Five Point (FPH) 10-Q 6 Aug 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2021	Jul. 31, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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	2000 FivePoint
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	Q2
Entity Central Index Key	0001574197
Current Fiscal Year End Date	--12-31
Former Address
Entity Information [Line Items]
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
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	Jun. 30, 2021	Dec. 31, 2020
ASSETS
INVENTORIES	$ 2,103,805	$ 1,990,859
INVESTMENT IN UNCONSOLIDATED ENTITIES	374,296	442,850
PROPERTIES AND EQUIPMENT, NET	32,111	32,769
INTANGIBLE ASSET, NET—RELATED PARTY	61,189	71,747
CASH AND CASH EQUIVALENTS	236,517	298,144
RESTRICTED CASH AND CERTIFICATES OF DEPOSIT	1,330	1,330
RELATED PARTY ASSETS	90,540	103,681
OTHER ASSETS	18,808	20,605
TOTAL	2,918,596	2,961,985
LIABILITIES:
Notes payable, net	618,349	617,581
Accounts payable and other liabilities	137,002	135,331
Related party liabilities	96,028	113,149
Deferred income tax liability, net	12,578	12,578
Payable pursuant to tax receivable agreement	172,726	173,248
Total liabilities	1,036,683	1,051,887
COMMITMENTS AND CONTINGENT LIABILITIES (Note 11)
REDEEMABLE NONCONTROLLING INTEREST	25,000	25,000
CAPITAL:
Contributed capital	577,949	578,278
Retained earnings	30,153	42,221
Accumulated other comprehensive loss	(2,793)	(2,833)
Total members’ capital	605,309	617,666
Noncontrolling interests	1,251,604	1,267,432
Total capital	1,856,913	1,885,098
TOTAL	$ 2,918,596	$ 2,961,985

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - shares	Jun. 30, 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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
REVENUES:
Revenue from customers	$ 7,936,000	$ 24,014,000	$ 20,693,000	$ 32,947,000
Revenues	8,304,000	24,307,000	21,484,000	33,527,000
COSTS AND EXPENSES:
Selling, general, and administrative	19,218,000	16,312,000	38,756,000	40,938,000
Total costs and expenses	26,484,000	34,288,000	58,384,000	66,910,000
OTHER INCOME:
Interest income	26,000	226,000	53,000	1,232,000
Miscellaneous	1,113,000	88,000	2,317,000	176,000
Total other income	1,139,000	314,000	2,370,000	1,408,000
EQUITY IN EARNINGS (LOSS) FROM UNCONSOLIDATED ENTITIES	12,119,000	23,905,000	8,563,000	(7,006,000)
(LOSS) INCOME BEFORE INCOME TAX (PROVISION) BENEFIT	(4,922,000)	14,238,000	(25,967,000)	(38,981,000)
INCOME TAX (PROVISION) BENEFIT	(5,000)	0	(5,000)	0
NET (LOSS) INCOME	(4,927,000)	14,238,000	(25,972,000)	(38,981,000)
LESS NET (LOSS) INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	(2,638,000)	7,606,000	(13,904,000)	(20,807,000)
NET (LOSS) INCOME ATTRIBUTABLE TO THE COMPANY	$ (2,289,000)	$ 6,632,000	$ (12,068,000)	$ (18,174,000)
Common Class A
NET (LOSS) INCOME ATTRIBUTABLE TO THE COMPANY PER CLASS A SHARE
Basic (in dollars per share)	$ (0.03)	$ 0.10	$ (0.18)	$ (0.27)
Diluted (in dollar per share)	$ (0.03)	$ 0.10	$ (0.18)	$ (0.27)
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic (in shares)	67,410,440	66,731,233	67,349,986	66,690,550
Diluted (in shares)	67,410,440	142,851,412	67,349,986	68,854,356
Common Class B
NET (LOSS) INCOME ATTRIBUTABLE TO THE COMPANY PER CLASS A SHARE
Basic (in dollars per share)	$ 0	$ 0	$ 0	$ 0
Diluted (in dollar per share)	$ 0	$ 0	$ 0	$ 0
WEIGHTED AVERAGE SHARES OUTSTANDING
Basic (in shares)	79,233,544	79,233,544	79,233,544	79,233,544
Diluted (in shares)	79,233,544	79,233,544	79,233,544	79,233,544
Affiliated Entity
OTHER INCOME:
Miscellaneous	$ 978,000	$ 0	$ 2,048,000	$ 0
Land sales
REVENUES:
Revenue from customers	65,000	17,028,000	87,000	17,034,000
COSTS AND EXPENSES:
Cost and expenses	0	11,861,000	0	11,861,000
Land sales | Affiliated Entity
REVENUES:
Revenue from customers	37,000	2,000	56,000	12,000
Management services—related party
COSTS AND EXPENSES:
Cost and expenses	5,848,000	4,416,000	16,625,000	10,467,000
Management services—related party | Affiliated Entity
REVENUES:
Revenue from customers	7,647,000	6,314,000	20,086,000	14,558,000
Operating properties
REVENUES:
Revenue from customers	187,000	670,000	464,000	1,343,000
Revenues	555,000	963,000	1,255,000	1,923,000
COSTS AND EXPENSES:
Cost and expenses	$ 1,418,000	$ 1,699,000	$ 3,003,000	$ 3,644,000

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net loss	$ (4,927)	$ 14,238	$ (25,972)	$ (38,981)
OTHER COMPREHENSIVE INCOME:
Reclassification of actuarial loss on defined benefit pension plan included in net (loss) income	28	24	56	48
Other comprehensive income before taxes	28	24	56	48
INCOME TAX PROVISION RELATED TO OTHER COMPREHENSIVE INCOME	0	0	0	0
OTHER COMPREHENSIVE INCOME—Net of tax	28	24	56	48
COMPREHENSIVE (LOSS) INCOME	(4,899)	14,262	(25,916)	(38,933)
LESS COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	(2,628)	7,615	(13,883)	(20,789)
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO THE COMPANY	$ (2,271)	$ 6,647	$ (12,033)	$ (18,144)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Capital - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 1,860,993	$ 1,822,494	$ 1,885,098	$ 1,883,800
Net loss	(4,927)	14,238	(25,972)	(38,981)
Share-based compensation expense	1,123	2,836	2,439	5,848
Reacquisition of share-based compensation awards for tax-withholding purposes			(2,047)	(5,521)
Other comprehensive income—net of tax	28	24	56	48
Tax distributions to noncontrolling interests	(304)		(3,183)	(4,568)
Adjustment to liability recognized under tax receivable agreement—net of tax of $0			522	(615)
Adjustment of noncontrolling interest in the Operating Company		0	0	0
Ending balance	$ 1,856,913	$ 1,839,592	$ 1,856,913	1,839,592
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)	68,758,347	69,061,898	69,051,284	68,788,257
Reacquisition of share-based compensation awards for tax-withholding purposes (in shares)			(324,905)	(436,675)
Issuance of share-based compensation awards, net of forfeitures (in shares)		(5,307)	31,968	369,931
Settlement of restricted share units for Class A common shares (in shares)				335,078
Ending Balance (in shares)	68,758,347	69,056,591	68,758,347	69,056,591
Common Stock | Class B Common Shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning Balance (in shares)	79,233,544	79,233,544	79,233,544	79,233,544
Ending Balance (in shares)	79,233,544	79,233,544	79,233,544	79,233,544
Contributed Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	$ 576,826	$ 569,772	$ 578,278	$ 571,532
Share-based compensation expense	1,123	2,836	2,439	5,848
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		(21)	(1,243)	1,343
Ending balance	577,949	572,587	577,949	572,587
Retained Earnings
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	32,442	17,843	42,221	42,844
Net loss	(2,289)	6,632	(12,068)	(18,174)
Ending balance	30,153	24,475	30,153	24,475
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	(2,811)	(2,671)	(2,833)	(2,682)
Other comprehensive income—net of tax	18	15	35	30
Adjustment of noncontrolling interest in the Operating Company			5	(4)
Ending balance	(2,793)	(2,656)	(2,793)	(2,656)
Total Members’ Capital
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance	606,457	584,944	617,666	611,694
Net loss	(2,289)	6,632	(12,068)	(18,174)
Share-based compensation expense	1,123	2,836	2,439	5,848
Reacquisition of share-based compensation awards for tax-withholding purposes			(2,047)	(5,521)
Other comprehensive income—net of tax	18	15	35	30
Adjustment to liability recognized under tax receivable agreement—net of tax of $0			522	(615)
Adjustment of noncontrolling interest in the Operating Company		(21)	(1,238)	1,339
Ending balance	605,309	594,406	605,309	594,406
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	1,254,536	1,237,550	1,267,432	1,272,106
Net loss	(2,638)	7,606	(13,904)	(20,807)
Other comprehensive income—net of tax	10	9	21	18
Tax distributions to noncontrolling interests	(304)		(3,183)	(4,568)
Adjustment of noncontrolling interest in the Operating Company		21	1,238	(1,339)
Ending balance	$ 1,251,604	$ 1,245,186	$ 1,251,604	1,245,186
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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Statement of Stockholders' Equity [Abstract]
Other comprehensive income, tax	$ 0	$ 0	$ 0	$ 0
Tax related to adjustments to liability recognized under tax receivable agreement			0	0
Adjustment of noncontrolling interest in the Operating Company		0	0	0
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 1,856,913	$ 1,839,592	$ 1,856,913	$ 1,839,592	$ 1,860,993	$ 1,885,098	$ 1,822,494	$ 1,883,800

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (25,972)	$ (38,981)
Adjustments to reconcile net loss to net cash used in operating activities:
Equity in (earnings) loss from unconsolidated entities	(8,563)	7,006
Return on investment from Gateway Commercial Venture	0	22,350
Depreciation and amortization	13,371	7,448
Share-based compensation	2,439	5,848
Gain on distribution from indirect Legacy Interest in Great Park Venture—related party	978	0
Changes in operating assets and liabilities:
Inventories	(112,007)	(88,182)
Related party assets	12,007	(2,588)
Other assets	1,246	(15,019)
Accounts payable and other liabilities	1,884	(45,553)
Related party liabilities	(1,261)	(712)
Net cash used in operating activities	(117,834)	(148,383)
CASH FLOWS FROM INVESTING ACTIVITIES:
Distribution from indirect Legacy Interest in Great Park Venture—related party	1,020	1,721
Purchase of properties and equipment	(137)	(1,485)
Net cash provided by investing activities	77,983	34,136
CASH FLOWS FROM FINANCING ACTIVITIES:
Payment of financing costs	(686)	0
Related party reimbursement obligation	(15,860)	(7,411)
Reacquisition of share-based compensation awards for tax-withholding purposes	(2,047)	(5,521)
Tax distributions to noncontrolling interests	(3,183)	(4,568)
Net cash used in financing activities	(21,776)	(17,500)
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(61,627)	(131,747)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—Beginning of period	299,474	348,574
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—End of period	237,847	216,827
Great Park Venture
Adjustments to reconcile net loss to net cash used in operating activities:
Equity in (earnings) loss from unconsolidated entities	(7,952)	34,452
CASH FLOWS FROM INVESTING ACTIVITIES:
Return of investment from venture	76,623	0
Valencia Landbank Venture
Adjustments to reconcile net loss to net cash used in operating activities:
Equity in (earnings) loss from unconsolidated entities	(100)
CASH FLOWS FROM INVESTING ACTIVITIES:
Return of investment from venture	477	0
Gateway Commercial Venture
Adjustments to reconcile net loss to net cash used in operating activities:
Equity in (earnings) loss from unconsolidated entities	(490)	(27,446)
CASH FLOWS FROM INVESTING ACTIVITIES:
Return of investment from venture	$ 0	$ 33,900

Business and Organization

Business and Organization	6 Months Ended
	Jun. 30, 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 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 June 30, 2021: (1) A wholly owned subsidiary of the Holding Company serves as the sole managing general partner of the Operating Company. As of June 30, 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 July 30, 2021 ($8.37), the equity market capitalization of the Company was approximately $1.2 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 mixed-use 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 up to an amount equal to $565.0 million, of which $482.3 million had been distributed as of July 31, 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	6 Months Ended
	Jun. 30, 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 and cash flows for the three and six months ended June 30, 2021 are not necessarily indicative of the operating results and cash flows that may be expected for subsequent quarters or 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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net periodic pension benefit $ 135 $ 88 $ 269 $ 176 Other—related party 978 — 2,048 — Total miscellaneous other income $ 1,113 $ 88 $ 2,317 $ 176

Revenues

Revenues	6 Months Ended
	Jun. 30, 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 (in thousands): Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Valencia San Francisco Great Park (1) Commercial (1) Total Valencia San Francisco Great Park (1) Commercial (1) Total Land sales and Land sales—related party $ 102 $ — $ — $ — $ 102 $ 143 $ — $ — $ — $ 143 Management services—related party — — 7,544 103 7,647 — — 19,884 202 20,086 Operating properties 187 — — — 187 464 — — — 464 289 — 7,544 103 7,936 607 — 19,884 202 20,693 Operating properties leasing revenues 227 141 — — 368 501 290 — — 791 $ 516 $ 141 $ 7,544 $ 103 $ 8,304 $ 1,108 $ 290 $ 19,884 $ 202 $ 21,484 Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 Valencia San Francisco Great Park (1) Commercial (1) Total Valencia San Francisco Great Park (1) Commercial (1) Total Land sales and Land sales—related party $ 17,030 $ — $ — $ — $ 17,030 $ 17,046 $ — $ — $ — $ 17,046 Management services—related party — 40 6,177 97 6,314 — 835 13,529 194 14,558 Operating properties 538 132 — — 670 1,031 312 — — 1,343 17,568 172 6,177 97 24,014 18,077 1,147 13,529 194 32,947 Operating properties leasing revenues 293 — — — 293 580 — — — 580 $ 17,861 $ 172 $ 6,177 $ 97 $ 24,307 $ 18,657 $ 1,147 $ 13,529 $ 194 $ 33,527 (1) The tables above do not include revenues of the Great Park Venture and the Gateway Commercial Venture, which are included in the Company’s reporting segment totals (see Notes 4 and 13). The Company, through the Management Company, has an amended and restated development management agreement (“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 The opening and closing balances of the Company’s contract assets for the six months ended June 30, 2021 were $85.1 million ($78.1 million related party, see Note 8) and $72.7 million ($67.0 million related party, see Note 8), respectively. The opening and closing balances of the Company’s contract assets for the six months ended June 30, 2020 were $73.0 million ($68.1 million related party) and $78.9 million ($72.8 million related party), respectively. The decrease of $12.4 million for the six months ended June 30, 2021 between the opening and closing balances of the Company’s contract assets primarily resulted from a timing difference between when payments are made and the Company’s recognition of revenue earned for the performance of management services in the period. Offsetting the timing difference was a reduction of $21.3 million from the receipt of incentive compensation payments from the Great Park Venture. The increase of $5.9 million for the six months ended June 30, 2020 between the opening and closing balances of the Company’s contract assets primarily resulted 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. Land sales and land sales—related party revenues for the three and six months ended June 30, 2020 included $14.9 million that was recognized as a receivable upon completion of the performance obligation. The receivable was in the form of a promissory note that was substantially collected in July 2020 with the balance received in December 2020. The opening and closing balances of the Company’s other receivables from contracts with customers and contract liabilities for the six months ended June 30, 2021 and 2020 were insignificant.

Investment In Unconsolidated En

Investment In Unconsolidated Entities	6 Months Ended
	Jun. 30, 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.” The Operating Company owned 37.5% of the Great Park Venture’s Percentage Interests as of June 30, 2021. Legacy Interest holders were 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. During the three months ended June 30, 2021, the Great Park Venture made aggregate distributions of $51.0 million to holders of Legacy Interests and $204.3 million to holders of Percentage Interests. The Company received $76.6 million for its 37.5% Percentage Interest. With the distributions to the holders of Legacy Interests, the Great Park Venture fully satisfied the $476.0 million priority distribution rights and reduced the remaining maximum participating Legacy Interest distribution rights to $82.7 million. The Great Park Venture is the owner of Great Park Neighborhoods, a mixed-use 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 six months ended June 30, 2021, the Great Park Venture recognized $58.3 million in land sale revenues to related parties of the Company and $279.5 million in land sale revenues to third parties, of which $236.6 million relates to homesites sold to an unaffiliated land banking entity whereby a related party of the Company retained the option to acquire these homesites in the future from the land bank entity. Land sales to related parties include $57.4 million sold to an entity in which the Great Park Venture holds a 10% interest (the “Great Park Landbank Venture”). The Great Park Landbank Venture is a land banking entity that was formed in June 2021. The Great Park Venture made an initial contribution of $4.6 million for its interest and accounts for the investment under the equity method of accounting. During the six months ended June 30, 2020, the Great Park Venture recognized $1.0 million in land sale revenues to related parties of the Company and $21.8 million in land sale revenues to third parties. The following table summarizes the statements of operations of the Great Park Venture for the six months ended June 30, 2021 and 2020 (in thousands): Six Months Ended June 30, 2021 2020 Land sale revenues $ 337,826 $ 22,826 Cost of land sales (251,420) (15,304) Other costs and expenses (29,780) (23,799) Net income (loss) of Great Park Venture $ 56,626 $ (16,277) The Company’s share of net income (loss) $ 21,235 $ (6,104) Basis difference amortization (13,283) (1,497) Other-than-temporary investment impairment — (26,851) Equity in earnings (loss) from Great Park Venture $ 7,952 $ (34,452) 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 six months ended June 30, 2020. During the six months ended June 30, 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 June 30, 2021 and December 31, 2020 (in thousands): June 30, 2021 December 31, 2020 Inventories $ 722,821 $ 916,127 Cash and cash equivalents 95,212 128,850 Receivable and other assets 34,140 24,449 Total assets $ 852,173 $ 1,069,426 Accounts payable and other liabilities $ 121,354 $ 139,929 Redeemable Legacy Interests 82,719 133,695 Capital (Percentage Interest) 648,100 795,802 Total liabilities and capital $ 852,173 $ 1,069,426 The Company’s share of capital in Great Park Venture $ 243,038 $ 298,426 Unamortized basis difference 79,756 93,039 The Company’s investment in the Great Park Venture $ 322,794 $ 391,465 Gateway Commercial Venture The Company owned a 75% interest in the Gateway Commercial Venture as of June 30, 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 May 2020, the Gateway Commercial Venture closed on the sale of approximately 11 acres of land and an approximately 189,000 square foot building for a purchase price of $108.0 million. The sale of this land and building, which had a carrying value of approximately $67.5 million, resulted in a gain of approximately $37.4 million, net of transaction costs. Concurrently, the Gateway Commercial Venture made a debt payment of $30.0 million to its lender and a distribution of $75.0 million to its members, of which approximately $56.3 million was distributed to the Company, with net proceeds generated from the sale. In August 2020, the Gateway Commercial Venture sold two buildings at the Five Point Gateway Campus, comprising a total of approximately 660,000 square feet. The purchase price was $355.0 million. 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 six months ended June 30, 2021 and 2020, the Gateway Commercial Venture recognized $4.2 million and $4.1 million, respectively, in rental revenues from those leasing arrangements. The following table summarizes the statements of operations of the Gateway Commercial Venture for the six months ended June 30, 2021 and 2020 (in thousands): Six Months Ended June 30, 2021 2020 Rental revenues $ 4,249 $ 16,982 Rental operating and other expenses (1,017) (3,427) Depreciation and amortization (1,969) (7,432) Gain on asset sale, net — 37,413 Interest expense (610) (6,942) Net income of Gateway Commercial Venture $ 653 $ 36,594 Equity in earnings from Gateway Commercial Venture $ 490 $ 27,446 The following table summarizes the balance sheet data of the Gateway Commercial Venture and the Company’s investment balance as of June 30, 2021 and December 31, 2020 (in thousands): June 30, 2021 December 31, 2020 Real estate and related intangible assets, net $ 88,374 $ 90,276 Other assets 16,603 14,446 Total assets $ 104,977 $ 104,722 Notes payable, net $ 29,409 $ 29,381 Other liabilities 9,863 10,290 Members’ capital 65,705 65,051 Total liabilities and capital $ 104,977 $ 104,722 The Company’s investment in the Gateway Commercial Venture $ 49,278 $ 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 June 30, 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 June 30, 2021 and December 31, 2020, the Company’s investment in the Valencia Landbank Venture was $2.2 million and $2.6 million, respectively, and the Company recognized $0.1 million in equity in earnings for the six months ended June 30, 2021.

Noncontrolling Interests

Noncontrolling Interests	6 Months Ended
	Jun. 30, 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 June 30, 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 six months ended June 30, 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. Tax distributions to the partners of the Operating Company for the three and six months ended June 30, 2021 and 2020, were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Management partner $ 304 $ — $ 1,686 $ 4,568 Other partners (excluding the Holding Company) — — 1,497 — Total tax distributions $ 304 $ — $ 3,183 $ 4,568 In July 2021, the Operating Company made a tax distribution of $1.2 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	6 Months Ended
	Jun. 30, 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 June 30, 2021, the San Francisco Venture had total combined assets of $1.3 billion, primarily comprised of $1.25 billion of inventories, $1.7 million in related party assets and total combined liabilities of $82.7 million including $73.1 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 $1.22 billion 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 June 30, 2021, FP LP and FPL had combined assets of $1.0 billion, primarily comprised of $856.0 million of inventories, $61.2 million of intangibles, $69.0 million in related party assets, and total combined liabilities of $113.3 million, including $104.9 million in accounts payable and other liabilities and $8.4 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 six months ended June 30, 2021 and 2020, there were no VIEs that were deconsolidated.

Intangible Asset, Net - Related

Intangible Asset, Net - Related Party	6 Months Ended
	Jun. 30, 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 June 30, 2021 and December 31, 2020 were as follows (in thousands): June 30, 2021 December 31, 2020 Gross carrying amount $ 129,705 $ 129,705 Accumulated amortization (68,516) (57,958) Net book value $ 61,189 $ 71,747

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 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 June 30, 2021 and December 31, 2020 consisted of the following (in thousands): June 30, 2021 December 31, 2020 Related Party Assets: Contract assets (see Note 3) $ 66,962 $ 78,055 Operating lease right-of-use asset (corporate office lease at Five Point Gateway Campus) 19,827 20,919 Other 3,751 4,707 $ 90,540 $ 103,681 Related Party Liabilities: Reimbursement obligation $ 73,091 $ 88,951 Payable to holders of Management Company’s Class B interests 8,365 9,000 Operating lease liability (corporate office lease at Five Point Gateway Campus) 14,572 15,176 Other — 22 $ 96,028 $ 113,149 Development Management Agreement with the Great Park Venture (Incentive Compensation Contract Asset) In 2010, the Great Park Venture, the Company’s equity method investee, engaged the Management Company under a development management agreement to provide management services to the Great Park Venture. The compensation structure in place as per the A&R DMA consists of a base fee and incentive compensation. The base fee consists of a fixed annual fee and a variable fee equal to general and administrative costs incurred by the Management Company on behalf of the Great Park Venture. Incentive compensation is characterized as “Legacy Incentive Compensation” and “Non-Legacy Incentive Compensation.” Legacy Incentive Compensation consists of a maximum of $9.0 million of incentive compensation payments attributed to contingent payments made under a cash flow participation agreement to which the Great Park Venture is a party. Holders of the Management Company’s Class B interests are entitled to receive all distributions from the Management Company that are attributable to any Legacy Incentive Compensation received by the Management Company. Non-Legacy Incentive Compensation is 9% of distributions available to be made by the Great Park Venture to holders of Percentage Interests of the Great Park Venture. During the three months ended June 30, 2021, the Great Park Venture made a Legacy Incentive Compensation payment to the Company of $0.6 million and a Non-Legacy Incentive Compensation payment of $20.7 million. Upon receiving the Legacy Incentive Compensation payment, the Company distributed the $0.6 million in proceeds to the holders of the Management Company's Class B interests. At June 30, 2021 and December 31, 2020, included in contract assets in the table above is $63.9 million and $74.8 million, respectively, attributed to Legacy and Non-Legacy Incentive Compensation revenue recognized but not yet due (see Note 3). Management fee revenues under the A&R DMA are included in management services—related party in the accompanying condensed consolidated statements of operations and are included in the Great Park segment. Management fee revenues under the A&R DMA were $7.5 million and $19.9 million for the three and six months ended June 30, 2021, respectively, and $6.2 million and $13.5 million for the three and six months ended June 30, 2020, respectively. Indirect Legacy Interest in Great Park Venture In 2018, the Company purchased an indirect interest in rights to certain Legacy Interests in the Great Park Venture through an equity method investment. At December 31, 2020, the carrying value of the purchased interests was $0.1 million and is included in other related party assets in the table above. During the three months ended June 30, 2021, the Company received a cash distribution of $1.0 million which was in excess of the carrying value of the interests resulting in a miscellaneous other—related party gain of $978 thousand. After receiving the distribution, the Company’s indirect Legacy Interest has no additional distribution rights in the Great Park Venture.

Notes Payable, Net

Notes Payable, Net	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Notes Payable, Net	NOTES PAYABLE, NET At June 30, 2021 and December 31, 2020, notes payable consisted of the following (in thousands): June 30, 2021 December 31, 2020 7.875% Senior Notes due 2025 $ 625,000 $ 625,000 Unamortized debt issuance costs and discount (6,651) (7,419) $ 618,349 $ 617,581 Revolving Credit Facility

Tax Receivable Agreement

Tax Receivable Agreement	6 Months Ended
	Jun. 30, 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 June 30, 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 six months ended June 30, 2021 and 2020.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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 June 30, 2021 and December 31, 2020 (in thousands): June 30, 2021 December 31, 2020 Operating lease right-of-use assets ($19,827 and $20,919 related party, respectively) $ 26,054 $ 28,276 Operating lease liabilities ($14,572 and $15,176 related party, respectively) $ 21,888 $ 23,831 In addition to operating lease payment guarantees, the Holding Company had other contractual payment guarantees as of June 30, 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 $228.9 million and $229.6 million as of June 30, 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 June 30, 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 June 30, 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 June 30, 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 the Company 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	6 Months Ended
	Jun. 30, 2021
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	SUPPLEMENTAL CASH FLOW INFORMATION Supplemental cash flow information for the six months ended June 30, 2021 and 2020 were as follows (in thousands): Six Months Ended June 30, 2021 2020 SUPPLEMENTAL CASH FLOW INFORMATION: Cash paid for interest, all of which was capitalized to inventories $ 26,358 $ 26,697 NONCASH INVESTING AND FINANCING ACTIVITIES: Adjustment to liability recognized under TRA $ (522) $ 615 Cash paid for income taxes $ 775 $ — Purchase of properties and equipment in accounts payable $ — $ 530 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 six months ended June 30, 2021 and 2020 (in thousands): June 30, 2021 June 30, 2020 Cash and cash equivalents $ 236,517 $ 215,085 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 $ 237,847 $ 216,827 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	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 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) Revenues Profit (Loss) Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 2021 2020 2021 2020 Valencia $ 516 $ 17,861 $ (6,129) $ 1,677 $ 1,108 $ 18,657 $ (11,028) $ (3,117) San Francisco 141 172 (796) (2,466) 290 1,147 (702) (5,558) Great Park 344,410 6,827 70,806 (10,185) 357,710 36,355 59,885 (12,727) Commercial 2,251 8,603 276 37,426 4,451 17,176 855 36,788 Total reportable segments 347,318 33,463 64,157 26,452 363,559 73,335 49,010 15,386 Reconciling items: Removal of results of unconsolidated entities— Great Park Venture (1) (336,866) (650) (69,110) 11,959 (337,826) (22,826) (56,626) 16,277 Gateway Commercial Venture (1) (2,148) (8,506) (173) (37,329) (4,249) (16,982) (653) (36,594) Add equity in earnings (losses) from unconsolidated entities— Great Park Venture — — 11,868 (4,092) — — 7,952 (34,452) Gateway Commercial Venture — — 130 27,997 — — 490 27,446 Corporate and unallocated (2) — — (11,799) (10,749) — — (26,145) (27,044) Total consolidated balances $ 8,304 $ 24,307 $ (4,927) $ 14,238 $ 21,484 $ 33,527 $ (25,972) $ (38,981) (1) Represents the removal of the Great Park Venture and Gateway Commercial Venture operating results, which are included in the Great Park segment and Commercial segment operating results at 100% of each venture’s historical basis, respectively, but are not included in the Company’s consolidated results and balances as the Company accounts for its investment in each venture using the equity method of accounting. (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): June 30, 2021 December 31, 2020 Valencia $ 901,038 $ 814,913 San Francisco 1,253,958 1,231,586 Great Park 979,440 1,236,217 Commercial 105,001 104,722 Total reportable segments 3,239,437 3,387,438 Reconciling items: Removal of unconsolidated balances of Great Park Venture (1) (852,173) (1,069,426) Removal of unconsolidated balances of Gateway Commercial Venture (1) (104,977) (104,722) Other eliminations (2) (8,602) (22,121) Add investment balance in Great Park Venture 322,794 391,465 Add investment balance in Gateway Commercial Venture 49,278 48,788 Corporate and unallocated (3) 272,839 330,563 Total consolidated balances $ 2,918,596 $ 2,961,985 (1) Represents the removal of the Great Park Venture and Gateway Commercial Venture balances, which are included in the Great Park segment and Commercial segment balances at 100% of each venture’s historical basis, respectively, but are not included in the Company’s consolidated balances as the Company accounts for its investment in each venture using the equity method of accounting. (2) Represents intersegment balances that eliminate in consolidation.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2021
Share-based Payment Arrangement [Abstract]
Share-Based Compensation	SHARE-BASED COMPENSATION The following table summarizes share-based equity compensation activity for the six months ended June 30, 2021: Share-Based Awards Weighted- Nonvested at January 1, 2021 2,275 $ 7.35 Granted 76 $ 6.33 Forfeited (44) $ 3.00 Vested (978) $ 11.03 Nonvested at June 30, 2021 1,329 $ 4.72 Share-based compensation expense was $1.1 million and $2.4 million for the three and six months ended June 30, 2021, respectively, and $2.8 million and $5.8 million for the three and six months ended June 30, 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 six months ended June 30, 2021 was $6.2 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	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2021 and 2020, are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net periodic benefit: Interest cost $ 128 $ 164 $ 256 $ 328 Expected return on plan assets (291) (276) (581) (552) Amortization of net actuarial loss 28 24 56 48 Net periodic benefit $ (135) $ (88) $ (269) $ (176)

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 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. Other than a small income tax provision attributed to one of the Company’s consolidated subsidiary corporations, during the three months ended June 30, 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 $4.9 million. In the three months ended June 30, 2020, the Company recorded no provision or benefit for income taxes (after application of a decrease in the Company’s valuation allowance) on pre-tax income of $14.2 million. Other than a small income tax provision attributed to one of the Company’s consolidated subsidiary corporations, during the six months ended June 30, 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 $26.0 million. In the six months ended June 30, 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 $39.0 million. The effective tax rates for the six months ended June 30, 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	6 Months Ended
	Jun. 30, 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 Value 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 June 30, 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 June 30, 2021, the estimated fair value of notes payable, net was $660.4 million compared to a carrying value of $618.3 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 and six months ended June 30, 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	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 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 (loss) earnings per share calculations for the three and six months ended June 30, 2021 and 2020 (in thousands, except shares and per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net (loss) income attributable to the Company $ (2,289) $ 6,632 $ (12,068) $ (18,174) Adjustments to net (loss) income attributable to the Company 24 — 133 355 Net (loss) income attributable to common shareholders $ (2,265) $ 6,632 $ (11,935) $ (17,819) Numerator—basic common shares: Net (loss) income attributable to common shareholders $ (2,265) $ 6,632 $ (11,935) $ (17,819) Less: net income allocated to participating securities — 223 — — Allocation of basic net (loss) income among common shareholders $ (2,265) $ 6,409 $ (11,935) $ (17,819) Numerator for basic net (loss) income available to Class A common shareholders $ (2,264) $ 6,406 $ (11,931) $ (17,813) Numerator for basic net (loss) income available to Class B common shareholders $ (1) $ 3 $ (4) $ (6) Numerator—diluted common shares: Net (loss) income attributable to common shareholders $ (2,265) $ 6,632 $ (11,935) $ (17,819) Reallocation of income (loss) upon assumed exchange of dilutive potential securities — 7,307 — (701) Less: net income allocated to participating securities — 223 — — Allocation of diluted net (loss) income among common shareholders $ (2,265) $ 13,716 $ (11,935) $ (18,520) Numerator for diluted net (loss) income available to Class A common shareholders $ (2,264) $ 13,713 $ (11,931) $ (18,514) Numerator for diluted net (loss) income available to Class B common shareholders $ (1) $ 3 $ (4) $ (6) Denominator: Basic weighted average Class A common shares outstanding 67,410,440 66,731,233 67,349,986 66,690,550 Diluted weighted average Class A common shares outstanding 67,410,440 142,851,412 67,349,986 68,854,356 Basic and diluted weighted average Class B common shares outstanding 79,233,544 79,233,544 79,233,544 79,233,544 Basic (loss) earnings per share: Class A common shares $ (0.03) $ 0.10 $ (0.18) $ (0.27) Class B common shares $ (0.00) $ 0.00 $ (0.00) $ (0.00) Diluted (loss) earnings per share: Class A common shares $ (0.03) $ 0.10 $ (0.18) $ (0.27) Class B common shares $ (0.00) $ 0.00 $ (0.00) $ (0.00) Anti-dilutive potential Performance RSUs 322,366 338,813 322,366 338,813 Anti-dilutive potential Restricted Shares (weighted average) 702,965 — 774,340 1,762,969 Anti-dilutive potential Performance Restricted Shares (weighted average) 644,734 — 651,277 713,415 Anti-dilutive potential Class A common shares from exchanges (weighted average) 79,257,314 3,137,134 79,257,314 76,120,179

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Jun. 30, 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 June 30, 2021 and December 31, 2020, respectively, net of tax benefits of $0.7 million and $0.7 million, respectively. At June 30, 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 June 30, 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 $35,000 and $30,000, net of taxes, for the six months ended June 30, 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)	6 Months Ended
	Jun. 30, 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 and cash flows for the three and six months ended June 30, 2021 are not necessarily indicative of the operating results and cash flows that may be expected for subsequent quarters or 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)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Schedule of Miscellaneous Other Income	Miscellaneous other income consisted of the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net periodic pension benefit $ 135 $ 88 $ 269 $ 176 Other—related party 978 — 2,048 — Total miscellaneous other income $ 1,113 $ 88 $ 2,317 $ 176

Revenues (Tables)

Revenues (Tables)	6 Months Ended
	Jun. 30, 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 (in thousands): Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 Valencia San Francisco Great Park (1) Commercial (1) Total Valencia San Francisco Great Park (1) Commercial (1) Total Land sales and Land sales—related party $ 102 $ — $ — $ — $ 102 $ 143 $ — $ — $ — $ 143 Management services—related party — — 7,544 103 7,647 — — 19,884 202 20,086 Operating properties 187 — — — 187 464 — — — 464 289 — 7,544 103 7,936 607 — 19,884 202 20,693 Operating properties leasing revenues 227 141 — — 368 501 290 — — 791 $ 516 $ 141 $ 7,544 $ 103 $ 8,304 $ 1,108 $ 290 $ 19,884 $ 202 $ 21,484 Three Months Ended June 30, 2020 Six Months Ended June 30, 2020 Valencia San Francisco Great Park (1) Commercial (1) Total Valencia San Francisco Great Park (1) Commercial (1) Total Land sales and Land sales—related party $ 17,030 $ — $ — $ — $ 17,030 $ 17,046 $ — $ — $ — $ 17,046 Management services—related party — 40 6,177 97 6,314 — 835 13,529 194 14,558 Operating properties 538 132 — — 670 1,031 312 — — 1,343 17,568 172 6,177 97 24,014 18,077 1,147 13,529 194 32,947 Operating properties leasing revenues 293 — — — 293 580 — — — 580 $ 17,861 $ 172 $ 6,177 $ 97 $ 24,307 $ 18,657 $ 1,147 $ 13,529 $ 194 $ 33,527 (1) The tables above do not include revenues of the Great Park Venture and the Gateway Commercial Venture, which are included in the Company’s reporting segment totals (see Notes 4 and 13).

Investment In Unconsolidated _2

Investment In Unconsolidated Entities (Tables)	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2021 and 2020 (in thousands): Six Months Ended June 30, 2021 2020 Land sale revenues $ 337,826 $ 22,826 Cost of land sales (251,420) (15,304) Other costs and expenses (29,780) (23,799) Net income (loss) of Great Park Venture $ 56,626 $ (16,277) The Company’s share of net income (loss) $ 21,235 $ (6,104) Basis difference amortization (13,283) (1,497) Other-than-temporary investment impairment — (26,851) Equity in earnings (loss) from Great Park Venture $ 7,952 $ (34,452) The following table summarizes the balance sheet data of the Great Park Venture and the Company’s investment balance as of June 30, 2021 and December 31, 2020 (in thousands): June 30, 2021 December 31, 2020 Inventories $ 722,821 $ 916,127 Cash and cash equivalents 95,212 128,850 Receivable and other assets 34,140 24,449 Total assets $ 852,173 $ 1,069,426 Accounts payable and other liabilities $ 121,354 $ 139,929 Redeemable Legacy Interests 82,719 133,695 Capital (Percentage Interest) 648,100 795,802 Total liabilities and capital $ 852,173 $ 1,069,426 The Company’s share of capital in Great Park Venture $ 243,038 $ 298,426 Unamortized basis difference 79,756 93,039 The Company’s investment in the Great Park Venture $ 322,794 $ 391,465 The following table summarizes the statements of operations of the Gateway Commercial Venture for the six months ended June 30, 2021 and 2020 (in thousands): Six Months Ended June 30, 2021 2020 Rental revenues $ 4,249 $ 16,982 Rental operating and other expenses (1,017) (3,427) Depreciation and amortization (1,969) (7,432) Gain on asset sale, net — 37,413 Interest expense (610) (6,942) Net income of Gateway Commercial Venture $ 653 $ 36,594 Equity in earnings from Gateway Commercial Venture $ 490 $ 27,446 The following table summarizes the balance sheet data of the Gateway Commercial Venture and the Company’s investment balance as of June 30, 2021 and December 31, 2020 (in thousands): June 30, 2021 December 31, 2020 Real estate and related intangible assets, net $ 88,374 $ 90,276 Other assets 16,603 14,446 Total assets $ 104,977 $ 104,722 Notes payable, net $ 29,409 $ 29,381 Other liabilities 9,863 10,290 Members’ capital 65,705 65,051 Total liabilities and capital $ 104,977 $ 104,722 The Company’s investment in the Gateway Commercial Venture $ 49,278 $ 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%

Noncontrolling Interest (Tables

Noncontrolling Interest (Tables)	6 Months Ended
	Jun. 30, 2021
Noncontrolling Interest [Abstract]
Schedule of Tax Distributions	Tax distributions to the partners of the Operating Company for the three and six months ended June 30, 2021 and 2020, were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Management partner $ 304 $ — $ 1,686 $ 4,568 Other partners (excluding the Holding Company) — — 1,497 — Total tax distributions $ 304 $ — $ 3,183 $ 4,568

Intangible Asset, Net - Relat_2

Intangible Asset, Net - Related Party (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2021 and December 31, 2020 were as follows (in thousands): June 30, 2021 December 31, 2020 Gross carrying amount $ 129,705 $ 129,705 Accumulated amortization (68,516) (57,958) Net book value $ 61,189 $ 71,747

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2021 and December 31, 2020 consisted of the following (in thousands): June 30, 2021 December 31, 2020 Related Party Assets: Contract assets (see Note 3) $ 66,962 $ 78,055 Operating lease right-of-use asset (corporate office lease at Five Point Gateway Campus) 19,827 20,919 Other 3,751 4,707 $ 90,540 $ 103,681 Related Party Liabilities: Reimbursement obligation $ 73,091 $ 88,951 Payable to holders of Management Company’s Class B interests 8,365 9,000 Operating lease liability (corporate office lease at Five Point Gateway Campus) 14,572 15,176 Other — 22 $ 96,028 $ 113,149

Notes Payable, Net (Tables)

Notes Payable, Net (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	At June 30, 2021 and December 31, 2020, notes payable consisted of the following (in thousands): June 30, 2021 December 31, 2020 7.875% Senior Notes due 2025 $ 625,000 $ 625,000 Unamortized debt issuance costs and discount (6,651) (7,419) $ 618,349 $ 617,581

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2021 and December 31, 2020 (in thousands): June 30, 2021 December 31, 2020 Operating lease right-of-use assets ($19,827 and $20,919 related party, respectively) $ 26,054 $ 28,276 Operating lease liabilities ($14,572 and $15,176 related party, respectively) $ 21,888 $ 23,831

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2021
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow and Other Information Related to Leases	Supplemental cash flow information for the six months ended June 30, 2021 and 2020 were as follows (in thousands): Six Months Ended June 30, 2021 2020 SUPPLEMENTAL CASH FLOW INFORMATION: Cash paid for interest, all of which was capitalized to inventories $ 26,358 $ 26,697 NONCASH INVESTING AND FINANCING ACTIVITIES: Adjustment to liability recognized under TRA $ (522) $ 615 Cash paid for income taxes $ 775 $ — Purchase of properties and equipment in accounts payable $ — $ 530
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 six months ended June 30, 2021 and 2020 (in thousands): June 30, 2021 June 30, 2020 Cash and cash equivalents $ 236,517 $ 215,085 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 $ 237,847 $ 216,827

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 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) Revenues Profit (Loss) Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 2021 2020 2021 2020 Valencia $ 516 $ 17,861 $ (6,129) $ 1,677 $ 1,108 $ 18,657 $ (11,028) $ (3,117) San Francisco 141 172 (796) (2,466) 290 1,147 (702) (5,558) Great Park 344,410 6,827 70,806 (10,185) 357,710 36,355 59,885 (12,727) Commercial 2,251 8,603 276 37,426 4,451 17,176 855 36,788 Total reportable segments 347,318 33,463 64,157 26,452 363,559 73,335 49,010 15,386 Reconciling items: Removal of results of unconsolidated entities— Great Park Venture (1) (336,866) (650) (69,110) 11,959 (337,826) (22,826) (56,626) 16,277 Gateway Commercial Venture (1) (2,148) (8,506) (173) (37,329) (4,249) (16,982) (653) (36,594) Add equity in earnings (losses) from unconsolidated entities— Great Park Venture — — 11,868 (4,092) — — 7,952 (34,452) Gateway Commercial Venture — — 130 27,997 — — 490 27,446 Corporate and unallocated (2) — — (11,799) (10,749) — — (26,145) (27,044) Total consolidated balances $ 8,304 $ 24,307 $ (4,927) $ 14,238 $ 21,484 $ 33,527 $ (25,972) $ (38,981) (1) Represents the removal of the Great Park Venture and Gateway Commercial Venture operating results, which are included in the Great Park segment and Commercial segment operating results at 100% of each venture’s historical basis, respectively, but are not included in the Company’s consolidated results and balances as the Company accounts for its investment in each venture using the equity method of accounting. (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): June 30, 2021 December 31, 2020 Valencia $ 901,038 $ 814,913 San Francisco 1,253,958 1,231,586 Great Park 979,440 1,236,217 Commercial 105,001 104,722 Total reportable segments 3,239,437 3,387,438 Reconciling items: Removal of unconsolidated balances of Great Park Venture (1) (852,173) (1,069,426) Removal of unconsolidated balances of Gateway Commercial Venture (1) (104,977) (104,722) Other eliminations (2) (8,602) (22,121) Add investment balance in Great Park Venture 322,794 391,465 Add investment balance in Gateway Commercial Venture 49,278 48,788 Corporate and unallocated (3) 272,839 330,563 Total consolidated balances $ 2,918,596 $ 2,961,985 (1) Represents the removal of the Great Park Venture and Gateway Commercial Venture balances, which are included in the Great Park segment and Commercial segment balances at 100% of each venture’s historical basis, respectively, but are not included in the Company’s consolidated balances as the Company accounts for its investment in each venture using the equity method of accounting. (2) Represents intersegment balances that eliminate in consolidation.

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2021: Share-Based Awards Weighted- Nonvested at January 1, 2021 2,275 $ 7.35 Granted 76 $ 6.33 Forfeited (44) $ 3.00 Vested (978) $ 11.03 Nonvested at June 30, 2021 1,329 $ 4.72

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2021
Retirement Benefits [Abstract]
Schedule of Net Benefit Costs	The components of net periodic benefit for the three and six months ended June 30, 2021 and 2020, are as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net periodic benefit: Interest cost $ 128 $ 164 $ 256 $ 328 Expected return on plan assets (291) (276) (581) (552) Amortization of net actuarial loss 28 24 56 48 Net periodic benefit $ (135) $ (88) $ (269) $ (176)

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table summarizes the basic and diluted (loss) earnings per share calculations for the three and six months ended June 30, 2021 and 2020 (in thousands, except shares and per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Numerator: Net (loss) income attributable to the Company $ (2,289) $ 6,632 $ (12,068) $ (18,174) Adjustments to net (loss) income attributable to the Company 24 — 133 355 Net (loss) income attributable to common shareholders $ (2,265) $ 6,632 $ (11,935) $ (17,819) Numerator—basic common shares: Net (loss) income attributable to common shareholders $ (2,265) $ 6,632 $ (11,935) $ (17,819) Less: net income allocated to participating securities — 223 — — Allocation of basic net (loss) income among common shareholders $ (2,265) $ 6,409 $ (11,935) $ (17,819) Numerator for basic net (loss) income available to Class A common shareholders $ (2,264) $ 6,406 $ (11,931) $ (17,813) Numerator for basic net (loss) income available to Class B common shareholders $ (1) $ 3 $ (4) $ (6) Numerator—diluted common shares: Net (loss) income attributable to common shareholders $ (2,265) $ 6,632 $ (11,935) $ (17,819) Reallocation of income (loss) upon assumed exchange of dilutive potential securities — 7,307 — (701) Less: net income allocated to participating securities — 223 — — Allocation of diluted net (loss) income among common shareholders $ (2,265) $ 13,716 $ (11,935) $ (18,520) Numerator for diluted net (loss) income available to Class A common shareholders $ (2,264) $ 13,713 $ (11,931) $ (18,514) Numerator for diluted net (loss) income available to Class B common shareholders $ (1) $ 3 $ (4) $ (6) Denominator: Basic weighted average Class A common shares outstanding 67,410,440 66,731,233 67,349,986 66,690,550 Diluted weighted average Class A common shares outstanding 67,410,440 142,851,412 67,349,986 68,854,356 Basic and diluted weighted average Class B common shares outstanding 79,233,544 79,233,544 79,233,544 79,233,544 Basic (loss) earnings per share: Class A common shares $ (0.03) $ 0.10 $ (0.18) $ (0.27) Class B common shares $ (0.00) $ 0.00 $ (0.00) $ (0.00) Diluted (loss) earnings per share: Class A common shares $ (0.03) $ 0.10 $ (0.18) $ (0.27) Class B common shares $ (0.00) $ 0.00 $ (0.00) $ (0.00) Anti-dilutive potential Performance RSUs 322,366 338,813 322,366 338,813 Anti-dilutive potential Restricted Shares (weighted average) 702,965 — 774,340 1,762,969 Anti-dilutive potential Performance Restricted Shares (weighted average) 644,734 — 651,277 713,415 Anti-dilutive potential Class A common shares from exchanges (weighted average) 79,257,314 3,137,134 79,257,314 76,120,179

Business and Organization (Deta

Business and Organization (Details) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)votemember	Jul. 31, 2021USD ($)	Jul. 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
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			$ 8.37
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 | $		$ 482.3
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%
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 | $			$ 1,200
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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Related Party Transaction [Line Items]
Net periodic pension benefit	$ 135	$ 88	$ 269	$ 176
Miscellaneous	1,113	88	2,317	176
Affiliated Entity
Related Party Transaction [Line Items]
Miscellaneous	$ 978	$ 0	$ 2,048	$ 0

Revenues - Disaggregation of Re

Revenues - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Revenue from customers	$ 7,936	$ 24,014	$ 20,693	$ 32,947
Revenues	8,304	24,307	21,484	33,527
Land sales, Affiliated Entity and Third Party
Disaggregation of Revenue [Line Items]
Revenue from customers	102	17,030	143	17,046
Management services | Affiliated Entity
Disaggregation of Revenue [Line Items]
Revenue from customers	7,647	6,314	20,086	14,558
Operating properties
Disaggregation of Revenue [Line Items]
Revenue from customers	187	670	464	1,343
Operating properties leasing revenues	368	293	791	580
Revenues	555	963	1,255	1,923
Valencia
Disaggregation of Revenue [Line Items]
Revenue from customers	289	17,568	607	18,077
Revenues	516	17,861	1,108	18,657
Valencia | Land sales, Affiliated Entity and Third Party
Disaggregation of Revenue [Line Items]
Revenue from customers	102	17,030	143	17,046
Valencia | Management services | Affiliated Entity
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0	0	0
Valencia | Operating properties
Disaggregation of Revenue [Line Items]
Revenue from customers	187	538	464	1,031
Operating properties leasing revenues	227	293	501	580
San Francisco
Disaggregation of Revenue [Line Items]
Revenue from customers	0	172	0	1,147
Revenues	141	172	290	1,147
San Francisco | Land sales, Affiliated Entity and Third Party
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0	0	0
San Francisco | Management services | Affiliated Entity
Disaggregation of Revenue [Line Items]
Revenue from customers	0	40	0	835
San Francisco | Operating properties
Disaggregation of Revenue [Line Items]
Revenue from customers	0	132	0	312
Operating properties leasing revenues	141	0	290	0
Great Park
Disaggregation of Revenue [Line Items]
Revenue from customers	7,544	6,177	19,884	13,529
Revenues	7,544	6,177	19,884	13,529
Great Park | Land sales, Affiliated Entity and Third Party
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0	0	0
Great Park | Management services | Affiliated Entity
Disaggregation of Revenue [Line Items]
Revenue from customers	7,544	6,177	19,884	13,529
Great Park | Operating properties
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0	0	0
Operating properties leasing revenues	0	0	0	0
Commercial Leasing
Disaggregation of Revenue [Line Items]
Revenue from customers	103	97	202	194
Revenues	103	97	202	194
Commercial Leasing | Land sales, Affiliated Entity and Third Party
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0	0	0
Commercial Leasing | Management services | Affiliated Entity
Disaggregation of Revenue [Line Items]
Revenue from customers	103	97	202	194
Commercial Leasing | Operating properties
Disaggregation of Revenue [Line Items]
Revenue from customers	0	0	0	0
Operating properties leasing revenues	$ 0	$ 0	$ 0	$ 0

Revenues - Additional Informati

Revenues - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Increase (Decrease) In Contract With Customer, Asset [Roll Forward]
Contract assets, beginning balance			$ 85,100	$ 73,000
Increase in contract assets			(12,400)	5,900
Contract assets, ending balance	$ 72,700	$ 78,900	72,700	78,900
Revenue from customers	7,936	24,014	20,693	32,947
Land sales
Increase (Decrease) In Contract With Customer, Asset [Roll Forward]
Revenue from customers	65	17,028	87	17,034
Great Park Venture
Increase (Decrease) In Contract With Customer, Asset [Roll Forward]
Revenue from customers	7,544	6,177	$ 19,884	13,529
Great Park Venture | Maximum
Increase (Decrease) In Contract With Customer, Asset [Roll Forward]
Options to renew mutual agreement			3 years
Great Park Venture | 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	66,962	72,800	66,962	72,800
Affiliated Entity | Great Park Venture
Increase (Decrease) In Contract With Customer, Asset [Roll Forward]
Revenue from customers	21,300
Remaining performance obligation	10,700		10,700
Affiliated Entity | Land sales
Increase (Decrease) In Contract With Customer, Asset [Roll Forward]
Revenue from customers	37	$ 2	56	$ 12
Affiliated Entity | Commercial Paper | Land sales
Increase (Decrease) In Contract With Customer, Asset [Roll Forward]
Revenue from customers	$ 14,900		$ 14,900

Investment In Unconsolidated _3

Investment In Unconsolidated Entities - Additional Information (Details) ft² in Thousands, $ in Thousands	1 Months Ended			3 Months Ended			6 Months Ended
	Aug. 31, 2020USD ($)ft²building	May 31, 2020USD ($)ft²a	Mar. 31, 2020USD ($)	Jun. 30, 2021USD ($)aft²buildingindividual	Mar. 31, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)aft²buildingindividual	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Schedule of Equity Method Investments [Line Items]
Revenue from customers				$ 7,936		$ 24,014	$ 20,693	$ 32,947
Number of buildings owned | building				1			1
Area of land (in acres) | a				50			50
Number of buildings on campus | building				4			4
Carrying value of properties and equipment, net				$ 32,111			$ 32,111		$ 32,769
Return on investment from Gateway Commercial Venture							0	22,350
Revenues				8,304		24,307	21,484	33,527
Company's investment in venture				374,296			374,296		442,850
Equity in earnings (losses) from unconsolidated entities				12,119		23,905	8,563	(7,006)
Great Park Venture
Schedule of Equity Method Investments [Line Items]
Priority distribution paid				51,000
Return of capital distribution paid				204,300
Revenue from customers							337,826	22,826
Company's investment in venture				$ 322,794			322,794		391,465
Gateway Commercial Venture
Schedule of Equity Method Investments [Line Items]
Revenue from customers							$ 4,249	16,982
Area of land (in acres) | a				73			73
Number of buildings on campus | building				4			4
Area of gateway campus | ft²				1,000			1,000
Company's investment in venture				$ 49,278			$ 49,278		48,788
Equity in earnings (losses) from unconsolidated entities							490	27,446
Five Point Office Venture Holdings I, LLC Acquisition | Gateway Commercial Venture
Schedule of Equity Method Investments [Line Items]
Number of buildings sold | building	2
Acres of land sold | a		11
Area of building sold (in sq ft) | ft²	660	189
Purchase price	$ 355,000	$ 108,000
Carrying value of properties and equipment, net		67,500
Gain on asset sale, net		37,400
Debt payment		30,000
Distribution made to members		75,000
Land sales
Schedule of Equity Method Investments [Line Items]
Revenue from customers				$ 65		17,028	87	17,034
Land sales | Great Park Venture
Schedule of Equity Method Investments [Line Items]
Revenue from customers							279,500	21,800
Revenue from related parties							58,300	1,000
Land sales | Great Park Landbank Venture | Great Park Venture
Schedule of Equity Method Investments [Line Items]
Revenue from customers							57,400
Homesites Sold | Great Park Venture
Schedule of Equity Method Investments [Line Items]
Revenue from customers							236,600
Rental Revenue | Gateway Commercial Venture
Schedule of Equity Method Investments [Line Items]
Revenues							$ 4,200	4,100
Great Park Venture
Schedule of Equity Method Investments [Line Items]
Percentage of equity ownership				37.50%			37.50%
Distributions entitled to be received							$ 476,000
Potential additional distributions entitled to be received				$ 82,700	$ 89,000
Return of investment from venture							76,623	0
Distributions received				476,000			476,000
Other-than-temporary investment impairment			$ (26,900)				0	(26,851)
Equity in earnings (losses) from unconsolidated entities				$ 11,868		(4,092)	$ 7,952	(34,452)
Great Park Landbank Venture | Great Park Venture
Schedule of Equity Method Investments [Line Items]
Percentage of equity ownership				10.00%			10.00%
Initial contribution							$ 4,600
Gateway Commercial Venture
Schedule of Equity Method Investments [Line Items]
Percentage of equity ownership				75.00%			75.00%
Return of investment from venture							$ 0	33,900
Gain on asset sale, net							0	37,413
Equity in earnings (losses) from unconsolidated entities				$ 130		$ 27,997	$ 490	27,446
Gateway Commercial Venture | Five Point Office Venture Holdings I, LLC Acquisition
Schedule of Equity Method Investments [Line Items]
Percentage of equity ownership				75.00%			75.00%
Number of individuals entitled to be appointed to executive committee | individual				2			2
Return on investment from Gateway Commercial Venture		$ 56,300
Valencia Landbank Venture
Schedule of Equity Method Investments [Line Items]
Percentage of equity ownership				10.00%			10.00%
Return of investment from venture							$ 477	$ 0
Company's investment in venture				$ 2,200			2,200		$ 2,600
Equity in earnings (losses) from unconsolidated entities							$ 100

Investment In Unconsolidated _4

Investment In Unconsolidated Entities - Summarized Statement of Operations (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Add equity in earnings (losses) from unconsolidated entities
Revenue from customers		$ 7,936	$ 24,014	$ 20,693	$ 32,947
Other costs and expenses		(26,484)	(34,288)	(58,384)	(66,910)
Net loss		(4,927)	14,238	(25,972)	(38,981)
The Company’s share of net income (loss)		(2,289)	6,632	(12,068)	(18,174)
Equity in loss from ventures		12,119	23,905	8,563	(7,006)
Great Park Venture
Add equity in earnings (losses) from unconsolidated entities
The Company’s share of net income (loss)				21,235	(6,104)
Basis difference amortization				(13,283)	(1,497)
Other-than-temporary investment impairment	$ (26,900)			0	(26,851)
Equity in loss from ventures		$ 11,868	$ (4,092)	7,952	(34,452)
Great Park Venture
Add equity in earnings (losses) from unconsolidated entities
Revenue from customers				337,826	22,826
Cost of land sales				(251,420)	(15,304)
Other costs and expenses				(29,780)	(23,799)
Net loss				56,626	(16,277)
Gateway Commercial Venture
Add equity in earnings (losses) from unconsolidated entities
Revenue from customers				4,249	16,982
Cost of land sales				(1,017)	(3,427)
Depreciation and amortization				(1,969)	(7,432)
Interest expense				(610)	(6,942)
The Company’s share of net income (loss)				653	36,594
Equity in loss from ventures				$ 490	$ 27,446

Investment In Unconsolidated _5

Investment In Unconsolidated Entities - Unobservable Inputs Used to Determine Fair Value (Details) - Great Park Venture $ in Thousands	6 Months Ended
	Jun. 30, 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	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020
ASSETS
INVENTORIES	$ 2,103,805	$ 1,990,859
CASH AND CASH EQUIVALENTS	236,517	298,144	$ 215,085
INTANGIBLE ASSET, NET—RELATED PARTY	61,189	71,747
OTHER ASSETS	18,808	20,605
TOTAL	2,918,596	2,961,985
LIABILITIES:
Accounts payable and other liabilities	137,002	135,331
Distribution payable to Legacy Interests	618,349	617,581
Redeemable Legacy Interests	577,949	578,278
Capital (Percentage Interest)	605,309	617,666
Members’ capital	1,856,913	1,885,098
TOTAL	2,918,596	2,961,985
INVESTMENT IN UNCONSOLIDATED ENTITIES	374,296	442,850
Great Park
ASSETS
INVENTORIES	722,821	916,127
CASH AND CASH EQUIVALENTS	95,212	128,850
OTHER ASSETS	34,140	24,449
TOTAL	852,173	1,069,426
LIABILITIES:
Accounts payable and other liabilities	121,354	139,929
Redeemable Legacy Interests	82,719	133,695
Capital (Percentage Interest)	648,100	795,802
TOTAL	852,173	1,069,426
The Company's share of capital in Great Park Venture	243,038	298,426
Unamortized basis difference	79,756	93,039
INVESTMENT IN UNCONSOLIDATED ENTITIES	322,794	391,465
Gateway Commercial Venture
ASSETS
INTANGIBLE ASSET, NET—RELATED PARTY	88,374	90,276
OTHER ASSETS	16,603	14,446
TOTAL	104,977	104,722
LIABILITIES:
Distribution payable to Legacy Interests	29,409	29,381
Other	9,863	10,290
Members’ capital	65,705	65,051
TOTAL	104,977	104,722
INVESTMENT IN UNCONSOLIDATED ENTITIES	$ 49,278	$ 48,788

Noncontrolling Interests - Addi

Noncontrolling Interests - Additional Information (Details) $ in Thousands, shares in Millions	1 Months Ended	3 Months Ended			6 Months Ended
	Jul. 31, 2021USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)shares	Jun. 30, 2021USD ($)class	Jun. 30, 2020USD ($)	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					$ 3,183	$ 4,568
Redeemable noncontrolling interest, common stock class C units		$ 25,000			$ 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%			37.60%
Tax distribution to noncontrolling interest		$ 304	$ 0		$ 3,183	4,568
Five Point Operating Company, LLC | Management partner
Noncontrolling Interest [Line Items]
Tax distribution to noncontrolling interest		$ 304	$ 0		$ 1,686	$ 4,568
Five Point Operating Company, LLC | Management partner | Subsequent Event
Noncontrolling Interest [Line Items]
Tax distribution to noncontrolling interest	$ 1,200
Five Point Operating Company, LLC | Class A Units | Affiliated Entity
Noncontrolling Interest [Line Items]
Ownership percentage of outstanding common units		62.40%			62.40%
Five Point Operating Company, LLC | Class B Units | Affiliated Entity
Noncontrolling Interest [Line Items]
Ownership percentage of outstanding common units		100.00%			100.00%

Noncontrolling Interests - Sche

Noncontrolling Interests - Schedule of Tax Distributions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Noncontrolling Interest [Line Items]
Tax distribution to noncontrolling interest			$ 3,183	$ 4,568
Five Point Operating Company, LLC
Noncontrolling Interest [Line Items]
Tax distribution to noncontrolling interest	$ 304	$ 0	3,183	4,568
Management partner | Five Point Operating Company, LLC
Noncontrolling Interest [Line Items]
Tax distribution to noncontrolling interest	304	0	1,686	4,568
Other partners (excluding the Holding Company) | Five Point Operating Company, LLC
Noncontrolling Interest [Line Items]
Tax distribution to noncontrolling interest	$ 0	$ 0	$ 1,497	$ 0

Consolidated Variable Interes_2

Consolidated Variable Interest Entity (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Combined assets	$ 2,918,596	$ 2,961,985
Inventories	2,103,805	1,990,859
Related party assets	90,540	103,681
Combined liabilities	1,036,683	1,051,887
Related party liabilities	96,028	113,149
Intangibles	61,189	71,747
Accounts payable and other liabilities	$ 137,002	135,331
San Francisco Venture
Variable Interest Entity [Line Items]
Distributions	99.00%
Variable Interest Entity, Primary Beneficiary | San Francisco Venture
Variable Interest Entity [Line Items]
Combined assets	$ 1,300,000	1,200,000
Inventories	1,250,000	1,220,000
Related party assets	1,700	2,800
Combined liabilities	82,700	97,900
Related party liabilities	73,100	89,000
Variable Interest Entity, Primary Beneficiary | FP LP And FPL
Variable Interest Entity [Line Items]
Combined assets	1,000,000	1,000,000
Inventories	856,000	767,300
Related party assets	69,000	80,000
Combined liabilities	113,300	108,900
Related party liabilities	8,400	9,000
Intangibles	61,200	71,700
Accounts payable and other liabilities	$ 104,900	$ 99,900

Intangible Asset, Net - Relat_3

Intangible Asset, Net - Related Party (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Gross carrying amount	$ 129,705		$ 129,705		$ 129,705
Accumulated amortization	(68,516)		(68,516)		(57,958)
Net book value	61,189		61,189		$ 71,747
Amortization expense	$ 2,700	$ 2,300	$ 10,600	$ 4,700

Related Party Transactions - Re

Related Party Transactions - Related Party Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Contract assets	$ 72,700	$ 85,100	$ 78,900	$ 73,000
Operating lease right-of-use assets	26,054	28,276
Other	18,808	20,605
Due to related parties	96,028	113,149
Operating lease liability	21,888	23,831
Affiliated Entity
Related Party Transaction [Line Items]
Contract assets	66,962	78,055	$ 72,800	$ 68,100
Operating lease right-of-use assets	19,827	20,919
Other	3,751	4,707
Total Related Party Assets	90,540	103,681
Operating lease liability	14,572	15,176
Other	0	22
Total Related Party Liabilities	96,028	113,149
Reimbursement obligation | Affiliated Entity
Related Party Transaction [Line Items]
Due to related parties	73,091	88,951
Payable to holders of Management Company’s Class B interests | Affiliated Entity
Related Party Transaction [Line Items]
Due to related parties	8,365	9,000
Legacy Incentive Compensation Receivable | Affiliated Entity
Related Party Transaction [Line Items]
Contract assets	$ 63,900	$ 74,800

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Related party assets	$ 90,540		$ 90,540		$ 103,681
Contract assets	72,700	$ 78,900	72,700	$ 78,900	85,100	$ 73,000
Distribution from indirect Legacy Interest in Great Park Venture—related party			1,020	1,721
Gain on distribution from indirect Legacy Interest in Great Park Venture—related party			978	0
Other Related Party Assets | Great Park Venture
Related Party Transaction [Line Items]
Related party assets					100
Distribution from indirect Legacy Interest in Great Park Venture—related party			1,000
Gain on distribution from indirect Legacy Interest in Great Park Venture—related party			978
Equity Method Investee | Legacy Incentive Compensation Receivable | Great Park Venture
Related Party Transaction [Line Items]
Related party assets	9,000		$ 9,000
Percentage of distributions			9.00%
Affiliated Entity
Related Party Transaction [Line Items]
Contract assets	66,962	72,800	$ 66,962	72,800	78,055	$ 68,100
Affiliated Entity | Legacy Incentive Compensation Receivable
Related Party Transaction [Line Items]
Revenue from customers	600
Contract assets	63,900		63,900		$ 74,800
Affiliated Entity | Development Management Agreement
Related Party Transaction [Line Items]
Revenue from related parties	7,500	$ 6,200	19,900	$ 13,500
Affiliated Entity | Non-Legacy Incentive Compensation
Related Party Transaction [Line Items]
Revenue from customers	20,700
Affiliated Entity | Payable to holders of Management Company’s Class B interests
Related Party Transaction [Line Items]
Distribution to certain interest holders, aggregate	$ 600		$ 600

Notes Payable, Net (Details)

Notes Payable, Net (Details) - USD ($)	1 Months Ended
	Apr. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Promissory note issued		$ 618,349,000	$ 617,581,000
Unamortized debt issuance costs and discount		(6,651,000)	(7,419,000)
Outstanding letters of credit		1,300,000	1,300,000
Unsecured Debt | Revolving Credit Facility
Debt Instrument [Line Items]
Senior unsecured revolving credit facility, maximum borrowing capacity	$ 125,000,000
Outstanding letters of credit		300,000
Senior unsecured revolving credit facility, available borrowing capacity		$ 124,700,000
Unsecured Debt | Revolving Credit Facility | Minimum | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%
Unsecured Debt | Revolving Credit Facility | Maximum | LIBOR
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 ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 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	Jun. 30, 2021	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets	$ 26,054	$ 28,276
Operating lease liabilities	$ 21,888	$ 23,831
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]
Operating Lease, Liability, Statement of Financial Position [Extensible List]
Affiliated Entity
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets	$ 19,827	$ 20,919
Operating lease liabilities	$ 14,572	$ 15,176

Commitments and Contingencies_2

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 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	228.9	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	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest, all of which was capitalized to inventories	$ 26,358	$ 26,697
NONCASH INVESTING AND FINANCING ACTIVITIES:
Adjustment to liability recognized under TRA	(522)	615
Cash paid for income taxes	775	0
Purchase of properties and equipment in accounts payable	$ 0	$ 530

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information - Condensed Cash Flow Information (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 236,517	$ 298,144	$ 215,085
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	$ 237,847	$ 299,474	$ 216,827	$ 348,574

Segment Reporting - Additional

Segment Reporting - Additional Information (Details)	Jun. 30, 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)	50
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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Revenues	$ 8,304	$ 24,307	$ 21,484	$ 33,527
Profit (Loss)	(4,927)	14,238	(25,972)	(38,981)
Equity in earnings (losses) from unconsolidated entities	12,119	23,905	8,563	(7,006)
Great Park Venture
Segment Reporting Information [Line Items]
Equity in earnings (losses) from unconsolidated entities	11,868	(4,092)	7,952	(34,452)
Gateway Commercial Venture
Segment Reporting Information [Line Items]
Equity in earnings (losses) from unconsolidated entities	130	27,997	490	27,446
Operating Segments
Segment Reporting Information [Line Items]
Revenues	347,318	33,463	363,559	73,335
Profit (Loss)	64,157	26,452	49,010	15,386
Corporate and Unallocated
Segment Reporting Information [Line Items]
Profit (Loss)	(11,799)	(10,749)	(26,145)	(27,044)
Valencia
Segment Reporting Information [Line Items]
Revenues	516	17,861	1,108	18,657
Valencia | Operating Segments
Segment Reporting Information [Line Items]
Revenues	516	17,861	1,108	18,657
Profit (Loss)	(6,129)	1,677	(11,028)	(3,117)
San Francisco
Segment Reporting Information [Line Items]
Revenues	141	172	290	1,147
San Francisco | Operating Segments
Segment Reporting Information [Line Items]
Revenues	141	172	290	1,147
Profit (Loss)	(796)	(2,466)	(702)	(5,558)
Great Park Venture
Segment Reporting Information [Line Items]
Revenues	7,544	6,177	19,884	13,529
Great Park Venture | Operating Segments
Segment Reporting Information [Line Items]
Revenues	344,410	6,827	357,710	36,355
Profit (Loss)	70,806	(10,185)	59,885	(12,727)
Great Park Venture | Removal of Results of Unconsolidated Entities
Segment Reporting Information [Line Items]
Revenues	(336,866)	(650)	(337,826)	(22,826)
Profit (Loss)	(69,110)	11,959	(56,626)	16,277
Commercial Leasing
Segment Reporting Information [Line Items]
Revenues	103	97	202	194
Commercial Leasing | Operating Segments
Segment Reporting Information [Line Items]
Revenues	2,251	8,603	4,451	17,176
Profit (Loss)	276	37,426	855	36,788
Gateway Commercial Venture | Removal of Results of Unconsolidated Entities
Segment Reporting Information [Line Items]
Revenues	(2,148)	(8,506)	(4,249)	(16,982)
Profit (Loss)	$ (173)	$ (37,329)	$ (653)	$ (36,594)

Segment Reporting - Assets (Det

Segment Reporting - Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Assets	$ 2,918,596	$ 2,961,985
Add investment balance	374,296	442,850
Great Park Venture
Segment Reporting Information [Line Items]
Assets	852,173	1,069,426
Add investment balance	322,794	391,465
Gateway Commercial Venture
Segment Reporting Information [Line Items]
Assets	104,977	104,722
Add investment balance	49,278	48,788
Operating Segments
Segment Reporting Information [Line Items]
Assets	3,239,437	3,387,438
Other eliminations
Segment Reporting Information [Line Items]
Assets	(8,602)	(22,121)
Corporate and Unallocated
Segment Reporting Information [Line Items]
Assets	272,839	330,563
Valencia | Operating Segments
Segment Reporting Information [Line Items]
Assets	901,038	814,913
San Francisco | Operating Segments
Segment Reporting Information [Line Items]
Assets	1,253,958	1,231,586
Great Park Venture | Operating Segments
Segment Reporting Information [Line Items]
Assets	979,440	1,236,217
Great Park Venture | Removal of Results of Unconsolidated Entities
Segment Reporting Information [Line Items]
Assets	(852,173)	(1,069,426)
Commercial Leasing | Operating Segments
Segment Reporting Information [Line Items]
Assets	105,001	104,722
Gateway Commercial Venture | Removal of Results of Unconsolidated Entities
Segment Reporting Information [Line Items]
Assets	$ (104,977)	$ (104,722)

Share-Based Compensation - Equi

Share-Based Compensation - Equity Compensation Activity (Details) - Restricted Stock Units (RSUs) shares in Thousands	6 Months Ended
	Jun. 30, 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	(978)
Nonvested, ending balance (in shares) | shares	1,329
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	11.03
Nonvested, ending balance (in dollars per share) | $ / shares	$ 4.72

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended
	Jan. 31, 2021	Jan. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense			$ 1,100	$ 2,800	$ 2,400	$ 5,800
Estimated fair value at vesting of share-based awards					6,200
Reacquisition of share based compensation awards for tax-withholding purposes					$ 2,047	$ 5,521
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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Net periodic benefit:
Interest cost	$ 128	$ 164	$ 256	$ 328
Expected return on plan assets	(291)	(276)	(581)	(552)
Amortization of net actuarial loss	28	24	56	48
Net periodic benefit	$ (135)	$ (88)	$ (269)	$ (176)

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income tax expense (benefit), other than provision	$ 0		$ 0
Provision for income tax	5,000	$ 0	5,000	$ 0
Pre-tax income (loss)	$ (4,922,000)	$ 14,238,000	$ (25,967,000)	$ (38,981,000)

Financial Instruments and Fai_2

Financial Instruments and Fair Value Measurements and Disclosures (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Estimated Fair Value | Fair Value, Inputs, Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable	$ 660.4	$ 663.9
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Notes payable, carrying value	$ 618.3	$ 617.6

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details)	6 Months Ended
	Jun. 30, 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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator:
Net (loss) income attributable to the Company	$ (2,289)	$ 6,632	$ (12,068)	$ (18,174)
Adjustments to net (loss) income attributable to the Company	24	0	133	355
Net (loss) income attributable to common shareholders	(2,265)	6,632	(11,935)	(17,819)
Less: net income allocated to participating securities	0	223	0	0
Allocation of basic net (loss) income among common shareholders	(2,265)	6,409	(11,935)	(17,819)
Reallocation of income (loss) upon assumed exchange of dilutive potential securities	0	7,307	0	(701)
Less: net income allocated to participating securities	0	223	0	0
Allocation of diluted net (loss) income among common shareholders	$ (2,265)	$ 13,716	$ (11,935)	$ (18,520)
Performance Restricted Stock Units (RSUs)
Diluted (loss) earnings per share:
Anti-dilutive potential securities (in shares)	322,366	338,813	322,366	338,813
Restricted Shares
Diluted (loss) earnings per share:
Anti-dilutive potential securities (in shares)	702,965	0	774,340	1,762,969
Performance Restricted Shares
Diluted (loss) earnings per share:
Anti-dilutive potential securities (in shares)	644,734	0	651,277	713,415
Common Class A
Diluted (loss) earnings per share:
Anti-dilutive potential securities (in shares)	79,257,314	3,137,134	79,257,314	76,120,179
Common Class A
Numerator:
Net (loss) income attributable to common shareholders	$ (2,264)	$ 6,406	$ (11,931)	$ (17,813)
Numerator for diluted net (loss) income available to Class A/B common shareholders	$ (2,264)	$ 13,713	$ (11,931)	$ (18,514)
Denominator:
Basic weighted average Class A/B common shares outstanding (in shares)	67,410,440	66,731,233	67,349,986	66,690,550
Diluted weighted average Class A/B common shares outstanding (in shares)	67,410,440	142,851,412	67,349,986	68,854,356
Basic (loss) earnings per share:
Class A/B common shares (in dollars per share)	$ (0.03)	$ 0.10	$ (0.18)	$ (0.27)
Diluted (loss) earnings per share:
Class A/B common shares (in dollars per share)	$ (0.03)	$ 0.10	$ (0.18)	$ (0.27)
Common Class B
Numerator:
Net (loss) income attributable to common shareholders	$ (1)	$ 3	$ (4)	$ (6)
Numerator for diluted net (loss) income available to Class A/B common shareholders	$ (1)	$ 3	$ (4)	$ (6)
Denominator:
Basic weighted average Class A/B common shares outstanding (in shares)	79,233,544	79,233,544	79,233,544	79,233,544
Diluted weighted average Class A/B common shares outstanding (in shares)	79,233,544	79,233,544	79,233,544	79,233,544
Basic (loss) earnings per share:
Class A/B common shares (in dollars per share)	$ 0	$ 0	$ 0	$ 0
Diluted (loss) earnings per share:
Class A/B common shares (in dollars per share)	$ 0	$ 0	$ 0	$ 0

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 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	$ 35	$ 30