment under the equity method. The reported segment information for the Great Park segment includes the results of 100% of the Great Park Venture at the historical basis of the venture, which did not apply push down accounting at acquisition date. The Great Park segment derives revenues from the sale of residential and commercial land sites to homebuilders, commercial developers and commercial buyers, and management services provided by the Company to the Great Park Venture. • Commercial—includes Five Point Gateway Campus, an office and research and development campus within the Great Park Neighborhoods, consisting of four newly constructed buildings. Two of the four buildings are leased to one tenant under a 20 -year triple net lease which commenced in August 2017. The Company and a subsidiary of Lennar have entered into separate 130 -month full service gross leases to occupy a portion of the other two buildings. This segment also includes property management services provided by the Management Company to the Gateway Commercial Venture, the entity that owns the Five Point Gateway Campus. As of March 31, 2019 , the Company had a 75% interest in the Gateway Commercial Venture and accounted for the investment under the equity method. The reported segment information for the Commercial segment includes the results of 100% of the Gateway Commercial Venture. Segment operating results and reconciliations to the Company’s consolidated balances are as follows (in thousands): Revenues Profit (Loss) Three Months Ended March 31, 2019 2018 2019 2018 Valencia $ 1,615 $ 2,798 $ (4,084 ) $ 3,063 San Francisco 1,093 2,022 61,074 (4,763 ) Great Park 169,559 10,464 40,268 (11,366 ) Commercial 8,349 6,795 (781 ) 686 Total reportable segments 180,616 22,079 96,477 (12,380 ) Reconciling items: Removal of results of unconsolidated entities— Great Park Venture (1) (159,163 ) (407 ) (37,111 ) 14,733 Gateway Commercial Venture (1) (8,380 ) (6,705 ) 750 (596 ) Add equity in earnings (losses) from unconsolidated entities— Great Park Venture — — 9,444 (4,054 ) Gateway Commercial Venture — — (562 ) 447 Corporate and unallocated (3) — — (16,265 ) (12,447 ) Total consolidated balances $ 13,073 $ 14,967 $ 52,733 $ (14,297 ) Segment assets and reconciliations to the Company’s consolidated balances are as follows (in thousands): March 31, 2019 December 31, 2018 Valencia $ 637,494 $ 596,222 San Francisco 1,162,275 1,151,372 Great Park 1,338,117 1,303,362 Commercial 479,130 479,662 Total reportable segments 3,617,016 3,530,618 Reconciling items: Removal of unconsolidated balances of Great Park Venture (1) (1,187,334 ) (1,154,216 ) Removal of unconsolidated balances of Gateway Commercial Venture (1) (479,064 ) (478,956 ) Other eliminations (2) (3,165 ) (730 ) Add investment balance in Great Park Venture 435,097 425,653 Add investment balance in Gateway Commercial Venture 105,221 107,246 Corporate and unallocated (3) 397,779 494,277 Total consolidated balances $ 2,885,550 $ 2,923,892 (1) Represents the removal of the Great Park Venture’s and Gateway Commercial Venture’s operating results and balances that are included in the Great Park segment and Commercial segment operating results and balances, respectively, but are not included in the Company’s consolidated results and balances. (2) Represents intersegment balances that eliminate in consolidation.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	SHARE-BASED COMPENSATION The Company may grant equity incentive awards to employees, consultants and non-employee directors under the Five Point Holdings, LLC 2016 Incentive Award Plan (the “Incentive Award Plan”). The Incentive Award Plan provides for the grant of share options, restricted shares, restricted share units, performance awards (which include, but are not limited to, cash bonuses), distribution equivalent awards, deferred share awards, share payment awards, share appreciation rights, other incentive awards (which include, but are not limited to, LTIP Unit awards (as defined in the Incentive Award Plan) and performance share awards. The Incentive Award Plan authorized the issuance of up to 8,500,822 Class A common shares of the Holding Company. As of March 31, 2019 , there were 1,795,170 remaining Class A common shares available for future issuance under the Incentive Award Plan. Under the Incentive Award Plan, the Company has granted restricted share units (“RSUs”) and restricted share awards either fully vested, with service conditions or with service and market performance conditions based on the market price of the Company’s Class A common shares. Awards with a service condition generally vest over a three-year period or in the case of non-employee directors over one year. Awards with a service and market performance condition generally vest at the end of a three-year period. Restricted share awards entitle the holders to non-forfeitable distributions and to vote the underlying Class A common share during the restricted period. The Company estimates the fair value of restricted share awards with a service condition based on the closing market price of the Company’s Class A common shares on the award’s grant date. Prior to the Company’s IPO, the Company measured the fair value of RSUs and restricted share awards based on the estimated fair value of the Company’s underlying Class A common shares determined using a discounted cash flow analysis. The inputs utilized in the Company’s estimate were selected by the Company based on information available to the Company, including relevant information obtained after the measurement date, as to the assumptions that market participants would make at the measurement date. The grant date fair value of awards with a market condition are determined using a Monte-Carlo approach. In January 2019, the Company reacquired 242,990 vested RSUs for $1.8 million and 296,391 restricted Class A common shares for $2.3 million for the purpose of settling tax withholding obligations of employees. The reacquisition cost is based on the fair value of the Company’s Class A common shares on the date the tax obligation is incurred. During the three months ended March 31, 2019 , the Company granted $2.3 million equity incentive awards to employees and non-employee directors. The awards were comprised of restricted share awards with a service condition and restricted share awards or RSU awards with a market condition contingent on the Company’s Class A common shares satisfying certain price targets. The following table summarizes share-based equity compensation activity for the three months ended March 31, 2019 : Share-Based Awards Weighted- Nonvested at January 1, 2019 1,893 $ 15.27 Granted (1) 1,899 $ 5.09 Forfeited (4 ) $ 14.83 Vested (717 ) $ 15.20 Nonvested at March 31, 2019 3,071 $ 9.00 (1) Quantity granted does not include 388 RSUs that vest upon achievement of maximum performance criteria. Share-based compensation expense was $3.3 million and $3.4 million for the three months ended March 31, 2019 and 2018, respectively. Share-based compensation expense is included in selling, general, and administrative expenses in the accompanying condensed consolidated statements of operations. Approximately $24.5 million of total unrecognized compensation cost related to non-vested awards is expected to be recognized over a weighted–average period of 2.1 years from March 31, 2019 . The estimated fair value at vesting of share-based awards that vested during the three months ended March 31, 2019 was $5.4 million

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Mar. 31, 2019
Retirement Benefits [Abstract]
Employee Benefit Plans	EMPLOYEE BENEFIT PLANS The Newhall Land and Farming Company Retirement Plan (the “Retirement Plan”) is a defined benefit plan that is funded by the Company and qualified under the Employee Retirement Income Security Act. In 2004, the Retirement Plan was amended to cease future benefit accruals and the Retirement Plan was frozen. The Company’s funding policy is to contribute amounts sufficient to meet minimum requirements but not more than the maximum tax-deductible amount. The Company does not expect to have a minimum required contribution in 2019 and did not make any contributions during the three months ended March 31, 2019 . The components of net periodic benefit for the and three months ended March 31, 2019 and 2018 , are as follows (in thousands): Three Months Ended 2019 2018 Net periodic benefit: Interest cost $ 208 $ 187 Expected return on plan assets (253 ) (290 ) Amortization of net actuarial loss 35 22 Net periodic benefit $ (10 ) $ (81 )

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES The Company accounts for income taxes in accordance with ASC Topic 740, Income Taxes , which requires an asset and liability approach for measuring deferred taxes based on temporary differences between the financial statements and tax bases of assets and liabilities existing at each balance sheet date using enacted tax rates for the years in which taxes are expected to be paid or recovered. Upon formation, the Holding Company elected to be treated as a corporation for U.S. federal, state, and local tax purposes. All operations are carried on through the Holding Company’s subsidiaries, the majority of which are pass-through entities that are generally not subject to federal or state income taxation, as all of the taxable income, gains, losses, deductions, and credits are passed through to the partners. The Holding Company is responsible for income taxes on its share of taxable income or loss passed through from the operating subsidiaries. In the three months ended March 31, 2019 , the Company recorded a $1.3 million provision for income taxes (after application of a decrease in the Company’s valuation allowance of $7.3 million ) on pre-tax income of $54.0 million . In the three months ended March 31, 2018, the Company recorded no provision or benefit for income taxes (after application of an increase in the Company’s valuation allowance of $1.6 million ) on pretax loss of $14.3 million . The effective tax rates for the three months ended March 31, 2019 and 2018 , differ from the 21% federal statutory rate and applicable state statutory rates primarily due to the Company’s valuation allowance on its book losses and to the pre-tax portion of income and losses that are passed through to the other partners of the Operating Company and the San Francisco Venture. The current quarter’s tax provision relates to adjustments to the Company’s valuation allowance resulting from the limitation on post-2017 net operating losses to offset only 80% of deferred tax liabilities which has been treated as a discrete event in the current quarter. Each quarter the Company assesses its deferred tax asset to determine whether all or any portion of the asset is more likely than not unrealizable under the guidance of ASC Topic 740, Income Taxes . The Company is required to establish a valuation allowance for any portion of the asset it concludes is more likely than not unrealizable. The Company’s assessment considers, among other things, the nature, frequency and severity of prior cumulative losses, forecasts of future taxable income, the duration of statutory carryforward periods, its utilization experience with operating loss and tax credit carryforwards and tax planning alternatives, to the extent these items are applicable. Largely due to a history of book losses, the Company has recorded a valuation allowance against its federal and state net deferred tax assets. The Company files U.S. federal and state income tax returns in jurisdictions with varying statutes of limitations. Fiscal years 2014 through 2017 generally remain subject to examination by federal and state tax authorities. The Company is not currently under examination by any tax authority. The Company classifies any interest and penalties related to income taxes assessed by jurisdiction as part of income tax expense. The Company has concluded that there were no significant uncertain tax positions requiring recognition in its financial statements,

Financial Instruments and Fair

Financial Instruments and Fair Value Measurements and Disclosures	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Financial Instruments and Fair Value Measurements and Disclosures	FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS AND DISCLOSURES ASC Topic 820, Fair Values Measurement, emphasizes that a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, the guidance establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity and the reporting entity’s own assumptions about market participant assumptions. The following hierarchy classifies the inputs used to determine fair value into three levels: Level 1 —Quoted prices for identical instruments in active markets Level 2 —Quoted prices for similar instruments in active markets or inputs, other than quoted prices, that are observable for the instrument either directly or indirectly Level 3 —Significant inputs to the valuation model are unobservable At each reporting period, the Company evaluates the fair value of its financial instruments. Other than notes payable, net, the carrying amount of the Company’s financial instruments, which includes cash and cash equivalents, restricted cash and certificates of deposit, certain related party assets and liabilities, and accounts payable and other liabilities, approximated the Company’s estimates of fair value at both March 31, 2019 and December 31, 2018 . The fair value of the Company’s notes payable, net, are estimated based on quoted market prices or discounting the expected cash flows based on rates available to the Company (level 2). At March 31, 2019 , the estimated fair value of notes payable, net was $480.0 million compared to a carrying value of $492.2 million . At December 31, 2018 , the estimated fair value of notes payable, net was $550.1 million compared to a carrying value of $557.0 million . During the three months ended March 31, 2019 and 2018 , the Company had no assets that were measured at fair value on a nonrecurring basis. Contingent consideration is carried at fair value and is remeasured on a recurring basis. At December 31, 2018 , the fair value of the contingent consideration was $64.9 million (level 3) and during the three months ended March 31, 2019

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE The Company uses the two-class method in its computation of earnings per share. Pursuant to the terms of the Holding Company’s Second Amended and Restated Limited Liability Company Agreement, the Class A common shares and the Class B common shares are entitled to receive distributions at different rates, with each Class B common share receiving 0.03% of the distributions paid on each Class A common share. Under the two-class method, the Company’s net income available to common shareholders is allocated between the two classes of common shares on a fully-distributed basis and reflects residual net income after amounts attributed to noncontrolling interests. In the event of a net loss, the Company determined that both classes share in the Company’s losses, and they share in the losses using the same mechanism as the distributions. The Company also has restricted share awards and performance restricted share awards (see Note 15) that have a right to non-forfeitable dividends while unvested and are contemplated as participating when the Company is in a net income position. These awards participate in distributions on a basis equivalent to other Class A common shares but do not participate in losses. No distributions were declared for the three months ended March 31, 2019 and 2018 and the Company operated in a net income position for the three months ended March 31, 2019 and a net loss position for the three months ended March 31, 2018 . As a result, net income (loss) attributable to the parent was allocated to the Class A common shares and Class B common shares in an amount per Class B common share equal to 0.03% multiplied by the amount per Class A common share. Basic income (loss) per Class A common share is determined by dividing net income (loss) allocated to Class A Common shareholders by the weighted average number of Class A common shares outstanding for the period. Basic income (loss) per Class B common share is determined by dividing net income (loss) allocated to the Class B common shares by the weighted average number of Class B common shares outstanding during the period. Diluted income (loss) per share calculations for both Class A common shares and Class B common shares contemplate adjustments to the numerator and the denominator under the if-converted method for the convertible Class B common shares, the exchangeable Class A units of the San Francisco Venture and the exchangeable Class A Common Units of the Operating Company. The Company uses the treasury stock method or the two-class method when evaluating dilution for RSUs, restricted shares, and performance restricted shares. The more dilutive of the two methods is included in the calculation for diluted income (loss) per share. The following table summarizes the basic and diluted earnings per share calculations for the three months ended March 31, 2019 and 2018 (in thousands, except shares and per share amounts): Three Months Ended 2019 2018 Numerator: Net income (loss) attributable to the Company $ 23,808 $ (5,232 ) Adjustments to net income (loss) attributable to the Company 107 58 Net income (loss) attributable to common shareholders $ 23,915 $ (5,174 ) Numerator—basic common shares: Net income (loss) attributable to common shareholders $ 23,915 $ (5,174 ) Less: net income allocated to participating securities $ 986 $ — Numerator for basic net income (loss) available to Class A common shareholders $ 22,921 $ (5,172 ) Numerator for basic net income (loss) available to Class B common shareholders $ 8 $ (2 ) Numerator—diluted common shares: Net income (loss) attributable to common shareholders $ 23,915 $ (5,174 ) Reallocation of income (loss) to Company upon assumed exchange of units $ 27,289 $ (9,123 ) Less: net income allocated to participating securities $ 985 $ — Numerator for diluted net income (loss) available to Class A common shareholders $ 50,211 $ (14,290 ) Numerator for diluted net income (loss) available to Class B common shareholders $ 8 $ (7 ) Denominator: Basic weighted average Class A common shares outstanding 66,210,916 63,367,419 Diluted weighted average Class A common shares outstanding 145,296,469 144,812,299 Basic weighted average Class B common shares outstanding 79,061,835 81,420,455 Diluted weighted average Class B common shares outstanding 79,275,234 81,420,455 Basic income (loss) per share: Class A common shares $ 0.35 $ (0.08 ) Class B common shares $ 0.00 $ (0.00 ) Diluted income (loss) per share: Class A common shares $ 0.35 $ (0.10 ) Class B common shares $ 0.00 $ (0.00 ) Anti-dilutive potential RSUs 36,289 72,579 Anti-dilutive potential Performance RSUs 388,155 — Anti-dilutive potential Restricted Shares (weighted average) — 1,676,046 Anti-dilutive potential Class A common shares (weighted average) — — Anti-dilutive potential Class B common shares (weighted average) — 2,917,827

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Accumulated Other Comprehensive Loss	ACCUMULATED OTHER COMPREHENSIVE LOSS Accumulated other comprehensive loss attributable to the Company consists of unamortized defined benefit pension plan net actuarial losses that totaled $3.4 million at both March 31, 2019 and December 31, 2018 , net of tax benefits of $0.9 million and $0.9 million , respectively. At both March 31, 2019 and December 31, 2018 , the Company held a full valuation allowance related to the accumulated tax benefits. Accumulated other comprehensive loss of $2.0 million and $2.1 million is included in noncontrolling interests at March 31, 2019 and December 31, 2018 , respectively. Net actuarial gains or losses are re-determined annually or upon remeasurement events and principally arise from changes in the rate used to discount benefit obligations and differences between expected and actual returns on plan assets. Reclassifications from accumulated other comprehensive loss to net loss related to amortization of net actuarial losses were approximately $22,000 and $13,000 , net of taxes, for the three months ended March 31, 2019 and 2018

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Principles of Consolidation	Principles of consolidation—The accompanying condensed consolidated financial statements include the accounts of the Holding Company and the accounts of all subsidiaries in which the Holding Company has a controlling interest and the consolidated accounts of variable interest entities (“VIEs”) in which the Holding Company is deemed to be the primary beneficiary. All intercompany transactions and balances have been eliminated in consolidation.
Basis of Accounting	Unaudited interim financial information —The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. In the opinion of management, all adjustments (including normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2019
Use of Estimates	Use of estimates—The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Management evaluates its estimates on an ongoing basis and makes revisions to these estimates and related disclosures as experience develops or new information becomes known. Actual results could differ from those estimates.
Recent Accounting Pronouncements	Recently issued accounting pronouncements —In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU No. 2016-13”) which amends the guidance on the impairment of financial instruments, including most debt instruments, trade receivables and loans. ASU No. 2016-13 adds to U.S. GAAP an impairment model known as the current expected credit loss model that is based on expected losses rather than incurred losses. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses for instruments measured at amortized cost, resulting in a net presentation of the amount expected to be collected on the financial asset. ASU No. 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company is currently evaluating the impact of adopting ASU No. 2016-13 on its consolidated financial statements. Recently adopted accounting pronouncements —In June 2018, the FASB issued ASU No. 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting (“ASU No. 2018-07”) which simplifies the accounting of share-based payments granted to nonemployees for goods and services. Under ASU No. 2018-07, most of the guidance on such payments to nonemployees is aligned with the requirements for share-based payments granted to employees including the determination of the measurement date. The Company adopted ASU No. 2018-07 on January 1, 2019 with no material impact on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) (“ASU No. 2016-02”). This ASU generally requires that lessees recognize right-of-use ("ROU") assets and lease liabilities on the balance sheet for operating and financing leases and also requires improved disclosures to help users of financial statements better understand the amount, timing and uncertainty of cash flows arising from leases. The FASB has issued multiple clarifications and updates since ASU No. 2016-02 that include, but is not limited to, the ability to elect practical expedients upon transition. The Company adopted ASU No. 2016-02 and the related ASUs that formed ASC Topic 842, Leases, on January 1, 2019 using the modified retrospective approach. Consequently, comparative prior periods presented in financial statements after adoption will continue to be in accordance with historical U.S. GAAP (Topic 840, Leases) . Upon transition, the Company elected the package of practical expedients, whereby the Company did not reassess whether existing contracts contain leases, the lease classification of existing leases and initial direct costs associated with those leases. Additionally, the Company has excluded recognition of short term leases on the balance sheet and did not separate lease and nonlease components for both lessee and lessor leases. Lease payments for short term leases will continue to be recognized in the consolidated statements of operations on a straight-line basis over the lease term. The adoption of ASU No. 2016-02 had a material impact on the Company's consolidated balance sheet but did not have a material impact on the Company's consolidated statement of operations and statement of cash flows. The impact of adopting the new guidance primarily relates to (i) the recognition of ROU assets and lease liabilities for operating leases, and (ii) the requirement to provide more robust disclosure on the nature of the Company’s leases, cash flow impacts arising from leases and significant assumptions or judgments used by management to determine whether a contract contains a lease as well as a determination of the discount rate for a lease. The cumulative effect of the changes made to the Company’s consolidated January 1, 2019 balance sheet from the adoption of the new lease guidance were as follows (in thousands): Balance at December 31, 2018 Adjustments due to ASU No. 2016-02 Balance at January 1, 2019 ASSETS Related party assets $ 61,039 $ 18,811 $ 79,850 Other assets 9,179 11,425 20,604 LIABILITIES Accounts payable and other liabilities 161,139 11,425 172,564 Related party liabilities 178,540 18,811 197,351

Basis of Presentation (Tables)

Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2019
Accounting Policies [Abstract]
Schedule of Miscellaneous Other Income	Miscellaneous other income consisted of the following (in thousands): Three Months Ended March 31, 2019 2018 Gain on sale of golf club operating property $ — $ 6,700 Gain on insurance claims — 1,000 Net periodic pension benefit 10 81 Total miscellaneous other income $ 10 $ 7,781
Schedule of Application of New Accounting Standard	The cumulative effect of the changes made to the Company’s consolidated January 1, 2019 balance sheet from the adoption of the new lease guidance were as follows (in thousands): Balance at December 31, 2018 Adjustments due to ASU No. 2016-02 Balance at January 1, 2019 ASSETS Related party assets $ 61,039 $ 18,811 $ 79,850 Other assets 9,179 11,425 20,604 LIABILITIES Accounts payable and other liabilities 161,139 11,425 172,564 Related party liabilities 178,540 18,811 197,351

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Schedule of Revenue Disaggregated by Source and Reporting Segment	The following tables present the Company’s consolidated revenues disaggregated by revenue source and reporting segment (see Note 14) (in thousands): Three Months Ended March 31, 2019 Valencia San Francisco Great Park Commercial Total Land sales $ 64 $ 221 $ — $ — $ 285 Management services — 698 10,396 (31 ) 11,063 Operating properties 1,253 174 — — 1,427 1,317 1,093 10,396 (31 ) 12,775 Operating properties leasing revenues 298 — — — 298 $ 1,615 $ 1,093 $ 10,396 $ (31 ) $ 13,073 Three Months Ended March 31, 2018 Valencia San Francisco Great Park Commercial Total Land sales $ 49 $ 221 $ — $ — $ 270 Management services — 1,620 10,057 90 11,767 Operating properties 2,043 181 — — 2,224 2,092 2,022 10,057 90 14,261 Operating properties leasing revenues 706 — — — 706 $ 2,798 $ 2,022 $ 10,057 $ 90 $ 14,967

Investment In Unconsolidated _2

Investment In Unconsolidated Entities (Tables)	3 Months Ended
	Mar. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	The following table summarizes the statement of operations of the Great Park Venture for the three months ended March 31, 2019 and 2018 (in thousands): Three Months Ended March 31, 2019 2018 Land sale revenues $ 159,163 $ 407 Cost of land sales (107,819 ) — Other costs and expenses (14,233 ) (15,140 ) Net income (loss) of Great Park Venture $ 37,111 $ (14,733 ) The Company’s share of net income (loss) $ 13,917 $ (5,525 ) Basis difference (amortization) accretion (4,473 ) 1,471 Equity in earnings (loss) from Great Park Venture $ 9,444 $ (4,054 ) The following table summarizes the balance sheet data of the Great Park Venture and the Company’s investment balance as of March 31, 2019 and December 31, 2018 (in thousands): March 31, 2019 December 31, 2018 Inventories $ 969,587 $ 1,059,717 Cash and cash equivalents 181,644 60,663 Receivable and other assets 36,103 33,836 Total assets $ 1,187,334 $ 1,154,216 Accounts payable and other liabilities $ 148,816 $ 152,809 Redeemable Legacy Interests 209,967 209,967 Capital (Percentage Interest) 828,551 791,440 Total liabilities and capital $ 1,187,334 $ 1,154,216 The Company’s share of capital in Great Park Venture $ 310,707 $ 296,790 Unamortized basis difference 124,390 128,863 The Company’s investment in the Great Park Venture $ 435,097 $ 425,653 three months ended March 31, 2019 and 2018 (in thousands): Three Months Ended March 31, 2019 2018 Rental revenues $ 8,380 $ 6,705 Rental operating and other expenses (1,593 ) (959 ) Depreciation and amortization (3,206 ) (2,868 ) Interest expense (4,331 ) (2,282 ) Net (loss) income of Gateway Commercial Venture $ (750 ) $ 596 Equity in (loss) earnings from Gateway Commercial Venture $ (562 ) $ 447 The following table summarizes the balance sheet data of the Gateway Commercial Venture and the Company’s investment balance as of March 31, 2019 and December 31, 2018 (in thousands): March 31, 2019 December 31, 2018 Real estate and related intangible assets, net $ 463,241 $ 464,123 Other assets 15,823 14,833 Total assets $ 479,064 $ 478,956 Notes payable, net $ 298,141 $ 295,440 Other liabilities 40,628 40,521 Members’ capital 140,295 142,995 Total liabilities and capital $ 479,064 $ 478,956 The Company’s investment in the Gateway Commercial Venture $ 105,221 $ 107,246

Intangible Asset, Net - Relat_2

Intangible Asset, Net - Related Party (Tables)	3 Months Ended
	Mar. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	The carrying amount and accumulated amortization of the intangible asset as of March 31, 2019 and December 31, 2018 were as follows (in thousands): March 31, 2019 December 31, 2018 Gross carrying amount $ 129,705 $ 129,705 Accumulated amortization (38,085 ) (33,788 ) Net book value $ 91,620 $ 95,917

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	Related party assets and liabilities included in the Company’s condensed consolidated balance sheets as of March 31, 2019 and December 31, 2018 consisted of the following (in thousands): March 31, 2019 December 31, 2018 Related Party Assets: Contract assets (see Note 3) $ 55,465 $ 49,834 Prepaid rent — 5,972 Operating lease right-of-use asset (Note 2 and Note 11) 24,389 — Other 3,190 5,233 $ 83,044 $ 61,039 Related Party Liabilities: EB-5 loan reimbursements $ 102,692 $ 102,692 Contingent consideration—Mall Venture project property — 64,870 Payable to holders of Management Company’s Class B interests 9,000 9,000 Operating lease liability (Note 2 and Note 11) 17,031 — Other 537 1,978 $ 129,260 $ 178,540

Notes Payable, Net (Tables)

Notes Payable, Net (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	At March 31, 2019 and December 31, 2018 , notes payable consisted of the following (in thousands): March 31, 2019 December 31, 2018 7.875% Senior Notes due 2025 $ 500,000 $ 500,000 Macerich Note — 65,130 Unamortized debt issuance costs and discount (7,829 ) (8,126 ) $ 492,171 $ 557,004

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Schedule of Supplemental Cash Flow and Other Information Related to Leases	The components of lease costs were as follows for the three months ended March 31, 2019 (in thousands): 2019 Operating lease cost $ 1,445 Short-term lease cost 132 three months ended March 31, 2019 and 2018 were as follows (in thousands): 2019 2018 SUPPLEMENTAL CASH FLOW INFORMATION: Cash paid for interest, all of which was capitalized to inventories $ 12,141 $ — NONCASH INVESTING AND FINANCING ACTIVITIES: Receivable for insurance proceeds on damaged property $ — $ 630 Recognition of TRA liability $ 1,696 $ 2,308 Liabilities assumed by buyer in connection with sale of golf course operating property $ — $ 7,795 Supplemental cash flow information related to leases for the three months ended March 31, 2019 were as follows (in thousands): 2019 CASH PAID FOR AMOUNTS INCLUDED IN THE MEASUREMENT OF LEASE LIABILITIES: Operating cash flows from operating leases $ 2,750
Supplemental Balance Sheet Information	Supplemental balance sheet information related to leases as of March 31, 2019 were as follows (in thousands, except lease term in years and discount rate): March 31, 2019 Operating lease right-of-use assets ($24,389 related party) $ 35,493 Operating lease liabilities ($17,031 related party) $ 29,325 Weight average remaining lease term (operating lease) 7.7 Weighted average discount rate (operating lease) 5.8 %
Operating Lease Maturities after adoption of Topic 842	As of March 31, 2019 , minimum lease payments to be made under operating leases with initial terms in excess of one year are as follows (in thousands): Years Ending December 31, Rental 2019 (excluding the three months ended March 31, 2019) $ 3,139 2020 4,846 2021 5,263 2022 5,420 2023 5,583 Thereafter 13,065 Total lease payments $ 37,316 Discount $ 7,991 Total operating lease liability $ 29,325
Operating Lease Maturities before adoption of Topic 842	As of December 31, 2018, minimum lease payments to be made under operating leases with initial terms in excess of one year under noncancelable leases are as follows (in accordance with the prior period presentation of ASC 840) (in thousands): Years Ending December 31, Rental 2019 $ 5,790 2020 4,846 2021 5,263 2022 5,420 2023 5,583 Thereafter 13,065 $ 39,967 Operating Leases - Lessor

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2019
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow and Other Information Related to Leases	The components of lease costs were as follows for the three months ended March 31, 2019 (in thousands): 2019 Operating lease cost $ 1,445 Short-term lease cost 132 three months ended March 31, 2019 and 2018 were as follows (in thousands): 2019 2018 SUPPLEMENTAL CASH FLOW INFORMATION: Cash paid for interest, all of which was capitalized to inventories $ 12,141 $ — NONCASH INVESTING AND FINANCING ACTIVITIES: Receivable for insurance proceeds on damaged property $ — $ 630 Recognition of TRA liability $ 1,696 $ 2,308 Liabilities assumed by buyer in connection with sale of golf course operating property $ — $ 7,795 Supplemental cash flow information related to leases for the three months ended March 31, 2019 were as follows (in thousands): 2019 CASH PAID FOR AMOUNTS INCLUDED IN THE MEASUREMENT OF LEASE LIABILITIES: Operating cash flows from operating leases $ 2,750
Condensed Cash Flow Information	The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows for the three months ended March 31, 2019 and 2018 (in thousands): 2019 2018 Cash and cash equivalents $ 373,292 $ 778,242 Restricted cash and certificates of deposit 1,738 1,467 Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows $ 375,030 $ 779,709

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Segment operating results and reconciliations to the Company’s consolidated balances are as follows (in thousands): Revenues Profit (Loss) Three Months Ended March 31, 2019 2018 2019 2018 Valencia $ 1,615 $ 2,798 $ (4,084 ) $ 3,063 San Francisco 1,093 2,022 61,074 (4,763 ) Great Park 169,559 10,464 40,268 (11,366 ) Commercial 8,349 6,795 (781 ) 686 Total reportable segments 180,616 22,079 96,477 (12,380 ) Reconciling items: Removal of results of unconsolidated entities— Great Park Venture (1) (159,163 ) (407 ) (37,111 ) 14,733 Gateway Commercial Venture (1) (8,380 ) (6,705 ) 750 (596 ) Add equity in earnings (losses) from unconsolidated entities— Great Park Venture — — 9,444 (4,054 ) Gateway Commercial Venture — — (562 ) 447 Corporate and unallocated (3) — — (16,265 ) (12,447 ) Total consolidated balances $ 13,073 $ 14,967 $ 52,733 $ (14,297 ) Segment assets and reconciliations to the Company’s consolidated balances are as follows (in thousands): March 31, 2019 December 31, 2018 Valencia $ 637,494 $ 596,222 San Francisco 1,162,275 1,151,372 Great Park 1,338,117 1,303,362 Commercial 479,130 479,662 Total reportable segments 3,617,016 3,530,618 Reconciling items: Removal of unconsolidated balances of Great Park Venture (1) (1,187,334 ) (1,154,216 ) Removal of unconsolidated balances of Gateway Commercial Venture (1) (479,064 ) (478,956 ) Other eliminations (2) (3,165 ) (730 ) Add investment balance in Great Park Venture 435,097 425,653 Add investment balance in Gateway Commercial Venture 105,221 107,246 Corporate and unallocated (3) 397,779 494,277 Total consolidated balances $ 2,885,550 $ 2,923,892 (1) Represents the removal of the Great Park Venture’s and Gateway Commercial Venture’s operating results and balances that are included in the Great Park segment and Commercial segment operating results and balances, respectively, but are not included in the Company’s consolidated results and balances. (2) Represents intersegment balances that eliminate in consolidation.

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity	The following table summarizes share-based equity compensation activity for the three months ended March 31, 2019 : Share-Based Awards Weighted- Nonvested at January 1, 2019 1,893 $ 15.27 Granted (1) 1,899 $ 5.09 Forfeited (4 ) $ 14.83 Vested (717 ) $ 15.20 Nonvested at March 31, 2019 3,071 $ 9.00 (1) Quantity granted does not include 388

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2019
Retirement Benefits [Abstract]
Schedule of Net Benefit Costs	The components of net periodic benefit for the and three months ended March 31, 2019 and 2018 , are as follows (in thousands): Three Months Ended 2019 2018 Net periodic benefit: Interest cost $ 208 $ 187 Expected return on plan assets (253 ) (290 ) Amortization of net actuarial loss 35 22 Net periodic benefit $ (10 ) $ (81 )

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table summarizes the basic and diluted earnings per share calculations for the three months ended March 31, 2019 and 2018 (in thousands, except shares and per share amounts): Three Months Ended 2019 2018 Numerator: Net income (loss) attributable to the Company $ 23,808 $ (5,232 ) Adjustments to net income (loss) attributable to the Company 107 58 Net income (loss) attributable to common shareholders $ 23,915 $ (5,174 ) Numerator—basic common shares: Net income (loss) attributable to common shareholders $ 23,915 $ (5,174 ) Less: net income allocated to participating securities $ 986 $ — Numerator for basic net income (loss) available to Class A common shareholders $ 22,921 $ (5,172 ) Numerator for basic net income (loss) available to Class B common shareholders $ 8 $ (2 ) Numerator—diluted common shares: Net income (loss) attributable to common shareholders $ 23,915 $ (5,174 ) Reallocation of income (loss) to Company upon assumed exchange of units $ 27,289 $ (9,123 ) Less: net income allocated to participating securities $ 985 $ — Numerator for diluted net income (loss) available to Class A common shareholders $ 50,211 $ (14,290 ) Numerator for diluted net income (loss) available to Class B common shareholders $ 8 $ (7 ) Denominator: Basic weighted average Class A common shares outstanding 66,210,916 63,367,419 Diluted weighted average Class A common shares outstanding 145,296,469 144,812,299 Basic weighted average Class B common shares outstanding 79,061,835 81,420,455 Diluted weighted average Class B common shares outstanding 79,275,234 81,420,455 Basic income (loss) per share: Class A common shares $ 0.35 $ (0.08 ) Class B common shares $ 0.00 $ (0.00 ) Diluted income (loss) per share: Class A common shares $ 0.35 $ (0.10 ) Class B common shares $ 0.00 $ (0.00 ) Anti-dilutive potential RSUs 36,289 72,579 Anti-dilutive potential Performance RSUs 388,155 — Anti-dilutive potential Restricted Shares (weighted average) — 1,676,046 Anti-dilutive potential Class A common shares (weighted average) — — Anti-dilutive potential Class B common shares (weighted average) — 2,917,827

Business and Organization (Deta

Business and Organization (Details) $ / shares in Units, $ in Millions	May 02, 2016	Mar. 31, 2019USD ($)ft²amembervotebuilding	Apr. 30, 2019USD ($)$ / shares
Class of Stock [Line Items]
Right to exchange, conversion ratio		1
Number of voting members | member		3
Number of votes of management		5
Percentage of voting members required for approval		75.00%
Number of votes of company		2
Number of votes for each member		1
Area of land (in acres) | a		73
Number of buildings | building		4
Area of acquired investment | ft²		1,000,000
Subsequent Event
Class of Stock [Line Items]
Closing price (in dollars per share) | $ / shares			$ 8.51
The San Francisco Venture
Class of Stock [Line Items]
Right to exchange, conversion ratio		1
Five Point Land, LLC | Subsidiary of Common Parent
Class of Stock [Line Items]
Subsidiary, percentage ownership	100.00%
San Francisco Venture | Subsidiary of Common Parent
Class of Stock [Line Items]
Subsidiary, percentage ownership	100.00%
FPOVHI Member, LLC | Five Point Office Venture Holdings I, LLC Acquisition
Class of Stock [Line Items]
Percentage of equity ownership		75.00%
Percentage interest in venture		75.00%
Five Point Operating Company, LLC | Parent Company | Affiliated Entity
Class of Stock [Line Items]
Ownership of class A common stock, percentage		62.40%
Right to exchange, conversion ratio		1
Five Point Operating Company, LLC | Parent Company | Affiliated Entity | Subsequent Event
Class of Stock [Line Items]
Market capitalization of company | $			$ 1,300
Five Point Operating Company, LLC | The San Francisco Venture | Affiliated Entity
Class of Stock [Line Items]
Right to exchange, conversion ratio		1
Percentage of distributions entitled to receive		99.00%
Great Park Venture
Class of Stock [Line Items]
Percentage of equity ownership		37.50%
Number of voting members | member		4
Great Park Venture | Equity Method Investee | Contingent Payments Due from Related Parties
Class of Stock [Line Items]
Related party assets | $		$ 565
Great Park Venture | Equity Method Investee | Legacy Incentive Compensation Receivable
Class of Stock [Line Items]
Distributions to holders of legacy interests | $		$ 355
Heritage Fields LLC
Class of Stock [Line Items]
Percentage of equity ownership		37.50%
IPO
Class of Stock [Line Items]
Number of votes per share		1
Conversion of Class B Common Shares Into Class A Common Shares
Class of Stock [Line Items]
Conversion of common shares, ratio		0.0003

Basis of Presentation Component

Basis of Presentation Components of Miscellaneous Other Income (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2018	Mar. 31, 2019	Mar. 31, 2018
Accounting Policies [Abstract]
Gain on sale of golf club operating property	$ 6,700	$ 0	$ 6,700
Gain on insurance claims		0	1,000
Net periodic pension benefit		10	81
Total miscellaneous other income		$ 10	$ 7,781

Basis of Presentation Narrative

Basis of Presentation Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2018	Mar. 31, 2019	Mar. 31, 2018
Accounting Policies [Abstract]
Net cash proceeds	$ 5,700
Gain on sale of golf club operating property	$ 6,700	$ 0	$ 6,700

Basis of Presentation Effect of

Basis of Presentation Effect of Changes to Condensed Consolidated Statement of Cash Flows (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Related party assets	$ 83,044	$ 79,850	$ 61,039
Other Assets	18,650	20,604	9,179
Accounts payable and other liabilities	153,112	172,564	161,139
Related party liabilities	$ 129,260	197,351	$ 178,540
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Related party assets		18,811
Other Assets		11,425
Accounts payable and other liabilities		11,425
Related party liabilities		$ 18,811

Revenues Disaggregation of Reve

Revenues Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disaggregation of Revenue [Line Items]
Revenue from customers	$ 12,775	$ 14,261
Revenues	13,073	14,967
Land sales
Disaggregation of Revenue [Line Items]
Revenue from customers	285	270
Management services
Disaggregation of Revenue [Line Items]
Revenue from customers	11,063	11,767
Operating properties
Disaggregation of Revenue [Line Items]
Revenue from customers	1,427	2,224
Operating properties leasing revenues	298
Operating properties leasing revenues		706
Valencia
Disaggregation of Revenue [Line Items]
Revenue from customers	1,317	2,092
Revenues	1,615	2,798
Valencia | Land sales
Disaggregation of Revenue [Line Items]
Revenue from customers	64	49
Valencia | Management services
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0
Valencia | Operating properties
Disaggregation of Revenue [Line Items]
Revenue from customers	1,253	2,043
Operating properties leasing revenues	298
Operating properties leasing revenues		706
San Francisco
Disaggregation of Revenue [Line Items]
Revenue from customers	1,093	2,022
Revenues	1,093	2,022
San Francisco | Land sales
Disaggregation of Revenue [Line Items]
Revenue from customers	221	221
San Francisco | Management services
Disaggregation of Revenue [Line Items]
Revenue from customers	698	1,620
San Francisco | Operating properties
Disaggregation of Revenue [Line Items]
Revenue from customers	174	181
Operating properties leasing revenues	0
Operating properties leasing revenues		0
Great Park
Disaggregation of Revenue [Line Items]
Revenue from customers	10,396	10,057
Revenues	10,396	10,057
Great Park | Land sales
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0
Great Park | Management services
Disaggregation of Revenue [Line Items]
Revenue from customers	10,396	10,057
Great Park | Operating properties
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0
Operating properties leasing revenues	0
Operating properties leasing revenues		0
Commercial
Disaggregation of Revenue [Line Items]
Revenue from customers	(31)	90
Revenues	(31)	90
Commercial | Land sales
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0
Commercial | Management services
Disaggregation of Revenue [Line Items]
Revenue from customers	(31)	90
Commercial | Operating properties
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0
Operating properties leasing revenues	$ 0
Operating properties leasing revenues		$ 0

Revenues Narrative (Details)

Revenues Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Capitalized Contract Cost [Line Items]
Increase from revenue recognized	$ 6.7
Great Park
Capitalized Contract Cost [Line Items]
Revenue, remaining performance obligation, amount	57.3
Minimum
Capitalized Contract Cost [Line Items]
Contract assets	50.6
Maximum
Capitalized Contract Cost [Line Items]
Contract assets	$ 57.3

Investment In Unconsolidated _3

Investment In Unconsolidated Entities Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)individual
Great Park Venture
Schedule of Equity Method Investments [Line Items]
Percentage of equity ownership	37.50%
Distribution to certain interest holders, aggregate	$ 355
Gateway Commercial Venture | Five Point Office Venture Holdings I, LLC Acquisition
Schedule of Equity Method Investments [Line Items]
Percentage of equity ownership	75.00%
Number of individuals entitled to be appointed to executive committee | individual	2
Great Park Venture
Schedule of Equity Method Investments [Line Items]
Distributions entitled to be received	$ 476
Potential additional distributions entitled to be received	$ 89
Percentage of equity ownership	37.50%
Gateway Commercial Venture
Schedule of Equity Method Investments [Line Items]
Percentage of equity ownership	75.00%

Investment In Unconsolidated _4

Investment In Unconsolidated Entities Summarized Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]
Equity in earnings (loss) from Great Park Venture	$ 8,882	$ (3,607)
Great Park Venture
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]
Land sale revenues	159,163	407
Cost of land sales	(107,819)	0
Other costs and expenses	(14,233)	(15,140)
Net income (loss) of Great Park Venture	37,111	(14,733)
The Company’s share of net income (loss)	13,917	(5,525)
Basis difference (amortization) accretion	(4,473)	1,471
Equity in earnings (loss) from Great Park Venture	9,444	(4,054)
Gateway Commercial Venture
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract]
Rental revenues	8,380	6,705
Rental operating and other expenses	(1,593)	(959)
Depreciation and amortization	(3,206)	(2,868)
Interest expense	(4,331)	(2,282)
Net income (loss) of Great Park Venture	(750)	596
Equity in earnings (loss) from Great Park Venture	$ (562)	$ 447

Investment In Unconsolidated _5

Investment In Unconsolidated Entities Summarized Balance Sheet Data (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Equity Method Investment, Summarized Financial Information, Liabilities and Equity [Abstract]
INVESTMENT IN UNCONSOLIDATED ENTITIES	$ 540,318	$ 532,899
Great Park Venture
Equity Method Investment, Summarized Financial Information, Assets [Abstract]
Inventories	969,587	1,059,717
Cash and cash equivalents	181,644	60,663
Receivable and other assets	36,103	33,836
Total assets	1,187,334	1,154,216
Equity Method Investment, Summarized Financial Information, Liabilities and Equity [Abstract]
Accounts payable and other liabilities	148,816	152,809
Redeemable Legacy Interests	209,967	209,967
Capital (Percentage Interest)	828,551	791,440
Total liabilities and capital	1,187,334	1,154,216
The Company’s share of capital in Great Park Venture	310,707	296,790
Unamortized basis difference	124,390	128,863
INVESTMENT IN UNCONSOLIDATED ENTITIES	435,097	425,653
Gateway Commercial Venture
Equity Method Investment, Summarized Financial Information, Assets [Abstract]
Real estate and related intangible assets, net	463,241	464,123
Other assets	15,823	14,833
Total assets	479,064	478,956
Equity Method Investment, Summarized Financial Information, Liabilities and Equity [Abstract]
Notes payable, net	298,141	295,440
Other liabilities	40,628	40,521
Capital (Percentage Interest)	140,295	142,995
Total liabilities and capital	479,064	478,956
INVESTMENT IN UNCONSOLIDATED ENTITIES	$ 105,221	$ 107,246

Noncontrolling Interests (Detai

Noncontrolling Interests (Details) $ in Millions	Feb. 13, 2019USD ($)shares	Mar. 31, 2019USD ($)classshares
Noncontrolling Interest [Line Items]
Holding period for right to exchange		12 months
Right to exchange, conversion ratio		1
Redeemable noncontrolling interest, common stock class C units		$ 25
The San Francisco Venture
Noncontrolling Interest [Line Items]
Holding period for right to exchange		12 months
Right to exchange, conversion ratio		1
Number of classes of membership units | class		3
Unitholder request for redemption, minimum ownership (percent)		50.10%
Conversion of Class B Common Shares Into Class A Common Shares
Noncontrolling Interest [Line Items]
Conversion of common shares, ratio		0.0003
Five Point Operating Company, LLC
Noncontrolling Interest [Line Items]
Noncontrolling interest percentage of outstanding common units		37.60%
Five Point Operating Company, LLC | Class A Units | Affiliated Entity
Noncontrolling Interest [Line Items]
Ownership percentage of outstanding common units		62.40%
Five Point Operating Company, LLC | Class B Units | Affiliated Entity
Noncontrolling Interest [Line Items]
Ownership percentage of outstanding common units		100.00%
San Francisco Venture
Noncontrolling Interest [Line Items]
Contribution received		$ 5.5
Issuance of Class A common shares (in shares) | shares	25,000,000
Authorized contribution amount	$ 25
Maximum amount payable, class C units	25
Infrastructure development costs	$ 25
San Francisco Venture | Class A Units
Noncontrolling Interest [Line Items]
Shares and units issued (in shares) | shares		436,498
Common Class B | San Francisco Venture
Noncontrolling Interest [Line Items]
Shares and units issued (in shares) | shares		436,498

Consolidated Variable Interes_2

Consolidated Variable Interest Entity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Variable Interest Entity [Line Items]
Payable pursuant to tax receivable agreement	$ 171,205	$ 169,509
The San Francisco Venture
Variable Interest Entity [Line Items]
Distributions (percent)	99.00%
The San Francisco Venture | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Combined assets	$ 1,162,300	1,151,400
Inventories	1,147,100	1,137,000
Related party assets	1,500
Cash	5,100	12,300
Combined liabilities	122,800	260,800
Related party liabilities	102,800	168,900
Notes payable		65,100
Five Point Communities, LP and FLP | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Combined assets	785,200	745,300
Inventories	597,300	559,100
Related party assets	57,100	54,300
Cash	100	100
Combined liabilities	119,200	118,100
Related party liabilities	9,500	9,500
Intangibles	91,600	95,900
Accounts payable	$ 109,700	$ 108,600

Intangible Asset, Net - Relat_3

Intangible Asset, Net - Related Party (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Gross carrying amount	$ 129,705		$ 129,705
Accumulated amortization	(38,085)		(33,788)
Net book value	91,620		$ 95,917
Amortization expense	$ 4,300	$ 3,700

Related Party Transactions Rela

Related Party Transactions Related Party Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jan. 01, 2019	Dec. 31, 2018
Related Party Transaction [Line Items]
Related party assets	$ 83,044	$ 79,850	$ 61,039
Related party liabilities	129,260	$ 197,351	178,540
Contract assets
Related Party Transaction [Line Items]
Related party assets	55,465		49,834
Prepaid rent
Related Party Transaction [Line Items]
Related party assets	0		5,972
Operating lease right-of-use asset
Related Party Transaction [Line Items]
Related party assets	24,389		0
Other
Related Party Transaction [Line Items]
Related party assets	3,190		5,233
EB-5 loan reimbursements
Related Party Transaction [Line Items]
Related party liabilities	102,692		102,692
Contingent consideration—Mall Venture project property
Related Party Transaction [Line Items]
Related party liabilities	0		64,870
Payable to holders of Management Company’s Class B interests
Related Party Transaction [Line Items]
Related party liabilities	9,000		9,000
Operating lease liability
Related Party Transaction [Line Items]
Related party liabilities	17,031		0
Other
Related Party Transaction [Line Items]
Related party liabilities	$ 537		$ 1,978

Related Party Transactions Narr

Related Party Transactions Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Jan. 01, 2019
Related Party Transactions [Abstract]
Gain on settlement of contingent consideration—related party	$ 64,870	$ 0
Prepaid rent			$ 6,000

Notes Payable, Net Notes Payabl

Notes Payable, Net Notes Payable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Promissory note issued	$ 492,171	$ 557,004
Unamortized debt issuance costs and discount	(7,829)	(8,126)
Senior Notes | 7.875% Senior Notes due 2025
Debt Instrument [Line Items]
Promissory note issued	$ 500,000	500,000
Interest rate (percent)	7.875%
Notes Payable | Macerich Note
Debt Instrument [Line Items]
Promissory note issued	$ 0	$ 65,130
Note repayment	65,100
Outstanding accrued interest paid	$ 11,100

Tax Receivable Agreement (Detai

Tax Receivable Agreement (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Other Liabilities Disclosure [Abstract]
Payable pursuant to tax receivable agreement	$ 171,205,000		$ 169,509,000
TRA payments	$ 0	$ 0

Leases Components of Lease Cost

Leases Components of Lease Cost (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Leases [Abstract]
Operating lease cost	$ 1,445
Short-term lease cost	$ 132

Leases Supplemental Balance She

Leases Supplemental Balance Sheet (Details) $ in Thousands	Mar. 31, 2019USD ($)
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets ($24,389 related party)	$ 35,493
Operating lease liabilities ($17,031 related party)	$ 29,325
Weight average remaining lease term (operating lease)	7 years 8 months 12 days
Weighted average discount rate (operating lease)	5.80%
Affiliated Entity
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets ($24,389 related party)	$ 24,389
Operating lease liabilities ($17,031 related party)	$ 17,031

Leases Minimum Lease Payments (

Leases Minimum Lease Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Operating Leases, After Adoption of 842
2019 (excluding the remainder of the three months ended March 31, 2019)	$ 3,139
2020	4,846
2021	5,263
2022	5,420
2023	5,583
Thereafter	13,065
Total payments due	37,316
Discount	7,991
Total operating lease liability	$ 29,325
Operating Leases, Before Adoption of 842
2019		$ 5,790
2020		4,846
2021		5,263
2022		5,420
2023		5,583
Thereafter		13,065
Total payments due		$ 39,967

Commitments and Contingencies N

Commitments and Contingencies Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Lessee, Lease, Description [Line Items]
Carrying amount of liability for certain obligations of the settlement	$ 36.5
Remaining estimated maximum potential amount of monetary payments subject to guaranty	43.1
Outstanding performance bonds	74	$ 73.5
Outstanding letters of credit	2.4	2.4
Letter of Credit
Lessee, Lease, Description [Line Items]
Restricted cash and certificates of deposit pledged as collateral	1.4	$ 1.4
The San Francisco Venture
Lessee, Lease, Description [Line Items]
Guaranty of infrastructure obligations, maximum obligation	$ 197.8

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest, all of which was capitalized to inventories	$ 12,141	$ 0
NONCASH INVESTING AND FINANCING ACTIVITIES:
Receivable for insurance proceeds on damaged property	0	630
Recognition of TRA liability	1,696	2,308
Liabilities assumed by buyer in connection with sale of golf course operating property	0	$ 7,795
CASH PAID FOR AMOUNTS INCLUDED IN THE MEASUREMENT OF LEASE LIABILITIES:
Operating cash flows from operating leases	$ 2,750

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information Condensed Cash Flow Information (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 373,292	$ 495,694	$ 778,242
Restricted cash and certificates of deposit	1,738	1,403	1,467
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows	$ 375,030	$ 497,097	$ 779,709	$ 849,945

Segment Reporting Narrative (De

Segment Reporting Narrative (Details)	Mar. 31, 2019building
Segment Reporting Information [Line Items]
Number of buildings	4
Number of buildings with one tenant	2
One Tenant Lease
Segment Reporting Information [Line Items]
Lease term	20 years
Subsidiary Lease
Segment Reporting Information [Line Items]
Lease term	130 months
Great Park Venture
Segment Reporting Information [Line Items]
Percentage of equity ownership	37.50%
Gateway Commercial Venture
Segment Reporting Information [Line Items]
Percentage of equity ownership	75.00%

Segment Reporting Revenues and

Segment Reporting Revenues and Profit (loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Segment Reporting Information [Line Items]
Revenues	$ 13,073	$ 14,967
Profit (Loss)	52,733	(14,297)
Add equity in earnings (losses) from unconsolidated entities
Profit (Loss)	8,882	(3,607)
Valencia
Segment Reporting Information [Line Items]
Revenues	1,615	2,798
San Francisco
Segment Reporting Information [Line Items]
Revenues	1,093	2,022
Great Park
Segment Reporting Information [Line Items]
Revenues	10,396	10,057
Add equity in earnings (losses) from unconsolidated entities
Revenues	0	0
Profit (Loss)	9,444	(4,054)
Commercial
Segment Reporting Information [Line Items]
Revenues	(31)	90
Gateway Commercial Venture
Add equity in earnings (losses) from unconsolidated entities
Revenues	0	0
Profit (Loss)	(562)	447
Operating Segments
Segment Reporting Information [Line Items]
Revenues	180,616	22,079
Profit (Loss)	96,477	(12,380)
Operating Segments | Valencia
Segment Reporting Information [Line Items]
Revenues	1,615	2,798
Profit (Loss)	(4,084)	3,063
Operating Segments | San Francisco
Segment Reporting Information [Line Items]
Revenues	1,093	2,022
Profit (Loss)	61,074	(4,763)
Operating Segments | Great Park
Segment Reporting Information [Line Items]
Revenues	169,559	10,464
Profit (Loss)	40,268	(11,366)
Operating Segments | Commercial
Segment Reporting Information [Line Items]
Revenues	8,349	6,795
Profit (Loss)	(781)	686
Removal of Results of Unconsolidated Entities | Great Park
Segment Reporting Information [Line Items]
Revenues	(159,163)	(407)
Profit (Loss)	(37,111)	14,733
Removal of Results of Unconsolidated Entities | Gateway Commercial Venture
Segment Reporting Information [Line Items]
Revenues	(8,380)	(6,705)
Profit (Loss)	750	(596)
Corporate and Unallocated
Segment Reporting Information [Line Items]
Revenues	0	0
Profit (Loss)	$ (16,265)	$ (12,447)

Segment Reporting Assets (Detai

Segment Reporting Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Segment Reporting Information [Line Items]
Assets	$ 2,885,550	$ 2,923,892
Add investment balance	540,318	532,899
Great Park Venture
Segment Reporting Information [Line Items]
Add investment balance	435,097	425,653
Gateway Commercial Venture
Segment Reporting Information [Line Items]
Add investment balance	105,221	107,246
Operating Segments
Segment Reporting Information [Line Items]
Assets	3,617,016	3,530,618
Operating Segments | Valencia
Segment Reporting Information [Line Items]
Assets	637,494	596,222
Operating Segments | San Francisco
Segment Reporting Information [Line Items]
Assets	1,162,275	1,151,372
Operating Segments | Great Park Venture
Segment Reporting Information [Line Items]
Assets	1,338,117	1,303,362
Operating Segments | Commercial
Segment Reporting Information [Line Items]
Assets	479,130	479,662
Removal of Results of Unconsolidated Entities | Great Park Venture
Segment Reporting Information [Line Items]
Assets	(1,187,334)	(1,154,216)
Removal of Results of Unconsolidated Entities | Gateway Commercial Venture
Segment Reporting Information [Line Items]
Assets	(479,064)	(478,956)
Other eliminations
Segment Reporting Information [Line Items]
Assets	(3,165)	(730)
Corporate and Unallocated
Segment Reporting Information [Line Items]
Assets	$ 397,779	$ 494,277

Share-Based Compensation (Detai

Share-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Jan. 31, 2019	Mar. 31, 2019	Mar. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reacquisition of share based compensation awards for tax-withholding purposes		$ 4,099	$ 5,131
Share-based compensation expense		3,300	$ 3,400
Unrecognized compensation cost		$ 24,500
Unrecognized compensation cost,weighted-average period of recognition		2 years 1 month 6 days
Estimated fair value at vesting of share-based awards		$ 5,400,000
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reacquisition of share-based compensation awards for tax-withholding purposes (in shares)	242,990
Reacquisition of share based compensation awards for tax-withholding purposes	$ 1,800
Share-Based Awards (in thousands)
Nonvested, beginning balance (in shares)	1,893,000	1,893,000
Granted (in shares)		1,899,000
Forfeited (in shares)		(4,000)
Vested (in shares)		(717,000)
Nonvested, ending balance (in shares)		3,071,000
Weighted- Average Grant Date Fair Value
Nonvested, weighted-average grant date fair value, beginning balance (in dollars per share)	$ 15.27	$ 15.27
Granted, weighted-average grant date fair value (in dollars per share)		5.09
Forfeited, weighted-average grant date fair value (in dollars per share)		14.83
Vested, weighted-average grant date fair value (in dollars per share)		15.20
Nonvested, weighted-average grant date fair value, ending balance (in dollars per share)		$ 9
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reacquisition of share-based compensation awards for tax-withholding purposes (in shares)	296,391
Reacquisition of share based compensation awards for tax-withholding purposes	$ 2,300
Incentive Awards
Share-Based Awards (in thousands)
Granted (in shares)		2,300,000
Vested (in shares)		(388)
Common Class A
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized to be issued, up to (in shares)		8,500,822
Remaining shares available for future issuance (in shares)		1,795,170

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Net periodic benefit:
Interest cost	$ 208	$ 187
Expected return on plan assets	(253)	(290)
Amortization of net actuarial loss	35	22
Net periodic benefit	$ (10)	$ (81)

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Provision for income tax	$ 1,266	$ 0
Change in valuation allowance	7,300	1,600
Net loss	$ (53,999)	$ 14,297

Financial Instruments and Fai_2

Financial Instruments and Fair Value Measurements and Disclosures Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Estimated Fair Value | Fair Value, Inputs, Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable	$ 480	$ 550.1
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable	$ 492.2	557
Contingent consideration—Mall Venture project property | Fair Value, Inputs, Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Related party liabilities		$ 64.9

Earnings Per Share Narrative (D

Earnings Per Share Narrative (Details)	3 Months Ended
	Mar. 31, 2019
Common Class B
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Per share distributions for Class A Common Shareholders (percent)	0.03%

Earnings Per Share Schedule of

Earnings Per Share Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Numerator:
Net income (loss) attributable to the Company	$ 23,808	$ (5,232)
Adjustments to net income (loss) attributable to the Company	(107)	(58)
Adjustments to net income (loss) attributable to the Company	986	0
Net income (loss) attributable to common shareholders	23,915	(5,174)
Reallocation of income (loss) to Company upon assumed exchange of units	27,289	(9,123)
Undistributed Earnings (Loss) Allocated to Participating Securities, Diluted	$ 985	$ 0
Restricted Stock Units (RSUs)
Denominator:
Anti-dilutive potential securities (in shares)	36,289	72,579
Performance Restricted Stock Units (RSUs)
Denominator:
Anti-dilutive potential securities (in shares)	388,155	0
Restricted Stock
Denominator:
Anti-dilutive potential securities (in shares)	0	1,676,046
Common Class A
Denominator:
Anti-dilutive potential securities (in shares)	0	0
Common Class B
Denominator:
Anti-dilutive potential securities (in shares)	0	2,917,827
Common Class A
Numerator:
Net income (loss) attributable to common shareholders	$ 22,921	$ (5,172)
Numerator for diluted net loss available to Class A/B common shareholders	$ 50,211	$ (14,290)
Denominator:
Basic weighted average Class A common shares outstanding (in shares)	66,210,916	63,367,419
Diluted weighted average Class A common shares outstanding (in shares)	145,296,469	144,812,299
Class A/B common shares (in dollars per share)	$ 0.35	$ (0.08)
Class A/B common shares (in dollars per share)	$ 0.35	$ (0.10)
Common Class B
Numerator:
Net income (loss) attributable to common shareholders	$ 8	$ (2)
Numerator for diluted net loss available to Class A/B common shareholders	$ 8	$ (7)
Denominator:
Basic weighted average Class A common shares outstanding (in shares)	79,061,835	81,420,455
Diluted weighted average Class A common shares outstanding (in shares)	79,275,234	81,420,455
Class A/B common shares (in dollars per share)	$ 0	$ 0
Class A/B common shares (in dollars per share)	$ 0	$ 0

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Accumulated Other Comprehensive Income (Loss) [Line Items]
Defined benefit pension plan, tax benefits	$ 900		$ 900
Accumulated other comprehensive loss	(1,904,353)		(1,848,517)
Total Members’ Capital
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unamortized defined benefit pension plan net actuarial losses	3,400		3,400
AOCI Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	2,000		$ 2,100
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassifications from accumulated other comprehensive loss	$ 22	$ 13