Five Point (FPH) 10-Q 10 May 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2021	Apr. 30, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-38088
Entity Registrant Name	Five Point Holdings, LLC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-0599397
Entity Address, Address Line One	15131 Alton Parkway
Entity Address, Address Line Two	4th Floor
Entity Address, City or Town	Irvine
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92618
City Area Code	949
Local Phone Number	349-1000
Title of 12(b) Security	Class A common shares
Trading Symbol	FPH
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001574197
Current Fiscal Year End Date	--12-31
Common Class A
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		68,758,347
Common Class B
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		79,233,544

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
ASSETS
INVENTORIES	$ 2,043,407	$ 1,990,859
INVESTMENT IN UNCONSOLIDATED ENTITIES	439,239	442,850
PROPERTIES AND EQUIPMENT, NET	32,452	32,769
INTANGIBLE ASSET, NET—RELATED PARTY	63,901	71,747
CASH AND CASH EQUIVALENTS	229,670	298,144
RESTRICTED CASH AND CERTIFICATES OF DEPOSIT	1,330	1,330
RELATED PARTY ASSETS	108,164	103,681
OTHER ASSETS	17,048	20,605
TOTAL	2,935,211	2,961,985
LIABILITIES:
Notes payable, net	617,843	617,581
Accounts payable and other liabilities	144,239	135,331
Related party liabilities	101,832	113,149
Deferred income tax liability, net	12,578	12,578
Payable pursuant to tax receivable agreement	172,726	173,248
Total liabilities	1,049,218	1,051,887
COMMITMENTS AND CONTINGENT LIABILITIES (Note 11)
REDEEMABLE NONCONTROLLING INTEREST	25,000	25,000
CAPITAL:
Contributed capital	576,826	578,278
Retained earnings	32,442	42,221
Accumulated other comprehensive loss	(2,811)	(2,833)
Total members’ capital	606,457	617,666
Noncontrolling interests	1,254,536	1,267,432
Total capital	1,860,993	1,885,098
TOTAL	$ 2,935,211	$ 2,961,985

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - shares	Mar. 31, 2021	Dec. 31, 2020
Common Class A
Common shares issued (in shares)	68,758,347	69,051,284
Common shares outstanding (in shares)	68,758,347	69,051,284
Common Class B
Common shares issued (in shares)	79,233,544	79,233,544
Common shares outstanding (in shares)	79,233,544	79,233,544

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
REVENUES:
Revenue from customers	$ 12,757,000	$ 8,933,000
Revenues	13,180,000	9,220,000
COSTS AND EXPENSES:
Selling, general, and administrative	19,538,000	24,626,000
Total costs and expenses	31,900,000	32,622,000
OTHER INCOME:
Interest income	27,000	1,006,000
Miscellaneous	1,204,000	88,000
Total other income	1,231,000	1,094,000
EQUITY IN LOSS FROM UNCONSOLIDATED ENTITIES	(3,556,000)	(30,911,000)
LOSS BEFORE INCOME TAX BENEFIT	(21,045,000)	(53,219,000)
INCOME TAX BENEFIT	0	0
NET LOSS	(21,045,000)	(53,219,000)
LESS NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS	(11,266,000)	(28,413,000)
NET LOSS ATTRIBUTABLE TO THE COMPANY	$ (9,779,000)	$ (24,806,000)
Common Class A
NET LOSS ATTRIBUTABLE TO THE COMPANY PER CLASS A SHARE
Basic (in dollars per share)	$ (0.14)	$ (0.36)
Diluted (in dollar per share)	$ (0.14)	$ (0.37)
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic (in shares)	67,288,860	66,649,866
Diluted (in shares)	67,288,860	68,792,585
Common Class B
NET 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)	79,233,544	79,233,544
Diluted (in shares)	79,233,544	79,233,544
NET LOSS ATTRIBUTABLE TO THE COMPANY PER CLASS B SHARE
Basic and diluted (in dollars per share)	$ 0	$ 0
Affiliated Entity
OTHER INCOME:
Miscellaneous	$ 1,070,000	$ 0
Land sales
REVENUES:
Revenue from customers	22,000	6,000
COSTS AND EXPENSES:
Cost and expenses	0	0
Land sales | Affiliated Entity
REVENUES:
Revenue from customers	19,000	10,000
Management services—related party
COSTS AND EXPENSES:
Cost and expenses	10,777,000	6,051,000
Management services—related party | Affiliated Entity
REVENUES:
Revenue from customers	12,439,000	8,244,000
Operating properties
REVENUES:
Revenue from customers	277,000	673,000
Revenues	700,000	960,000
COSTS AND EXPENSES:
Cost and expenses	$ 1,585,000	$ 1,945,000

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net loss	$ (21,045)	$ (53,219)
OTHER COMPREHENSIVE INCOME:
Reclassification of actuarial loss on defined benefit pension plan included in net loss	28	24
Other comprehensive income before taxes	28	24
INCOME TAX PROVISION RELATED TO OTHER COMPREHENSIVE INCOME	0	0
OTHER COMPREHENSIVE INCOME—Net of tax	28	24
COMPREHENSIVE LOSS	(21,017)	(53,195)
LESS COMPREHENSIVE LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS	(11,255)	(28,404)
COMPREHENSIVE LOSS ATTRIBUTABLE TO THE COMPANY	$ (9,762)	$ (24,791)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Capital - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 1,885,098	$ 1,883,800
Net loss	(21,045)	(53,219)
Share-based compensation expense	1,316	3,012
Reacquisition of share-based compensation awards for tax-withholding purposes	(2,047)	(5,521)
Other comprehensive income—net of tax	28	24
Tax distributions to noncontrolling interests	(2,879)	(4,568)
Adjustment to liability recognized under tax receivable agreement—net of tax of $0	522	(615)
Ending balance	$ 1,860,993	1,822,494
Cumulative Effect, Period of Adoption, Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance		$ (419)
Common Stock | Class A Common Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance (in shares)	69,051,284	68,788,257
Reacquisition of share-based compensation awards for tax-withholding purposes (in shares)	(324,905)	(436,675)
Settlement of restricted share units for Class A common shares (in shares)		335,078
Issuance of share-based compensation awards, net of forfeitures (in shares)	31,968	375,238
Ending Balance (in shares)	68,758,347	69,061,898
Common Stock | Class B Common Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance (in shares)	79,233,544	79,233,544
Ending Balance (in shares)	79,233,544	79,233,544
Contributed Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 578,278	$ 571,532
Share-based compensation expense	1,316	3,012
Reacquisition of share-based compensation awards for tax-withholding purposes	(2,047)	(5,521)
Adjustment to liability recognized under tax receivable agreement—net of tax of $0	522	(615)
Adjustment of noncontrolling interest in the Operating Company	(1,243)	1,364
Ending balance	576,826	569,772
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	42,221	42,844
Net loss	(9,779)	(24,806)
Ending balance	32,442	17,843
Retained Earnings | Cumulative Effect, Period of Adoption, Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance		(195)
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	(2,833)	(2,682)
Other comprehensive income—net of tax	17	15
Adjustment of noncontrolling interest in the Operating Company	5	(4)
Ending balance	(2,811)	(2,671)
Total Members’ Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	617,666	611,694
Net loss	(9,779)	(24,806)
Share-based compensation expense	1,316	3,012
Reacquisition of share-based compensation awards for tax-withholding purposes	(2,047)	(5,521)
Other comprehensive income—net of tax	17	15
Adjustment to liability recognized under tax receivable agreement—net of tax of $0	522	(615)
Adjustment of noncontrolling interest in the Operating Company	(1,238)	1,360
Ending balance	606,457	584,944
Total Members’ Capital | Cumulative Effect, Period of Adoption, Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance		(195)
Noncontrolling Interests
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	1,267,432	1,272,106
Net loss	(11,266)	(28,413)
Other comprehensive income—net of tax	11	9
Tax distributions to noncontrolling interests	(2,879)	(4,568)
Adjustment of noncontrolling interest in the Operating Company	1,238	(1,360)
Ending balance	$ 1,254,536	1,237,550
Noncontrolling Interests | Cumulative Effect, Period of Adoption, Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance		$ (224)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Capital (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
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, 2021	Mar. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (21,045)	$ (53,219)
Adjustments to reconcile net loss to net cash used in operating activities:
Equity in loss from unconsolidated entities	3,556	30,911
Depreciation and amortization	9,252	3,711
Share-based compensation	1,316	3,012
Changes in operating assets and liabilities:
Inventories	(52,080)	(68,672)
Related party assets	(5,027)	167
Other assets	2,942	1,411
Accounts payable and other liabilities	8,903	(6,403)
Related party liabilities	(313)	(344)
Net cash used in operating activities	(52,496)	(89,426)
CASH FLOWS FROM INVESTING ACTIVITIES:
Distribution from indirect Legacy Interest in Great Park Venture—related party	0	1,721
Return of investment from Valencia Landbank Venture	55	0
Purchase of properties and equipment	(103)	(704)
Net cash (used in) provided by investing activities	(48)	1,017
CASH FLOWS FROM FINANCING ACTIVITIES:
Related party reimbursement obligation	(11,004)	(580)
Reacquisition of share-based compensation awards for tax-withholding purposes	(2,047)	(5,521)
Tax distributions to noncontrolling interests	(2,879)	(4,568)
Net cash used in financing activities	(15,930)	(10,669)
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(68,474)	(99,078)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—Beginning of period	299,474	348,574
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—End of period	$ 231,000	$ 249,496

Business and Organization

Business and Organization	3 Months Ended
	Mar. 31, 2021
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 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 Company presents noncontrolling interests on the Company’s consolidated balance sheet and classifies such interests within capital but separate from the Company’s Class A and Class B members’ capital. Noncontrolling interests represent equity interests in the Company’s consolidated subsidiaries held by partners in the Operating Company, excluding the Holding Company, and members in The Shipyard Communities, LLC (the “San Francisco Venture”), excluding the Operating Company (see Note 5). The diagram below presents a simplified depiction of the Company’s current organizational structure as of March 31, 2021: (1) A wholly owned subsidiary of the Holding Company serves as the sole managing general partner of the Operating Company. As of March 31, 2021, 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. Until Class A Common Units of the Operating Company are exchanged or redeemed, the capital associated with Class A Common Units of the Operating Company not held by the Holding Company is presented within "noncontrolling interests" on the Company’s consolidated balance sheet. Assuming the exchange of all outstanding Class A Common Units of the Operating Company and all outstanding Class A units of 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, 2021 ($7.18), the equity market capitalization of the Company was approximately $1.1 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 of the San Francisco Venture, 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). Until exchanged or redeemed through the Operating Company, the capital associated with Class A units of the San Francisco Venture is presented within "noncontrolling interests" on the Company’s consolidated balance sheet. (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 equal to $565.0 million, of which $431.3 million had been distributed as of April 30, 2021 (See Note 4). 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 Company manages the Gateway Commercial Venture, however, the manager’s authority is limited. Major decisions by the Gateway Commercial Venture generally require unanimous approval by an executive committee composed of two people designated by the Company and two people designated by another investor. Some decisions require approval by all of the members of the Gateway Commercial Venture. The Company does not include the Gateway Commercial Venture as a consolidated subsidiary, but rather as an equity method investee, in its consolidated financial statements.

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2021
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, 2020. 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, 2021 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, 2021 2020 Net periodic pension benefit $ 134 $ 88 Other—related party 1,070 — Total miscellaneous other income $ 1,204 $ 88

Revenues

Revenues	3 Months Ended
	Mar. 31, 2021
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 13) (in thousands): Three Months Ended March 31, 2021 Valencia San Francisco Great Park Commercial Total Land sales and Land sales—related party $ 41 $ — $ — $ — $ 41 Management services—related party — — 12,340 99 12,439 Operating properties 277 — — — 277 318 — 12,340 99 12,757 Operating properties leasing revenues 274 149 — — 423 $ 592 $ 149 $ 12,340 $ 99 $ 13,180 Three Months Ended March 31, 2020 Valencia San Francisco Great Park Commercial Total Land sales and Land sales—related party $ 16 $ — $ — $ — $ 16 Management services—related party — 795 7,352 97 8,244 Operating properties 493 180 — — 673 509 975 7,352 97 8,933 Operating properties leasing revenues 287 — — — 287 $ 796 $ 975 $ 7,352 $ 97 $ 9,220 The opening and closing balances of the Company’s contract assets for the three months ended March 31, 2021 were $85.1 million ($78.1 million related party, see Note 8) and $91.5 million ($85.1 million related party, see Note 8), respectively. The opening and closing balances of the Company’s contract assets for the three months ended March 31, 2020 were $73.0 million ($68.1 million related party) and $75.7 million ($70.5 million related party), respectively. The increase of $6.4 million and $2.7 million for the three months ended March 31, 2021 and 2020, respectively, between the opening and closing balances of the Company’s contract assets primarily result 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 opening and closing balances of the Company’s receivables from contracts with customers and contract liabilities for the three months ended March 31, 2021 and 2020 were insignificant. The Company, through the Management Company, has a 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 upon mutual agreement for three two

Investment In Unconsolidated En

Investment In Unconsolidated Entities	3 Months Ended
	Mar. 31, 2021
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 participation in 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 owned 37.5% of the Great Park Venture’s Percentage Interests as of March 31, 2021. The Great Park Venture had made priority distributions to the holders of Legacy Interests in the aggregate amount of $431.3 million as of March 31, 2021. 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 A&R DMA, manages the planning, development and sale of land at the Great Park Neighborhoods and supervises the day-to-day affairs of the Great Park Venture. The Great Park Venture is governed by an executive committee of representatives appointed by only the holders of Percentage Interests. The Company serves as the administrative member but does not control the actions of the executive committee. The carrying value of the Company’s investment in the Great Park Venture is higher than the Company’s underlying share of equity in the carrying value of net assets of the Great Park Venture resulting in a basis difference. The Company’s earnings or losses 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. During the three months ended March 31, 2021, the Great Park Venture recognized $0.2 million in land sale revenues to related parties of the Company and $0.7 million in land sale revenues to third parties. During the three months ended March 31, 2020, the Great Park Venture recognized $0.7 million in land sale revenues to related parties of the Company and $21.5 million in land sale revenues to third parties. The following table summarizes the statements of operations of the Great Park Venture for the three months ended March 31, 2021 and 2020 (in thousands): Three Months Ended March 31, 2021 2020 Land sale revenues $ 960 $ 22,176 Cost of land sales — (15,304) Other costs and expenses (13,444) (11,190) Net loss of Great Park Venture $ (12,484) $ (4,318) The Company’s share of net loss $ (4,682) $ (1,619) Basis difference accretion (amortization) 766 (1,890) Other-than-temporary investment impairment — (26,851) Equity in loss from Great Park Venture $ (3,916) $ (30,360) In March 2020, the Company determined that an other-than-temporary impairment existed for the Company’s investment in the Great Park Venture and recognized a $26.9 million impairment charge that is included in equity in loss from unconsolidated entities on the condensed consolidated statement of operations during the three months ended March 31, 2020. During the three months ended March 31, 2021 and 2020, the Great Park Venture did not recognize any impairment losses on its long-lived assets. Below are the most significant unobservable inputs used in the Company’s discounted cash flow model to determine the estimated fair value (level 3) of the Company’s investment in the Great Park Venture at the time the other-than-temporary impairment was recognized: Unobservable inputs Range Annual home price appreciation 0% - 7% Annual horizontal development cost appreciation 0% - 3% Average annual absorption of homesites (market rate homesites) 900 2020 home price range $640,000 - $1,300,000 Unlevered discount rate 9% The following table summarizes the balance sheet data of the Great Park Venture and the Company’s investment balance as of March 31, 2021 and December 31, 2020 (in thousands): March 31, 2021 December 31, 2020 Inventories $ 886,008 $ 916,127 Cash and cash equivalents 155,493 128,850 Receivable and other assets 24,481 24,449 Total assets $ 1,065,982 $ 1,069,426 Accounts payable and other liabilities $ 148,970 $ 139,929 Redeemable Legacy Interests 133,695 133,695 Capital (Percentage Interest) 783,317 795,802 Total liabilities and capital $ 1,065,982 $ 1,069,426 The Company’s share of capital in Great Park Venture $ 293,744 $ 298,426 Unamortized basis difference 93,805 93,039 The Company’s investment in the Great Park Venture $ 387,549 $ 391,465 Gateway Commercial Venture The Company owned a 75% interest in the Gateway Commercial Venture as of March 31, 2021. 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 one commercial office building and approximately 50 acres of commercial land with additional development rights at a 73 acre office, medical, research and development campus located within the Great Park Neighborhoods (the “Five Point Gateway Campus”). The Five Point Gateway Campus consists of four buildings totaling approximately one million square feet. Prior to May 2020, the Gateway Commercial Venture owned and operated all four buildings. In transactions that closed in May and August of 2020, the Gateway Commercial Venture sold three of the buildings and approximately 11 acres of land within the Five Point Gateway Campus. The Company and a subsidiary of Lennar Corporation (“Lennar”) lease portions of the fourth building, which remains under the ownership of the Gateway Commercial Venture, and during the three months ended March 31, 2021 and 2020, the Gateway Commercial Venture recognized $2.1 million and $2.1 million, respectively, in rental revenues from those leasing arrangements. The following table summarizes the statements of operations of the Gateway Commercial Venture for the three months ended March 31, 2021 and 2020 (in thousands): Three Months Ended March 31, 2021 2020 Rental revenues $ 2,101 $ 8,476 Rental operating and other expenses (334) (1,719) Depreciation and amortization (984) (3,781) Interest expense (303) (3,711) Net income (loss) of Gateway Commercial Venture $ 480 $ (735) Equity in earnings (loss) from Gateway Commercial Venture $ 360 $ (551) The following table summarizes the balance sheet data of the Gateway Commercial Venture and the Company’s investment balance as of March 31, 2021 and December 31, 2020 (in thousands): March 31, 2021 December 31, 2020 Real estate and related intangible assets, net $ 89,326 $ 90,276 Other assets 15,545 14,446 Total assets $ 104,871 $ 104,722 Notes payable, net $ 29,395 $ 29,381 Other liabilities 9,945 10,290 Members’ capital 65,532 65,051 Total liabilities and capital $ 104,872 $ 104,722 The Company’s investment in the Gateway Commercial Venture $ 49,148 $ 48,788 The debt of 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. Valencia Landbank Venture As of March 31, 2021, the Company owned a 10% interest in the Valencia Landbank Venture, an entity organized in December 2020 for the purpose of taking assignment from homebuilders of purchase and sale agreements for the purchase of residential lots within the Valencia community. The Valencia Landbank Venture concurrently enters into option and development agreements with homebuilders pursuant to which the homebuilders retain the option to purchase the land to construct and sell homes. The Company does not have a controlling financial interest in the Valencia Landbank Venture, however, the Company has the ability to significantly influence the Valencia Landbank Venture’s operating and financial policies, and most major decisions require the Company’s approval in addition to the approval of the Valencia Landbank Venture’s other unaffiliated member, and therefore the Company accounts for its investment in the Valencia Landbank Venture using the equity method. At March 31, 2021 and December 31, 2020, the Company’s investment in the Valencia Landbank Venture was $2.5 million and $2.6 million, respectively. No land was sold by the Valencia Landbank Venture to third party homebuilders during the three months ended March 31, 2021.

Noncontrolling Interests

Noncontrolling Interests	3 Months Ended
	Mar. 31, 2021
Noncontrolling Interest [Abstract]
Noncontrolling Interests	NONCONTROLLING INTERESTS The Operating Company The Holding Company’s wholly owned subsidiary is the managing general partner of the Operating Company, and at March 31, 2021, 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. In either situation, 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. 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 result in changes to the noncontrolling interest percentage. As a result, such equity transactions result in an adjustment 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 any change in total net assets of the Company. During the three months ended March 31, 2021 and 2020, the Holding Company’s ownership interest in the Operating Company changed as a result of net equity transactions related to the Company’s share-based compensation plan. The terms of the Operating Company's Limited Partnership Agreement (“LPA”) provide for the payment of certain tax distributions to the Operating Company's partners and management partner in an amount equal to the estimated income tax liabilities resulting from taxable income or gain allocated to those parties. The tax distribution provisions in the LPA were included in the Operating Company's governing documents adopted prior to the Company’s initial public offering and were designed to provide funds necessary to pay tax liabilities for income that might be allocated, but not paid, to the partners and the management partner. The management partner is an entity controlled by the Company’s Chairman and Chief Executive Officer, Emile Haddad. In January 2021, the Operating Company made tax distributions to all partners totaling $2.9 million, net of amounts distributable to the Holding Company. The management partner’s share of the distribution was $1.4 million. A tax distribution payment of $4.6 million was paid to the management partner in January 2020 as a result of taxable income allocated to it in 2018 and 2019. In April 2021, the Operating Company made a tax distribution of $0.3 million to the management partner. Generally, tax distributions are treated as advance distributions under the LPA and are taken into account when determining the amounts otherwise distributable under the LPA. The San Francisco Venture 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 and affiliates of Castlelake, LP. 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 of the San Francisco Venture 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 all holders of outstanding Class A units of the San Francisco Venture. Redeemable Noncontrolling Interest

Consolidated Variable Interest

Consolidated Variable Interest Entity	3 Months Ended
	Mar. 31, 2021
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 payable pursuant to a tax receivable agreement (“TRA”). 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, excluding Class C units, 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 made (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, 2021, the San Francisco Venture had total combined assets of $1.2 billion, primarily comprised of $1,234.5 million of inventories, $1.5 million in related party assets and total combined liabilities of $88.2 million including $77.9 million in related party liabilities. As of December 31, 2020, the San Francisco Venture had total combined assets of $1.2 billion, primarily comprised of $1,223.5 million of inventories, $2.8 million in related party assets and total combined liabilities of $97.9 million including $89.0 million in related party liabilities. Those assets are owned by, and those liabilities are obligations of, the San Francisco Venture, not the Company. The San Francisco Venture’s operating subsidiaries are not guarantors 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 obligations. 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 the other members 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, 2021, FP LP and FPL had combined assets of $999.8 million, primarily comprised of $809.0 million of inventories, $63.9 million of intangibles, $86.3 million in related party assets, and total combined liabilities of $114.8 million, including $105.8 million in accounts payable and other liabilities and $9.0 million in related party liabilities. As of December 31, 2020, FP LP and FPL had combined assets of $1.0 billion, primarily comprised of $767.3 million of inventories, $71.7 million of intangibles, $80.0 million in related party assets and total combined liabilities of $108.9 million, including $99.9 million in accounts payable and other liabilities and $9.0 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, 2021 and 2020, there were no VIEs that were deconsolidated.

Intangible Asset, Net - Related

Intangible Asset, Net - Related Party	3 Months Ended
	Mar. 31, 2021
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 A&R DMA with the Great Park Venture. The intangible asset will be amortized over the expected 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, 2021 and December 31, 2020 were as follows (in thousands): March 31, 2021 December 31, 2020 Gross carrying amount $ 129,705 $ 129,705 Accumulated amortization (65,804) (57,958) Net book value $ 63,901 $ 71,747

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2021
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, 2021 and December 31, 2020 consisted of the following (in thousands): March 31, 2021 December 31, 2020 Related Party Assets: Contract assets (see Note 3) $ 85,139 $ 78,055 Operating lease right-of-use asset (corporate office lease at Five Point Gateway Campus) 20,376 20,919 Other 2,649 4,707 $ 108,164 $ 103,681 Related Party Liabilities: Reimbursement obligation $ 77,947 $ 88,951 Payable to holders of Management Company’s Class B interests 9,000 9,000 Operating lease liability (corporate office lease at Five Point Gateway Campus) 14,885 15,176 Other — 22 $ 101,832 $ 113,149

Notes Payable, Net

Notes Payable, Net	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Notes Payable, Net	NOTES PAYABLE, NET At March 31, 2021 and December 31, 2020, notes payable consisted of the following (in thousands): March 31, 2021 December 31, 2020 7.875% Senior Notes due 2025 $ 625,000 $ 625,000 Unamortized debt issuance costs and discount (7,157) (7,419) $ 617,843 $ 617,581 Revolving Credit Facility

Tax Receivable Agreement

Tax Receivable Agreement	3 Months Ended
	Mar. 31, 2021
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, all the holders of Class A units of the San Francisco Venture, and prior holders of Class A Common Units of the Operating Company and prior holders of Class A units of the San Francisco Venture that have exchanged their holdings for Class A common shares (as parties to the TRA, the “TRA Parties”). At March 31, 2021 and December 31, 2020, the Company’s condensed consolidated balance sheets included a liability of $172.7 million and $173.2 million, respectively, for payments expected to be made under certain components of the TRA which the Company deems to be probable and estimable. No TRA payments were made during the three months ended March 31, 2021 and 2020.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
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 payment by or performance of the Operating Company or its subsidiaries. The Company has operating leases for its corporate office and other facilities and the Holding Company is a guarantor to some of the lease agreements. Operating lease right-of-use assets are included in other assets or related party assets, and operating lease liabilities are included in accounts payable and other liabilities or related party liabilities on the condensed consolidated balance sheets and were as follows as of March 31, 2021 and December 31, 2020 (in thousands): March 31, 2021 December 31, 2020 Operating lease right-of-use assets ($20,376 and $20,919 related party, respectively) $ 27,171 $ 28,276 Operating lease liabilities ($14,885 and $15,176 related party, respectively) $ 22,874 $ 23,831 In addition to operating lease payment guarantees, the Holding Company had other contractual payment guarantees as of March 31, 2021 totaling $20.4 million. 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 $229.4 million and $229.6 million as of March 31, 2021 and December 31, 2020, 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. At each of March 31, 2021 and December 31, 2020, the Company had outstanding guarantees benefiting the San Francisco Agency for infrastructure and construction of certain park and open space obligations with aggregate maximum obligations of $198.3 million. Letters of Credit At each of March 31, 2021 and December 31, 2020, the Company had outstanding letters of credit totaling $1.3 million. These letters of credit were issued to secure various development and financial obligations. At each of March 31, 2021 and December 31, 2020, the Company had restricted cash and certificates of deposit of $1.0 million pledged as collateral under certain of the letters of credit agreements. Legal Proceedings 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. and Tetra Tech EC, 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. All of these cases have been removed to the U.S. District Court for the Northern District of California. 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. As a significant land owner and developer of unimproved land it is possible that environmental contamination conditions could exist that would require the Company to take corrective action. In the opinion of the Company, such corrective actions, if any, would not have a material adverse effect on the Company’s condensed consolidated financial statements.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information for the three months ended March 31, 2021 and 2020 were as follows (in thousands): Three Months Ended March 31, 2021 2020 SUPPLEMENTAL CASH FLOW INFORMATION: Cash paid for interest, all of which was capitalized to inventories $ 919 $ 1,049 NONCASH INVESTING AND FINANCING ACTIVITIES: Adjustment to liability recognized under TRA $ (522) $ 615 Cash paid for income taxes $ 770 $ — Purchase of properties and equipment in accounts payable $ 33 $ 627 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, 2021 and 2020 (in thousands): March 31, 2021 March 31, 2020 Cash and cash equivalents $ 229,670 $ 247,754 Restricted cash and certificates of deposit 1,330 1,742 Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows $ 231,000 $ 249,496 Amounts included in restricted cash and certificates of deposit represent amounts held as collateral on open letters of credit related to development obligations or because of other contractual obligations of the Company that require the restriction.

Segment Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Segment Reporting	SEGMENT REPORTING The Company’s reportable segments consist of: • Valencia (formerly Newhall)—includes the community of Valencia (formerly known as Newhall Ranch) being developed 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. The Company’s investment in the Valencia Landbank Venture is also reported in the Valencia segment. • 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. • 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, 2021, 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 the operations of the Gateway Commercial Venture, which owns an approximately 189,000 square foot office building at the Five Point Gateway Campus. The Five Point Gateway Campus is an office, medical and research and development campus located within the Great Park Neighborhoods and consists of four buildings and surrounding land. The Company and a subsidiary of Lennar lease portions of the building owned by the Gateway Commercial Venture. The Gateway Commercial Venture also owns approximately 50 acres of the surrounding commercial land with additional development rights at the campus. This segment also includes property management services provided by the Management Company to the Gateway Commercial Venture. As of March 31, 2021, 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 at the historical basis of the 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, 2021 2020 2021 2020 Valencia $ 592 $ 796 $ (4,899) $ (4,794) San Francisco 149 975 94 (3,092) Great Park 13,300 29,528 (10,921) (2,542) Commercial 2,200 8,573 579 (638) Total reportable segments 16,241 39,872 (15,147) (11,066) Reconciling items: Removal of results of unconsolidated entities— Great Park Venture (1) (960) (22,176) 12,484 4,318 Gateway Commercial Venture (1) (2,101) (8,476) (480) 735 Add equity in earnings (losses) from unconsolidated entities— Great Park Venture — — (3,916) (30,360) Gateway Commercial Venture — — 360 (551) Corporate and unallocated (2) — — (14,346) (16,295) Total consolidated balances $ 13,180 $ 9,220 $ (21,045) $ (53,219) (1) Represents the removal of the Great Park Venture’s and Gateway Commercial Venture’s operating results that are included in the Great Park segment and Commercial segment operating results, respectively, but are not included in the Company’s consolidated results and balances. (2) Corporate and unallocated activity is primarily comprised of corporate general, and administrative expenses. Segment assets and reconciliations to the Company’s consolidated balances are as follows (in thousands): March 31, 2021 December 31, 2020 Valencia $ 854,671 $ 814,913 San Francisco 1,240,747 1,231,586 Great Park 1,232,542 1,236,217 Commercial 104,871 104,722 Total reportable segments 3,432,831 3,387,438 Reconciling items: Removal of unconsolidated balances of Great Park Venture (1) (1,065,982) (1,069,426) Removal of unconsolidated balances of Gateway Commercial Venture (1) (104,871) (104,722) Other eliminations (2) (19,496) (22,121) Add investment balance in Great Park Venture 387,549 391,465 Add investment balance in Gateway Commercial Venture 49,148 48,788 Corporate and unallocated (3) 256,032 330,563 Total consolidated balances $ 2,935,211 $ 2,961,985 (1) Represents the removal of the Great Park Venture’s and Gateway Commercial Venture’s balances that are included in the Great Park segment and Commercial segment balances, respectively, but are not included in the Company’s consolidated balances. (2) Represents intersegment balances that eliminate in consolidation.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	SHARE-BASED COMPENSATION The following table summarizes share-based equity compensation activity for the three months ended March 31, 2021: Share-Based Awards Weighted- Nonvested at January 1, 2021 2,275 $ 7.35 Granted 76 $ 6.33 Forfeited (44) $ 3.00 Vested (959) $ 11.12 Nonvested at March 31, 2021 1,348 $ 4.74 Share-based compensation expense was $1.3 million and $3.0 million for the three months ended March 31, 2021 and 2020, respectively. Share-based compensation expense is included in selling, general, and administrative expenses in the accompanying condensed consolidated statements of operations. The estimated fair value at vesting of share based awards that vested during the three months ended March 31, 2021 was $6.1 million. In January 2021 and 2020, the Company reacquired vested restricted share units (“RSUs”) and restricted Class A common shares for $2.0 million and $5.5 million, respectively, 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.

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Mar. 31, 2021
Retirement Benefits [Abstract]
Employee Benefit Plans	EMPLOYEE BENEFIT PLANS Retirement Plan —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. The Retirement Plan was frozen in 2004. The components of net periodic benefit for the three months ended March 31, 2021 and 2020, are as follows (in thousands): Three Months Ended 2021 2020 Net periodic benefit: Interest cost $ 128 $ 164 Expected return on plan assets (290) (276) Amortization of net actuarial loss 28 24 Net periodic benefit $ (134) $ (88)

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES 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 allocable share of the Operating Company’s income or gain. In the three months ended March 31, 2021, the Company recorded no provision or benefit for income taxes (after application of an increase in the Company’s valuation allowance) on pre-tax loss of $21.0 million. In the three months ended March 31, 2020, the Company recorded no provision or benefit for income taxes (after application of an increase in the Company’s valuation allowance) on pre-tax loss of $53.2 million. The effective tax rates for the three months ended March 31, 2021 and 2020, differ from the 21% federal statutory rate and applicable state statutory rates primarily due to the Company’s valuation allowance on its book losses, disallowance of executive compensation expenses not deductible for tax, 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. Largely due to a history of book losses, the Company continues to record a valuation allowance against its federal and state net deferred tax assets.

Financial Instruments and Fair

Financial Instruments and Fair Value Measurements and Disclosures	3 Months Ended
	Mar. 31, 2021
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 compared to carrying values. Other than the Company’s 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, 2021 and December 31, 2020. 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, 2021, the estimated fair value of notes payable, net was $654.4 million compared to a carrying value of $617.8 million. At December 31, 2020, the estimated fair value of notes payable, net was $663.9 million compared to a carrying value of $617.6 million. During the three months ended March 31, 2021 and 2020, the Company had no assets that were measured at fair value on a nonrecurring basis, other than a valuation adjustment to the Company’s investment in the Great Park Venture in March 2020 (see Note 4).

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE The Company uses the two-class method in its computation of earnings per share. The Company’s Class A common shares and 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 14) 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 on common shares were declared for the three months ended March 31, 2021 or 2020. 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, 2021 and 2020 (in thousands, except shares and per share amounts): Three Months Ended 2021 2020 Numerator: Net loss attributable to the Company $ (9,779) $ (24,806) Adjustments to net loss attributable to the Company 113 487 Net loss attributable to common shareholders $ (9,666) $ (24,319) Numerator—basic common shares: Numerator for basic net loss available to Class A common shareholders $ (9,663) $ (24,311) Numerator for basic net loss available to Class B common shareholders $ (3) $ (8) Numerator—diluted common shares: Net loss attributable to common shareholders $ (9,666) $ (24,319) Reallocation of loss upon assumed exchange of dilutive potential securities $ — $ (954) Allocation of diluted net loss among common shareholders $ (9,666) $ (25,273) Numerator for diluted net loss available to Class A common shareholders $ (9,663) $ (25,265) Numerator for diluted net loss available to Class B common shareholders $ (3) $ (8) Denominator: Basic weighted average Class A common shares outstanding 67,288,860 66,649,866 Diluted weighted average Class A common shares outstanding 67,288,860 68,792,585 Basic weighted average Class B common shares outstanding 79,233,544 79,233,544 Diluted weighted average Class B common shares outstanding 79,233,544 79,233,544 Basic loss per share: Class A common shares $ (0.14) $ (0.36) Class B common shares $ (0.00) $ (0.00) Diluted loss per share: Class A common shares $ (0.14) $ (0.37) Class B common shares $ (0.00) $ (0.00) Anti-dilutive potential Performance RSUs 322,366 338,813 Anti-dilutive potential Restricted Shares (weighted average) 846,509 1,876,808 Anti-dilutive potential Performance Restricted Shares (weighted average) 657,892 749,201 Anti-dilutive potential Class A common shares from exchanges (weighted average) 79,257,314 76,120,179

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2021
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 $2.8 million and $2.8 million at March 31, 2021 and December 31, 2020, respectively, net of tax benefits of $0.7 million and $0.7 million, respectively. At March 31, 2021 and December 31, 2020, the Company held a full valuation allowance related to the accumulated tax benefits. Accumulated other comprehensive loss of $1.8 million and $1.8 million is included in noncontrolling interests at March 31, 2021 and December 31, 2020, 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 $17,000 and $15,000, net of taxes, for the three months ended March 31, 2021 and 2020, respectively, and are included in other miscellaneous income in the accompanying condensed consolidated statements of operations.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2021
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.
Unaudited Interim Financial Information	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, 2020. 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, 2021 are not necessarily indicative of the results that may be expected for the full year.
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.

Basis of Presentation (Tables)

Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Schedule of Miscellaneous Other Income	Miscellaneous other income consisted of the following (in thousands): Three Months Ended March 31, 2021 2020 Net periodic pension benefit $ 134 $ 88 Other—related party 1,070 — Total miscellaneous other income $ 1,204 $ 88

Revenues (Tables)

Revenues (Tables)	3 Months Ended
	Mar. 31, 2021
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 13) (in thousands): Three Months Ended March 31, 2021 Valencia San Francisco Great Park Commercial Total Land sales and Land sales—related party $ 41 $ — $ — $ — $ 41 Management services—related party — — 12,340 99 12,439 Operating properties 277 — — — 277 318 — 12,340 99 12,757 Operating properties leasing revenues 274 149 — — 423 $ 592 $ 149 $ 12,340 $ 99 $ 13,180 Three Months Ended March 31, 2020 Valencia San Francisco Great Park Commercial Total Land sales and Land sales—related party $ 16 $ — $ — $ — $ 16 Management services—related party — 795 7,352 97 8,244 Operating properties 493 180 — — 673 509 975 7,352 97 8,933 Operating properties leasing revenues 287 — — — 287 $ 796 $ 975 $ 7,352 $ 97 $ 9,220

Investment In Unconsolidated _2

Investment In Unconsolidated Entities (Tables)	3 Months Ended
	Mar. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	The following table summarizes the statements of operations of the Great Park Venture for the three months ended March 31, 2021 and 2020 (in thousands): Three Months Ended March 31, 2021 2020 Land sale revenues $ 960 $ 22,176 Cost of land sales — (15,304) Other costs and expenses (13,444) (11,190) Net loss of Great Park Venture $ (12,484) $ (4,318) The Company’s share of net loss $ (4,682) $ (1,619) Basis difference accretion (amortization) 766 (1,890) Other-than-temporary investment impairment — (26,851) Equity in loss from Great Park Venture $ (3,916) $ (30,360) The following table summarizes the balance sheet data of the Great Park Venture and the Company’s investment balance as of March 31, 2021 and December 31, 2020 (in thousands): March 31, 2021 December 31, 2020 Inventories $ 886,008 $ 916,127 Cash and cash equivalents 155,493 128,850 Receivable and other assets 24,481 24,449 Total assets $ 1,065,982 $ 1,069,426 Accounts payable and other liabilities $ 148,970 $ 139,929 Redeemable Legacy Interests 133,695 133,695 Capital (Percentage Interest) 783,317 795,802 Total liabilities and capital $ 1,065,982 $ 1,069,426 The Company’s share of capital in Great Park Venture $ 293,744 $ 298,426 Unamortized basis difference 93,805 93,039 The Company’s investment in the Great Park Venture $ 387,549 $ 391,465 The following table summarizes the statements of operations of the Gateway Commercial Venture for the three months ended March 31, 2021 and 2020 (in thousands): Three Months Ended March 31, 2021 2020 Rental revenues $ 2,101 $ 8,476 Rental operating and other expenses (334) (1,719) Depreciation and amortization (984) (3,781) Interest expense (303) (3,711) Net income (loss) of Gateway Commercial Venture $ 480 $ (735) Equity in earnings (loss) from Gateway Commercial Venture $ 360 $ (551) The following table summarizes the balance sheet data of the Gateway Commercial Venture and the Company’s investment balance as of March 31, 2021 and December 31, 2020 (in thousands): March 31, 2021 December 31, 2020 Real estate and related intangible assets, net $ 89,326 $ 90,276 Other assets 15,545 14,446 Total assets $ 104,871 $ 104,722 Notes payable, net $ 29,395 $ 29,381 Other liabilities 9,945 10,290 Members’ capital 65,532 65,051 Total liabilities and capital $ 104,872 $ 104,722 The Company’s investment in the Gateway Commercial Venture $ 49,148 $ 48,788
Significant Unobservable Inputs Used to Determine Fair Value	Below are the most significant unobservable inputs used in the Company’s discounted cash flow model to determine the estimated fair value (level 3) of the Company’s investment in the Great Park Venture at the time the other-than-temporary impairment was recognized: Unobservable inputs Range Annual home price appreciation 0% - 7% Annual horizontal development cost appreciation 0% - 3% Average annual absorption of homesites (market rate homesites) 900 2020 home price range $640,000 - $1,300,000 Unlevered discount rate 9%

Intangible Asset, Net - Relat_2

Intangible Asset, Net - Related Party (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 and December 31, 2020 were as follows (in thousands): March 31, 2021 December 31, 2020 Gross carrying amount $ 129,705 $ 129,705 Accumulated amortization (65,804) (57,958) Net book value $ 63,901 $ 71,747

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 and December 31, 2020 consisted of the following (in thousands): March 31, 2021 December 31, 2020 Related Party Assets: Contract assets (see Note 3) $ 85,139 $ 78,055 Operating lease right-of-use asset (corporate office lease at Five Point Gateway Campus) 20,376 20,919 Other 2,649 4,707 $ 108,164 $ 103,681 Related Party Liabilities: Reimbursement obligation $ 77,947 $ 88,951 Payable to holders of Management Company’s Class B interests 9,000 9,000 Operating lease liability (corporate office lease at Five Point Gateway Campus) 14,885 15,176 Other — 22 $ 101,832 $ 113,149

Notes Payable, Net (Tables)

Notes Payable, Net (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	At March 31, 2021 and December 31, 2020, notes payable consisted of the following (in thousands): March 31, 2021 December 31, 2020 7.875% Senior Notes due 2025 $ 625,000 $ 625,000 Unamortized debt issuance costs and discount (7,157) (7,419) $ 617,843 $ 617,581

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Supplemental Balance Sheet Information	Operating lease right-of-use assets are included in other assets or related party assets, and operating lease liabilities are included in accounts payable and other liabilities or related party liabilities on the condensed consolidated balance sheets and were as follows as of March 31, 2021 and December 31, 2020 (in thousands): March 31, 2021 December 31, 2020 Operating lease right-of-use assets ($20,376 and $20,919 related party, respectively) $ 27,171 $ 28,276 Operating lease liabilities ($14,885 and $15,176 related party, respectively) $ 22,874 $ 23,831

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow and Other Information Related to Leases	Supplemental cash flow information for the three months ended March 31, 2021 and 2020 were as follows (in thousands): Three Months Ended March 31, 2021 2020 SUPPLEMENTAL CASH FLOW INFORMATION: Cash paid for interest, all of which was capitalized to inventories $ 919 $ 1,049 NONCASH INVESTING AND FINANCING ACTIVITIES: Adjustment to liability recognized under TRA $ (522) $ 615 Cash paid for income taxes $ 770 $ — Purchase of properties and equipment in accounts payable $ 33 $ 627
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, 2021 and 2020 (in thousands): March 31, 2021 March 31, 2020 Cash and cash equivalents $ 229,670 $ 247,754 Restricted cash and certificates of deposit 1,330 1,742 Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows $ 231,000 $ 249,496

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 2020 2021 2020 Valencia $ 592 $ 796 $ (4,899) $ (4,794) San Francisco 149 975 94 (3,092) Great Park 13,300 29,528 (10,921) (2,542) Commercial 2,200 8,573 579 (638) Total reportable segments 16,241 39,872 (15,147) (11,066) Reconciling items: Removal of results of unconsolidated entities— Great Park Venture (1) (960) (22,176) 12,484 4,318 Gateway Commercial Venture (1) (2,101) (8,476) (480) 735 Add equity in earnings (losses) from unconsolidated entities— Great Park Venture — — (3,916) (30,360) Gateway Commercial Venture — — 360 (551) Corporate and unallocated (2) — — (14,346) (16,295) Total consolidated balances $ 13,180 $ 9,220 $ (21,045) $ (53,219) (1) Represents the removal of the Great Park Venture’s and Gateway Commercial Venture’s operating results that are included in the Great Park segment and Commercial segment operating results, respectively, but are not included in the Company’s consolidated results and balances. (2) Corporate and unallocated activity is primarily comprised of corporate general, and administrative expenses. Segment assets and reconciliations to the Company’s consolidated balances are as follows (in thousands): March 31, 2021 December 31, 2020 Valencia $ 854,671 $ 814,913 San Francisco 1,240,747 1,231,586 Great Park 1,232,542 1,236,217 Commercial 104,871 104,722 Total reportable segments 3,432,831 3,387,438 Reconciling items: Removal of unconsolidated balances of Great Park Venture (1) (1,065,982) (1,069,426) Removal of unconsolidated balances of Gateway Commercial Venture (1) (104,871) (104,722) Other eliminations (2) (19,496) (22,121) Add investment balance in Great Park Venture 387,549 391,465 Add investment balance in Gateway Commercial Venture 49,148 48,788 Corporate and unallocated (3) 256,032 330,563 Total consolidated balances $ 2,935,211 $ 2,961,985 (1) Represents the removal of the Great Park Venture’s and Gateway Commercial Venture’s balances that are included in the Great Park segment and Commercial segment balances, respectively, but are not included in the Company’s consolidated balances. (2) Represents intersegment balances that eliminate in consolidation.

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [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, 2021: Share-Based Awards Weighted- Nonvested at January 1, 2021 2,275 $ 7.35 Granted 76 $ 6.33 Forfeited (44) $ 3.00 Vested (959) $ 11.12 Nonvested at March 31, 2021 1,348 $ 4.74

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2021
Retirement Benefits [Abstract]
Schedule of Net Benefit Costs	The components of net periodic benefit for the three months ended March 31, 2021 and 2020, are as follows (in thousands): Three Months Ended 2021 2020 Net periodic benefit: Interest cost $ 128 $ 164 Expected return on plan assets (290) (276) Amortization of net actuarial loss 28 24 Net periodic benefit $ (134) $ (88)

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2021
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, 2021 and 2020 (in thousands, except shares and per share amounts): Three Months Ended 2021 2020 Numerator: Net loss attributable to the Company $ (9,779) $ (24,806) Adjustments to net loss attributable to the Company 113 487 Net loss attributable to common shareholders $ (9,666) $ (24,319) Numerator—basic common shares: Numerator for basic net loss available to Class A common shareholders $ (9,663) $ (24,311) Numerator for basic net loss available to Class B common shareholders $ (3) $ (8) Numerator—diluted common shares: Net loss attributable to common shareholders $ (9,666) $ (24,319) Reallocation of loss upon assumed exchange of dilutive potential securities $ — $ (954) Allocation of diluted net loss among common shareholders $ (9,666) $ (25,273) Numerator for diluted net loss available to Class A common shareholders $ (9,663) $ (25,265) Numerator for diluted net loss available to Class B common shareholders $ (3) $ (8) Denominator: Basic weighted average Class A common shares outstanding 67,288,860 66,649,866 Diluted weighted average Class A common shares outstanding 67,288,860 68,792,585 Basic weighted average Class B common shares outstanding 79,233,544 79,233,544 Diluted weighted average Class B common shares outstanding 79,233,544 79,233,544 Basic loss per share: Class A common shares $ (0.14) $ (0.36) Class B common shares $ (0.00) $ (0.00) Diluted loss per share: Class A common shares $ (0.14) $ (0.37) Class B common shares $ (0.00) $ (0.00) Anti-dilutive potential Performance RSUs 322,366 338,813 Anti-dilutive potential Restricted Shares (weighted average) 846,509 1,876,808 Anti-dilutive potential Performance Restricted Shares (weighted average) 657,892 749,201 Anti-dilutive potential Class A common shares from exchanges (weighted average) 79,257,314 76,120,179

Business and Organization (Deta

Business and Organization (Details) $ / shares in Units, ft² in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)ft²votebuildingmember	Apr. 30, 2021USD ($)$ / shares
Class of Stock [Line Items]
Number of votes per share	1
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
Number of buildings on campus | building	4
Area of gateway campus | ft²	1
Great Park
Class of Stock [Line Items]
Percentage of equity ownership	37.50%
Number of voting members | member	4
Heritage Fields LLC
Class of Stock [Line Items]
Percentage of equity ownership	37.50%
Subsequent Event
Class of Stock [Line Items]
Closing price (in dollars per share) | $ / shares		$ 7.18
The San Francisco Venture
Class of Stock [Line Items]
Right to exchange, conversion ratio	1
Equity Method Investee | Great Park | Contingent Payments Due from Related Parties
Class of Stock [Line Items]
Related party assets | $	$ 565
Equity Method Investee | Subsequent Event | Great Park | Legacy Incentive Compensation Receivable
Class of Stock [Line Items]
Distributions to holders of legacy interests | $		$ 431.3
Five Point Operating Company, LLC | Affiliated Entity | The San Francisco Venture
Class of Stock [Line Items]
Right to exchange, conversion ratio	1
Percentage of distributions entitled to receive	99.00%
FPOVHI Member, LLC | Five Point Office Venture Holdings I, LLC Acquisition
Class of Stock [Line Items]
Percentage of equity ownership	75.00%
Percentage of equity ownership	75.00%
Five Point Land, LLC | Subsidiary of Common Parent
Class of Stock [Line Items]
Subsidiary ownership	100.00%
Gateway Commercial Venture
Class of Stock [Line Items]
Number of buildings owned | building	1
San Francisco Venture | Subsidiary of Common Parent
Class of Stock [Line Items]
Subsidiary ownership	100.00%
Parent Company | Five Point Operating Company, LLC | Affiliated Entity
Class of Stock [Line Items]
Right to exchange, conversion ratio	1
Parent Company | Five Point Operating Company, LLC | Affiliated Entity | Five Point Operating Company, LLC
Class of Stock [Line Items]
Ownership of class A common stock, percentage	62.40%
Parent Company | Five Point Operating Company, LLC | Affiliated Entity | Subsequent Event
Class of Stock [Line Items]
Market capitalization of company | $		$ 1,100
Common Class B
Class of Stock [Line Items]
Conversion of common shares, ratio	0.0003

Basis of Presentation - Compone

Basis of Presentation - Components of Miscellaneous Other Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Related Party Transaction [Line Items]
Net periodic pension benefit	$ 134	$ 88
Total miscellaneous other income	1,204	88
Affiliated Entity
Related Party Transaction [Line Items]
Total miscellaneous other income	$ 1,070	$ 0

Revenues - Disaggregation of Re

Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Revenue from customers	$ 12,757	$ 8,933
Revenues	13,180	9,220
Land sales, Affiliated Entity and Third Party
Disaggregation of Revenue [Line Items]
Revenue from customers	41	16
Management services | Affiliated Entity
Disaggregation of Revenue [Line Items]
Revenue from customers	12,439	8,244
Operating properties
Disaggregation of Revenue [Line Items]
Revenue from customers	277	673
Operating properties leasing revenues	423	287
Revenues	700	960
Valencia
Disaggregation of Revenue [Line Items]
Revenue from customers	318	509
Revenues	592	796
Valencia | Land sales, Affiliated Entity and Third Party
Disaggregation of Revenue [Line Items]
Revenue from customers	41	16
Valencia | Management services | Affiliated Entity
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0
Valencia | Operating properties
Disaggregation of Revenue [Line Items]
Revenue from customers	277	493
Operating properties leasing revenues	274	287
San Francisco
Disaggregation of Revenue [Line Items]
Revenue from customers	0	975
Revenues	149	975
San Francisco | Land sales, Affiliated Entity and Third Party
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0
San Francisco | Management services | Affiliated Entity
Disaggregation of Revenue [Line Items]
Revenue from customers	0	795
San Francisco | Operating properties
Disaggregation of Revenue [Line Items]
Revenue from customers	0	180
Operating properties leasing revenues	149	0
Great Park
Disaggregation of Revenue [Line Items]
Revenue from customers	12,340	7,352
Revenues	12,340	7,352
Great Park | Land sales, Affiliated Entity and Third Party
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0
Great Park | Management services | Affiliated Entity
Disaggregation of Revenue [Line Items]
Revenue from customers	12,340	7,352
Great Park | Operating properties
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0
Operating properties leasing revenues	0	0
Commercial
Disaggregation of Revenue [Line Items]
Revenue from customers	99	97
Revenues	99	97
Commercial | Land sales, Affiliated Entity and Third Party
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0
Commercial | Management services | Affiliated Entity
Disaggregation of Revenue [Line Items]
Revenue from customers	99	97
Commercial | Operating properties
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0
Operating properties leasing revenues	$ 0	$ 0

Revenues - Additional Informati

Revenues - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Increase (Decrease) In Contract With Customer, Asset [Roll Forward]
Contract assets, beginning balance	$ 85,100	$ 73,000
Increase in contract assets	6,400	2,700
Contract assets, ending balance	91,500	75,700
Great Park
Increase (Decrease) In Contract With Customer, Asset [Roll Forward]
Remaining performance obligation	$ 23,100
Great Park | Maximum
Increase (Decrease) In Contract With Customer, Asset [Roll Forward]
Options to renew mutual agreement	3 years
Great Park | Minimum
Increase (Decrease) In Contract With Customer, Asset [Roll Forward]
Options to renew mutual agreement	2 years
Affiliated Entity
Increase (Decrease) In Contract With Customer, Asset [Roll Forward]
Contract assets, beginning balance	$ 78,055	68,100
Contract assets, ending balance	$ 85,139	$ 70,500

Investment In Unconsolidated _3

Investment In Unconsolidated Entities - Additional Information (Details) $ in Thousands, ft² in Millions	3 Months Ended
	Mar. 31, 2021USD ($)ft²abuildingindividual	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)	Aug. 31, 2020building	May 31, 2020abuilding
Schedule of Equity Method Investments [Line Items]
Revenue from customers	$ 12,757	$ 8,933
Number of buildings on campus | building	4
Area of land (in acres) | a	73
Area of gateway campus | ft²	1
Revenues	$ 13,180	9,220
Company's investment in venture	439,239		$ 442,850
Valencia
Schedule of Equity Method Investments [Line Items]
Revenue from customers	318	509
Revenues	$ 592	796
Valencia Landbank Venture | Valencia
Schedule of Equity Method Investments [Line Items]
Percentage of equity ownership	10.00%
Land sales
Schedule of Equity Method Investments [Line Items]
Revenue from customers	$ 22	6
Land sales | Affiliated Entity
Schedule of Equity Method Investments [Line Items]
Revenue from customers	$ 19	10
Great Park
Schedule of Equity Method Investments [Line Items]
Percentage of equity ownership	37.50%
Distribution to certain interest holders, aggregate	$ 431,300
Great Park | Land sales
Schedule of Equity Method Investments [Line Items]
Revenue from customers		21,500
Great Park | Land sales | Affiliated Entity
Schedule of Equity Method Investments [Line Items]
Revenue from customers	200	700
Other-than-temporary investment impairment		(26,900)
Great Park | Land sales | Third Parties
Schedule of Equity Method Investments [Line Items]
Revenue from customers	$ 700
Gateway Commercial Venture
Schedule of Equity Method Investments [Line Items]
Number of buildings owned | building	1
Area of land (in acres) | a	50
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
Gateway Commercial Venture | Rental Revenue | Affiliated Entity
Schedule of Equity Method Investments [Line Items]
Revenues	$ 2,100	$ 2,100
Great Park
Schedule of Equity Method Investments [Line Items]
Distributions entitled to be received	476,000
Potential additional distributions entitled to be received	$ 89,000
Percentage of equity ownership	37.50%
Gateway Commercial Venture
Schedule of Equity Method Investments [Line Items]
Percentage of equity ownership	75.00%
Gateway Commercial Venture | Gateway Commercial Venture | Five Point Office Venture Holdings I, LLC Acquisition
Schedule of Equity Method Investments [Line Items]
Number of buildings on campus | building				3	3
Acres of land sold | a					11
Valencia Landbank Venture
Schedule of Equity Method Investments [Line Items]
Company's investment in venture	$ 2,500		$ 2,600

Investment In Unconsolidated _4

Investment In Unconsolidated Entities - Summarized Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Add equity in earnings (losses) from unconsolidated entities
Revenue from customers	$ 12,757	$ 8,933
Other costs and expenses	(31,900)	(32,622)
Net loss	(21,045)	(53,219)
The Company’s share of net loss	(9,779)	(24,806)
Equity in loss from ventures	(3,556)	(30,911)
Land sales
Add equity in earnings (losses) from unconsolidated entities
Revenue from customers	22	6
Cost of land sales	0	0
Land sales | Affiliated Entity
Add equity in earnings (losses) from unconsolidated entities
Revenue from customers	19	10
Great Park
Add equity in earnings (losses) from unconsolidated entities
Revenue from customers	960	22,176
Cost of land sales	0	(15,304)
Other costs and expenses	(13,444)	(11,190)
Net loss	(12,484)	(4,318)
The Company’s share of net loss	(4,682)	(1,619)
Basis difference accretion (amortization)	766	(1,890)
Equity in loss from ventures	(3,916)	(30,360)
Great Park | Land sales | Affiliated Entity
Add equity in earnings (losses) from unconsolidated entities
Other-than-temporary investment impairment	0	(26,851)
Gateway Commercial Venture
Add equity in earnings (losses) from unconsolidated entities
Revenue from customers	2,101	8,476
Cost of land sales	(334)	(1,719)
Depreciation and amortization	(984)	(3,781)
Interest expense	(303)	(3,711)
The Company’s share of net loss	480	(735)
Equity in loss from ventures	$ 360	$ (551)

Investment In Unconsolidated _5

Investment In Unconsolidated Entities - Unobservable Inputs Used to Determine Fair Value (Details) - Great Park Venture $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)numberOfHomesites
Schedule of Equity Method Investments [Line Items]
Average annual absorption of homesites (market rate homesites) | numberOfHomesites	900
Unlevered discount rate	9.00%
Minimum
Schedule of Equity Method Investments [Line Items]
Annual home price appreciation	0.00%
Annual horizontal development cost appreciation	0.00%
Average annual absorption of homesites (market rate homesites)	$ 640
Maximum
Schedule of Equity Method Investments [Line Items]
Annual home price appreciation	7.00%
Annual horizontal development cost appreciation	3.00%
Average annual absorption of homesites (market rate homesites)	$ 1,300

Investment In Unconsolidated _6

Investment In Unconsolidated Entities - Summarized Balance Sheet Data (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
ASSETS
INVENTORIES	$ 2,043,407	$ 1,990,859
CASH AND CASH EQUIVALENTS	229,670	298,144	$ 247,754
INTANGIBLE ASSET, NET—RELATED PARTY	63,901	71,747
OTHER ASSETS	17,048	20,605
TOTAL	2,935,211	2,961,985
LIABILITIES:
Accounts payable and other liabilities	144,239	135,331
Distribution payable to Legacy Interests	617,843	617,581
Redeemable Legacy Interests	576,826	578,278
Capital (Percentage Interest)	606,457	617,666
Members’ capital	1,860,993	1,885,098
TOTAL	2,935,211	2,961,985
INVESTMENT IN UNCONSOLIDATED ENTITIES	439,239	442,850
Great Park
ASSETS
INVENTORIES	886,008	916,127
CASH AND CASH EQUIVALENTS	155,493	128,850
OTHER ASSETS	24,481	24,449
TOTAL	1,065,982	1,069,426
LIABILITIES:
Accounts payable and other liabilities	148,970	139,929
Redeemable Legacy Interests	133,695	133,695
Capital (Percentage Interest)	783,317	795,802
TOTAL	1,065,982	1,069,426
The Company's share of capital in Great Park Venture	293,744	298,426
Unamortized basis difference	93,805	93,039
INVESTMENT IN UNCONSOLIDATED ENTITIES	387,549	391,465
Gateway Commercial Venture
ASSETS
INTANGIBLE ASSET, NET—RELATED PARTY	89,326			$ 90,276
OTHER ASSETS	15,545			14,446
TOTAL	104,871			104,722
LIABILITIES:
Distribution payable to Legacy Interests	29,395			29,381
Other	9,945			10,290
Members’ capital	65,532			65,051
TOTAL	104,872			104,722
INVESTMENT IN UNCONSOLIDATED ENTITIES	$ 49,148	$ 48,788		$ 48,788

Noncontrolling Interests - Outs

Noncontrolling Interests - Outstanding Common Units of the Operating Company (Details) - Five Point Operating Company, LLC	Mar. 31, 2021
Noncontrolling Interest [Line Items]
Noncontrolling interest percentage of outstanding common units	37.60%
Class A Units | Affiliated Entity
Noncontrolling Interest [Line Items]
Ownership percentage of outstanding common units	62.40%
Class B Units | Affiliated Entity
Noncontrolling Interest [Line Items]
Ownership percentage of outstanding common units	100.00%

Noncontrolling Interests - Addi

Noncontrolling Interests - Additional Information (Details) $ in Thousands, shares in Millions	1 Months Ended			3 Months Ended		12 Months Ended
	Apr. 30, 2021USD ($)	Jan. 31, 2021USD ($)	Jan. 31, 2020USD ($)	Mar. 31, 2021USD ($)class	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)shares	Dec. 31, 2020USD ($)
Noncontrolling Interest [Line Items]
Holding period for right to exchange				12 months
Right to exchange, conversion ratio				1
Tax distribution to noncontrolling interest				$ 2,879	$ 4,568
Redeemable noncontrolling interest, common stock class C units				$ 25,000			$ 25,000
San Francisco Venture
Noncontrolling Interest [Line Items]
Issuance of Class C common shares (in shares) | shares						25
Proceeds from issuance of redeemable noncontrolling interest						$ 25,000
Maximum amount payable, class C units						25,000
Infrastructure development costs						25,000
San Francisco Venture | Maximum
Noncontrolling Interest [Line Items]
Authorized contribution amount						$ 25,000
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				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%
Tax distribution to noncontrolling interest		$ 2,900
Five Point Operating Company, LLC | Management Partner
Noncontrolling Interest [Line Items]
Tax distribution to noncontrolling interest		$ 1,400	$ 4,600
Five Point Operating Company, LLC | Management Partner | Subsequent Event
Noncontrolling Interest [Line Items]
Tax distribution to noncontrolling interest	$ 300
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%

Consolidated Variable Interes_2

Consolidated Variable Interest Entity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Combined assets	$ 2,935,211	$ 2,961,985
Combined liabilities	$ 1,049,218	1,051,887
The San Francisco Venture
Variable Interest Entity [Line Items]
Distributions	99.00%
The San Francisco Venture | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Combined assets	$ 1,200,000	1,200,000
Inventories	1,234,500	1,223,500
Related party assets	1,500	2,800
Combined liabilities	88,200	97,900
Related party liabilities	77,900	89,000
Five Point Communities, LP and FLP | Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Combined assets	999,800	1,000,000
Inventories	809,000	767,300
Related party assets	86,300	80,000
Combined liabilities	114,800	108,900
Related party liabilities	9,000	9,000
Intangibles	63,900	71,700
Accounts payable	$ 105,800	$ 99,900

Intangible Asset, Net - Relat_3

Intangible Asset, Net - Related Party (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Gross carrying amount	$ 129,705		$ 129,705
Accumulated amortization	(65,804)		(57,958)
Net book value	63,901		$ 71,747
Amortization expense	$ 7,800	$ 2,400

Related Party Transactions - Re

Related Party Transactions - Related Party Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Contract assets	$ 91,500	$ 85,100	$ 75,700	$ 73,000
Operating lease right-of-use assets	27,171	28,276
Other	17,048	20,605
Due to related parties	101,832	113,149
Operating lease liability	22,874	23,831
Affiliated Entity
Related Party Transaction [Line Items]
Contract assets	85,139	78,055	$ 70,500	$ 68,100
Operating lease right-of-use assets	20,376	20,919
Other	2,649	4,707
Total Related Party Assets	108,164	103,681
Operating lease liability	14,885	15,176
Other	0	22
Total Related Party Liabilities	101,832	113,149
Loan Reimbursement Agreement | Affiliated Entity
Related Party Transaction [Line Items]
Due to related parties	77,947	88,951
Payable To Holders Of Management Company's Class B Interests | Affiliated Entity
Related Party Transaction [Line Items]
Due to related parties	$ 9,000	$ 9,000

Notes Payable, Net (Details)

Notes Payable, Net (Details) - USD ($)	1 Months Ended
	Apr. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Promissory note issued		$ 617,843,000	$ 617,581,000
Unamortized debt issuance costs and discount		(7,157,000)	(7,419,000)
Outstanding letters of credit		1,300,000	1,300,000
Unsecured Debt | Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding letters of credit		300,000
Senior unsecured revolving credit facility, available borrowing capacity		$ 124,700,000
Unsecured Debt | Revolving Credit Facility | Subsequent Event
Debt Instrument [Line Items]
Senior unsecured revolving credit facility, maximum borrowing capacity	$ 125,000,000
Unsecured Debt | Revolving Credit Facility | Minimum | LIBOR | Subsequent Event
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
Unsecured Debt | Revolving Credit Facility | Maximum | LIBOR | Subsequent Event
Debt Instrument [Line Items]
Basis spread on variable rate	2.00%
7.875% Senior Notes due 2025 | Senior Notes
Debt Instrument [Line Items]
Interest rate on new notes		7.875%
Promissory note issued		$ 625,000,000	$ 625,000,000

Tax Receivable Agreement (Detai

Tax Receivable Agreement (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Other Liabilities Disclosure [Abstract]
Payable pursuant to tax receivable agreement	$ 172,726,000		$ 173,248,000
TRA payments	$ 0	$ 0

Commitments and Contingencies -

Commitments and Contingencies - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets	$ 27,171	$ 28,276
Total operating lease liabilities	$ 22,874	$ 23,831
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssets us-gaap:DueFromRelatedParties	us-gaap:OtherAssets us-gaap:DueFromRelatedParties
Operating Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:DueToRelatedPartiesCurrentAndNoncurrent us-gaap:AccountsPayableAndOtherAccruedLiabilities	us-gaap:DueToRelatedPartiesCurrentAndNoncurrent us-gaap:AccountsPayableAndOtherAccruedLiabilities
Affiliated Entity
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets	$ 20,376	$ 20,919
Total operating lease liabilities	$ 14,885	$ 15,176

Commitments and Contingencies_2

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Remaining estimated maximum potential amount of monetary payments subject to guaranty	$ 20.4
Outstanding letters of credit	1.3	$ 1.3
The San Francisco Venture
Lessee, Lease, Description [Line Items]
Guaranty of infrastructure obligations, maximum obligation	198.3	198.3
Surety Bond
Lessee, Lease, Description [Line Items]
Outstanding letters of credit	229.4	229.6
Letter of Credit
Lessee, Lease, Description [Line Items]
Restricted cash and certificates of deposit pledged as collateral	$ 1	$ 1

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest, all of which was capitalized to inventories	$ 919	$ 1,049
NONCASH INVESTING AND FINANCING ACTIVITIES:
Adjustment to liability recognized under TRA	(522)	615
Cash paid for income taxes	770	0
Purchase of properties and equipment in accounts payable	$ 33	$ 627

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information - Condensed Cash Flow Information (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 229,670	$ 298,144	$ 247,754
Restricted cash and certificates of deposit	1,330	1,330	1,742
Total cash, cash equivalents, and restricted cash shown in the condensed consolidated statements of cash flows	$ 231,000	$ 299,474	$ 249,496	$ 348,574

Segment Reporting - Additional

Segment Reporting - Additional Information (Details)	Mar. 31, 2021aft²building
Segment Reporting Information [Line Items]
Square footage of building | ft²	189,000
Number of buildings on campus | building	4
Area of land (in acres)	73
Gateway Commercial Venture
Segment Reporting Information [Line Items]
Area of land (in acres)	50
Great Park
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 an

Segment Reporting - Revenues and Profit (loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Revenues	$ 13,180	$ 9,220
Profit (Loss)	(21,045)	(53,219)
Operating Segments
Segment Reporting Information [Line Items]
Revenues	16,241	39,872
Profit (Loss)	(15,147)	(11,066)
Corporate and Unallocated
Segment Reporting Information [Line Items]
Profit (Loss)	(14,346)	(16,295)
Valencia
Segment Reporting Information [Line Items]
Revenues	592	796
Valencia | Operating Segments
Segment Reporting Information [Line Items]
Revenues	592	796
Profit (Loss)	(4,899)	(4,794)
San Francisco
Segment Reporting Information [Line Items]
Revenues	149	975
San Francisco | Operating Segments
Segment Reporting Information [Line Items]
Revenues	149	975
Profit (Loss)	94	(3,092)
Great Park
Segment Reporting Information [Line Items]
Revenues	12,340	7,352
Profit (Loss)	(3,916)	(30,360)
Great Park | Operating Segments
Segment Reporting Information [Line Items]
Revenues	13,300	29,528
Profit (Loss)	(10,921)	(2,542)
Great Park | Removal of Results of Unconsolidated Entities
Segment Reporting Information [Line Items]
Revenues	(960)	(22,176)
Profit (Loss)	12,484	4,318
Commercial
Segment Reporting Information [Line Items]
Revenues	99	97
Commercial | Operating Segments
Segment Reporting Information [Line Items]
Revenues	2,200	8,573
Profit (Loss)	579	(638)
Gateway Commercial Venture
Segment Reporting Information [Line Items]
Profit (Loss)	360	(551)
Gateway Commercial Venture | Removal of Results of Unconsolidated Entities
Segment Reporting Information [Line Items]
Revenues	(2,101)	(8,476)
Profit (Loss)	$ (480)	$ 735

Segment Reporting - Assets (Det

Segment Reporting - Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Assets	$ 2,935,211	$ 2,961,985
Add investment balance	439,239	442,850
Great Park Venture
Segment Reporting Information [Line Items]
Assets	1,065,982	1,069,426
Add investment balance	387,549	391,465
Gateway Commercial Venture LLCA [Member]
Segment Reporting Information [Line Items]
Assets	104,871		$ 104,722
Add investment balance	49,148	48,788	$ 48,788
Operating Segments
Segment Reporting Information [Line Items]
Assets	3,432,831	3,387,438
Other eliminations
Segment Reporting Information [Line Items]
Assets	(19,496)	(22,121)
Corporate and Unallocated
Segment Reporting Information [Line Items]
Assets	256,032	330,563
Valencia | Operating Segments
Segment Reporting Information [Line Items]
Assets	854,671	814,913
San Francisco | Operating Segments
Segment Reporting Information [Line Items]
Assets	1,240,747	1,231,586
Great Park Venture | Operating Segments
Segment Reporting Information [Line Items]
Assets	1,232,542	1,236,217
Great Park Venture | Removal of Results of Unconsolidated Entities
Segment Reporting Information [Line Items]
Assets	(1,065,982)	(1,069,426)
Commercial | Operating Segments
Segment Reporting Information [Line Items]
Assets	104,871	104,722
Gateway Commercial Venture LLCA [Member] | Removal of Results of Unconsolidated Entities
Segment Reporting Information [Line Items]
Assets	$ (104,871)	$ (104,722)

Share-Based Compensation - Equi

Share-Based Compensation - Equity Compensation Activity (Details) - Restricted Stock Units (RSUs) shares in Thousands	3 Months Ended
	Mar. 31, 2021$ / sharesshares
Share-Based Awards
Nonvested, beginning balance (in shares) | shares	2,275
Granted (in shares) | shares	76
Forfeited (in shares) | shares	(44)
Vested (in shares) | shares	(959)
Nonvested, ending balance (in shares) | shares	1,348
Weighted- Average Grant Date Fair Value
Nonvested, beginning balance (in dollars per share) | $ / shares	$ 7.35
Granted (in dollars per share) | $ / shares	6.33
Forfeited (in dollars per share) | $ / shares	3
Vested (in dollars per share) | $ / shares	11.12
Nonvested, ending balance (in dollars per share) | $ / shares	$ 4.74

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense			$ 1,300	$ 3,000
Reacquisition of share based compensation awards for tax-withholding purposes			2,047	$ 5,521
Estimated fair value at vesting of share-based awards			$ 6,100
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Reacquisition of share based compensation awards for tax-withholding purposes	$ 2,000	$ 5,500

Employee Benefit Plans (Details

Employee Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net periodic benefit:
Interest cost	$ 128	$ 164
Expected return on plan assets	(290)	(276)
Amortization of net actuarial loss	28	24
Net periodic benefit	$ (134)	$ (88)

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Provision for income tax	$ 0	$ 0
Pre-tax income (loss)	$ 21,045,000	$ 53,219,000

Financial Instruments and Fai_2

Financial Instruments and Fair Value Measurements and Disclosures (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Estimated Fair Value | Fair Value, Inputs, Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable	$ 654.4	$ 663.9
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, carrying value	$ 617.8	$ 617.6

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details)	3 Months Ended
	Mar. 31, 2021
Common Class B
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Per share distributions for Class A Common Shareholders	0.03%

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerator:
Net loss attributable to the Company	$ (9,779)	$ (24,806)
Adjustments to net loss attributable to the Company	113	487
Net loss attributable to common shareholders	(9,666)	(24,319)
Reallocation of loss upon assumed exchange of dilutive potential securities	0	(954)
Allocation of diluted net loss among common shareholders	$ (9,666)	$ (25,273)
Performance Restricted Stock Units (RSUs)
Diluted loss per share:
Anti-dilutive potential securities (in shares)	322,366	338,813
Restricted Shares
Diluted loss per share:
Anti-dilutive potential securities (in shares)	846,509	1,876,808
Performance Restricted Shares
Diluted loss per share:
Anti-dilutive potential securities (in shares)	657,892	749,201
Common Class A
Diluted loss per share:
Anti-dilutive potential securities (in shares)	79,257,314	76,120,179
Common Class A
Numerator:
Net loss attributable to common shareholders	$ (9,663)	$ (24,311)
Numerator for diluted net loss available to Class A/B common shareholders	$ (9,663)	$ (25,265)
Denominator:
Basic weighted average Class A/B common shares outstanding (in shares)	67,288,860	66,649,866
Diluted weighted average Class A/B common shares outstanding (in shares)	67,288,860	68,792,585
Basic loss per share:
Class A/B common shares (in dollars per share)	$ (0.14)	$ (0.36)
Diluted loss per share:
Class A/B common shares (in dollars per share)	$ (0.14)	$ (0.37)
Common Class B
Numerator:
Net loss attributable to common shareholders	$ (3)	$ (8)
Numerator for diluted net loss available to Class A/B common shareholders	$ (3)	$ (8)
Denominator:
Basic weighted average Class A/B common shares outstanding (in shares)	79,233,544	79,233,544
Diluted weighted average Class A/B common shares outstanding (in shares)	79,233,544	79,233,544
Basic loss per share:
Class A/B common shares (in dollars per share)	$ 0	$ 0
Diluted loss per share:
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		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Defined benefit pension plan, tax benefits	$ 700		$ 700
Total Members’ Capital
Accumulated Other Comprehensive Income (Loss) [Line Items]
Unamortized defined benefit pension plan net actuarial losses	2,800		2,800
AOCI Attributable to Noncontrolling Interest
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss included in noncontrolling interest	1,800		$ 1,800
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent
Accumulated Other Comprehensive Income (Loss) [Line Items]
Reclassifications from accumulated other comprehensive loss	$ 17	$ 15