FPH - Earnings call transcript Q3 2020 | Five Point Holdings, LLC

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Operator

Good day, everyone. Welcome to today’s Five Point Holdings Third Quarter 2020 Conference Call. Currently, all participants are in a listen-only mode.

As a reminder, today's program is being recorded. Today's conference may include forward-looking statements regarding Five Point's business, financial conditions, operations, cash flow, strategy and prospects.

future Five and on give are as the only this date any represent to call conference not actual statements Point's the estimates of assurance Forward-looking results. intended to matters Because forward-looking statements inherently to subject have yet and occurred, are uncertainties. that risks statements these not to relate Five forward-looking materially factors activities from Many cause and affect statements. or results results results future actual could in the activities may anticipated and Point's to differ filings, Form SEC those These most Form release quarterly SEC. those and the Risk factors section in report with described press Factors Point's include the today's recent in Five annual XX-K on including of the filed report XX-Q on and obligation note update statements. any Five forward-looking assumes Please that no to Point

Haddad, sir. CEO go Now, Point. Please Chairman Five I'd to Mr. and the like of ahead, turn call over Emile to

Emile Haddad

live, other maintaining investment you, the welcome, and loved communities. of is quarter are community connect all you I our invest of The that amenities that a characterize creating maintenance speak our and our infrastructure strong life, ones hope and each nature. third in Greg, Point in Thank value of of balance results sheet a healthy. continuing to to and your everyone. of to walks places with for Five by all and great people with driving the work, This strategy

premier our have a overall facilities, school of delivered commercial to in of our buyers to the the is public at the live Park community. real in recognized paying price of our clear investment country. and in achieved are children Campus close estate put our premium often home sports two highlighted sale example the the our one Gateway on have as state-of-the-art is Today, and being that Irvine of communities The Great in a our We entertainment result as Irvine premiums the enrolled buildings systems. to of excellent the in

are lower to Valencia, homes target is their homes expected higher to Thanks will for and new communities. housing as rates move seen proof-of-concept families in historically be XXXX. interest our all Soon, well. in market very in demand The into doing

Los respectively, last financial and Zillow price and Only to before and home seen projected and X.X% months, X.X% the the XX next X.X% results. to it to see over to are Our Orange source. our over County Angeles – according same over appreciation X.X% go months, another XX markets in have over the I hand before according Erik, of to

that of two on price. me communities. an recall you the you event address those disrupted Unfortunately, our about throughout and were day planning real of XXXX, meeting our investors for investors value a Let give disconnect view of the update end and between COVID-XX an will plans. we company At all the share our that thinking the

able will hope Our a hold to meeting tour that we is and year. in-person be next

show communities. we the So you can

conditions However, company, we see value a the we've don’t early will allow the hope planned the if help understand of for it every year that virtual for the you you next way meeting day. that,

will to And after over it on who results. will turn me Erik, let report take QX Now, I financial our that. questions

Erik Higgins

Thanks, Emile.

the conclude management related start of Our our financial and the position. $XX.X two $X.X and generated recognition revenues our the The quarter in issued segments of unconsolidated with million company's by Broadcom services. the in for were to ventures, from included third and the the interest primarily approximately million, the Gateway party sheet Total November a of XX-Q Venture, of Five balance buildings Commercial from expenses Gateway the earnings recognized We allocated liquidity our on for in about sale results is today. earlier company. result $XX XX% million from our address our each consolidated our attributable including interests, at expenses revenue totaled related $XX.X as earnings of a was occupied comments Point the Net I'll quarter. filed results X leaving $XX.X including $XX.X and administrative income I'll was release to our million the summary of and earnings four joint the with and million selling, consolidated non-controlling consolidated million, of $XX.X Campus. million to quarter general approximately million, for costs of was which two $XX.X

loss accounting $XX.X for selling, Moving purposes. accounting earlier provided million Francisco segment for to the primarily the Venture, which Valencia sale Great by results. company year. related expenses. primarily the the is Francisco management owner We sale $X.X and a the land to segment segment segment for collected Park segment land of the against services $X.X was for The as was million, quarter a The note quarter loss Park Great net to the of The was occurred was San in The purposes. Park Great operations is consolidated general also well consolidated The expenses. million, SG&A administrative that segment’s the Venture. includes as management Park Neighborhoods, which Great the San

the management results the under Park Great no Park the The million Great were with of revenues the level our reporting, for project operation reminder, interest historical agreement. Park venture a $X.X at include Great accounted XXX% segment is venture’s entity unconsolidated accounting. The Park The non-legacy cost equity basis in and of a company. As primarily we revenue The an under segment the of consisting we Park the is investment Venture Great Venture desk. method Great for Venture third the with quarter, the full self-funding own recognized of Venture percentage the accounting. of management XX.X% of the of

Great for consisting the operations. of the in losses. of $X.X management Venture, Great Park its recognized the loss Park of Great segment $XX.X $XX includes Park $X.X income of loss our Great Park Venture’s for related which net company million, of Venture quarter million net on third million company the totaled a The a The the and million investment to loss share

segment We the of Venture includes management Gateway Commercial entity the the Commercial Gateway company and for accounted The Gateway provided an Commercial services is operations under Venture by XX% the commercial management venture of the the unconsolidated equity our own with company. and management XXX% Commercial Venture investment method accounting. Gateway of to the in Our also Venture. of

the For the at segment office reporting, for results Venture the Gateway Campus. buildings in and $XX.X of we made a Commercial the in to million buildings $XX.X primarily in of venture’s sold JV of These sale debt cash The of connection with at basis project $XX.X its The occupied income distribution related its for million. Five members, $XXX of were income include paid by on was Commercial the two Point the company the which historical $XXX full segment million off Commercial million the Five approximately Gateway to Broadcom investment sale quarter, received million Gateway Venture. accounting. million. recognized Point level $XXX of

purpose, feet million of which perspective historical the of For X campus, XXXX Venture, the office August to JV on the approximately Commercial company our included buildings the of approximately in investment $XXX Gateway XX in square in the contributed acquisition venture’s million totaling acre four space. with XX% connection

up received cash the of one the – has XX distributions today, The and approximately sorry, rights balance the at acres a approximately venture and currently related buildings sale campus. commercial XX million it three few development of with I'm to and liquidity land additional buildings from of acres. Five with As wrap received position. of sheet I'll Point $XXX.X four comments in our owns

and the is position million from the by note primarily increased result of $XX.X increase collected the quarter. The offset for by Commercial SG&A against expenditures Our in for and Venture cash land continued distributions Gateway inventory million $XX.X has Valencia $XX.X million cash sale expenses. the

$XXX.X which facility. of total $XXX.X under million revolving devised of XX, was and liquidity $XXX September of million availability balance our of million, unsecured our credit $XXX.X approximately As XXXX, borrowing million cash

to ratio balance is of strong total debt Our with XX%. capital the sheet

me Let who back the operator for now open it will questions. turn up to

Operator

Kim, much, hear from first, ISI. very with right. And Evercore we'll you Thank Instructions] [Operator who's sir. Stephen All

Stephen Kim

and the price factoring way? run are What you're perhaps about think far? months the your maybe to how seeing from price the Honestly, thing Obviously, trends neighboring year, I the in know your was no this you growth given but was the Yes. those vantage long-term stream from Park, attitude best as ago. don't in degree as I near what particularly point or Thanks on think has just markets unique is you different might or the comment And the be quarter your probably the in Newhall? remaining I home cash industry, changed the very in home well Great of very your the in for to appreciation, which be flows, the which in one the nine the in as future more for seen you could one Park investments best appreciation. monetize has in and thinking six, Or Newhall, those – of – changed much, on I guys. course X% of How growth – price changes near-term even interesting than conceived what talked example, in way Great general, approaching thus to X% business, in lot may into Newhall? over near-term outlook, curious it perspective have year a to if you you the

Emile Haddad

Look, only to huge many very with that in look well I market pent-up a to and and you ability a the location-wise, Thanks, to end has and with starts think always fact way. Orange value and gives as us there’s great that create to that is town on with been consistent unique is size-wise have at had are in changed advantage anything. Steve as the of you. County, terms ways, a seen of answer we’ve Park that as the game that housing a demand. we That and very are are of hasn’t Coupled hear from amount question we supplying view our really Great County we the the communities, have, amenities nice that in Los and extent. in your that huge uniqueness Angeles – And

think trails, amenities. density you with were they our consumer attitude changed actually appreciating of type aggravated. I of before to with But to What more communities has with though, more are been people it and appreciating has migrate than much a more space, as even is, lower with COVID-XX. today, open highlighted that is an

a from seeing of Angeles interest the to has be at we’re there’s higher Valencia be lot helped a that as And are a builders translate that the to well. Great we seeing. Park factor to up the So Los lot that we’re interest going there, in and now through our that obviously is density expecting that in so

the is we’ll appreciation the it’s rear the appreciation look, view demand terms function that imbalance us I In to long-term, go and higher lot of to you’re a a and And today appreciation was short-term I of speculating gave and that nothing numbers the you whether in it’s I anything, demand what of going horizon the that in see think are than on there’s to as terms supply. increase said seeing supply happen of of mirror, XXXX. before, be more some people the an shows if translating going an or in of in there’s

a start it’s there’s the monetizing, we summarize, level to now now when accelerate, these have position low, the interest to going in reached have we from – maturities only it I be and of interest to that be consumers, are at think, unique we and going thinking. assets can of both that this our our believed in high So have And to markets. rates happens a reached always time are

we One, the of the very last the there’s homesites, terms them is massive have months ago. from not hopefully tell where homes. how we two to the builders in beginning how a the And time by as flat that much is the going able you sometimes put in our reasons. the stretch community. of supply projecting wide exactly XX,XXX want for be careful the we But the much want. in answer to be to we we and increasing demand need is next this and this have is, is, Now, be the land happened. whatever about careful we terms to large go of momentum whether simple would seven question or to bank going can community, want we put now, of make it we amount know, extremely we can market you, group are to to important go timeline for not money, of be It’s right – than homesites. market much you be this how to infrastructure on were extremely the dictates allow call, higher to for create first of and to not on And do not we’d we and of us vendors what you to And to have

Stephen Kim

great. to of thinking you has been recall Can year, XX around last this you’ve That’d recall something. changed if at embedding there Yes. XX HPA that be on longer-term when of in last I’m around your year, was me I the Correct of months? that end your in a longer-term – number XX% or HPA how earlier perhaps comment models last seem a HPA assumptions, I wrong, the – your rethinking

Emile Haddad

something do life tend to and we moving the change years a terms ahead between goes assumption, of long as in all doing, two no years look three already healthy deal for reported because and as more I to on not mean, the this we change just regularly margins the very three you flow I of have Yes. changed think cash margin. ahead, is, up needle to don’t our we years, assumptions for have you’re our we us you’re four that that – assumptions. reason look, There’s

my from perspective, it’s I going believe be higher. So yes, to

dynamic but change rate low the they reason the I assumptions. as stay us are. stays no if think the to same answer interest is those for The yes, there’s as

Stephen Kim

reduced when to a that some beverage would entertainment be preferences, these particularly That as like seems in concerns year, buyer and or potential that big thought this earlier time you there of things that a food changing to elevated like of a and of not to it asking and happening recall presume I change mistake be the for. that. and there Great. whether was it changes, related preference the therefore you attractiveness venues the at felt some

could would those a of mistake kind – think you be venues of semi-permanent situation. relative recently, they before. I to Some of kinds be if had in to More you Or a about of the if those home importance you the on would that would assume that I’m it term heard talk for behavior? think be curious, about what to I’ve the that perhaps seems correctly? for update trends give see preference you longer idea of venues next homeowners anything – venue And what into the increase, we’ve of ownership recent you’re this heard leaning sort as providing any conversation two, here, more will been what of go durability behavior I’m kind reading, the actually the and opportunities of seen relationships. year like in we of you or that it if or a customer forward some

Emile Haddad

what here’s look, mean, I saying. Yes. I was

have virus going though, the to term to be with want to the this to that. of short going the because the the out going the to in happen I of once be of that And that and going lifestyle COVID-XX that entertainment about XXs themselves about much early as long something with consumer’s as we can are our forget stays believe this going that communities do believe consumer’s acceleration people unique I As is as behind demand well and I far payment I amount venues. COVID-XX, one, to as that accelerating the the purpose you’re about that of once because I to anyway to very virus, asked amenities life consumer with to obviously, to as, a change the were because I the us, think Long-term, we type you asked open food I of still because the similar going was doing of we to how of everything can the either to going for quick the and started very term, and nobody’s working are don’t space remember think is tell I, short else. of future to pent-up of normality, jump home, design enhancing the term, for thinking result you our behavior Because tell the a a the looking be we to you on or that serving focusing related home conclusion look, is you, environment. say, of and things are to were the said even which is community. for on some want are I see going social an is some before lifestyle, watching and office. that, we lot building of come our basically obsolete hub that beverage and in that change going the we’re the as situation. behavior the their to a what office And everybody’s healthcare commercial,

I be think have good the chance and one I on. long-term, space of, have watch even is I that’s to there’s area to more going that focused that office will office going configurations. to start the very we think we a that changing lot and space, don’t a because itself think The

Stephen Kim

Yes. Sure.

appreciate much and very I it. Thanks great. Okay,

Operator

right. All

JPMorgan, Moving Michael on Rehaut. we from have

Elad Hillman

Elad is Thanks on Hillman Mike. This for for my taking question.

whether wondering in was comment stronger the a you trends, you October. quarter, what any saw slowing you saw the sales if part during from also great So first, I monthly seasonal on could on homebuilders and

Emile Haddad

second sorry, didn’t hear the part. I’m I

I sales way the of the as Great increase XX. I at in looked The you we down. that was the so. quarter we before like tell I the week. I which can think The locked time, year, we’ve running an about COVID-XX last seen And first at days, were part quarter is, for you’re have more XX look at from about at asking the first Park. sales, And XX me been – or rate the last a the seeing first the

had as a higher case. I a demand. new from well. it’s we’ve there’s that the our We think builders telling really, what’s that So And across board. us that’s hear And

part catch what I the sorry, was didn’t the I’m question? So it. second of

Elad Hillman

about I into strength continued October? October, whether that that’s continued – was wondering has

Emile Haddad

was Yes. were through reporting, it week. all We which loss seeing last

Elad Hillman

may the Great. Park then And started Great Valencia that engaged more up market just also in secondly, more for your Park seeing sites, in your are And there activities and following for That’s you last development you very any willing the and helpful. home that at versus to Great there, sense builders pay Valencia? have then be to sites re-ramp home quarter.

Emile Haddad

Yes.

price in Great questions. we intend with grow on later for I up. everything So be going in where the next moving middle until because let tell say is sites we’re We to based next me priced going haven’t another start position we’ve land good the round of time you Part, We until year the our still that to We that And with to don’t seen be, see But market, not that. sometime. year. land. therefore, can’t in we’re to of

terms the asking Valencia, have we In not prices. changed our of

right group to success. before, first just their sure Because thing of would home last to sell not that the want have are said we they’re sites. that going and momentum our builders I program to be have sales we to with the is comfortable, the As make able want

we’ve this have share a some However, of from end more more deals these we’ll of had to I from think able And that last, of all XX lot you builders that you year, that be tell builders, Valencia. I can engagement done. lot hopefully probably of days, we been with a the interest by the in in

Elad Hillman

you. Thank great. Okay,

Emile Haddad

you. Thank

Operator

Associates. to Alan who’s [Operator Ratner, Zelman and next Instructions] on We’ll with move

Alan Ratner

so on lots that you still last standing doing And and Hey, about guys. quarter partially to or well you end. up believe point on to, I were make everyone’s on good I’m right, I just that had your to Emile developed. interpreting Valencia. afternoon just that that hopefully Valencia, XXX, sell I because want last XXX think finished XXX another hear glad maybe, on updated sure

to wrong? referring the there So, is I the lately about that that potentially about what that year, been to sell thinking talking and could builders announce end of or you’ve before you’re am

Emile Haddad

No, you’re not.

right. You’re

the mentioned those will some about the end the on sites. and there’s is expectation XXX And We shortly been for also concluded year year. development of be either outstanding land I after are in demand the have that inventory with that those there’s that, by home discussions. do negotiation additional all higher or of Board the a hopefully already to end

a not or create don’t year-end the As force want we we that make much is might a I to focusing also a right valuation, year-end, the on that that decision. as we are not might situation closing be sure right at the

goal XXX to XXX that get every right So, but you going that there, we’re home to going and now we’re us I would and tell that somewhere think I indication get that our between to shows sites.

Alan Ratner

Great. That’s very helpful.

The a bit little comment second I you activity is of development your think that made resuming question, a again. housekeeping,

the quarterly cash from is So, at kind forward? pre-COVID think going flow was we perspective, were $XX million, inventory previously? a so that you running roughly are rate quarter think realistic seeing million I you the of guide in or it $XX run a about increase as should

Emile Haddad

we hesitate consistent terms incurring sales. I we know, a the is don’t quarter-to-quarter of but numbers as were front first you expect amount And that of same the as phase up in in spending, me. of because for as not to gearing I the you were burn think of I in terms it don’t land give have development just rate, should

years heavy very first heck was and lift a The in land of costly. Valencia two was big development ready

that are starting as develop additional we it So, the going I manufacture, the the not don’t to talking you many is, how home as will how authorities, we about, to your are gear you’re sites. going land be but dollars simply thinking sites much, a home Valencia see want is do, your subdivision, to start just margin answer And development to on we sites home think the for going at we’re it’s note, just builders look up we in question more that to if but where about. the

basically online We are have because we’re going many don’t how should building home a will to do. but do to less doing, city the that to going you to the and amount lot of home be it I probably sites major obligations have burn infrastructure that many and think rates. not be how expect online, going to same sites it’s of with we’re

Alan Ratner

two Okay. That’s could. ones very I helpful. quick have more I if

that the we Great your First, timeline, thank receive on you about kind you think the next Park, as joint far guys would for from as that expect of with first should lot venture? when sales, coinciding also distribution to

Emile Haddad

statement to we’ve able and Well, – to such years, year, I distribution, mean, needed Five Point home a next that over to put to past which, of that there’s will the mean, expecting think sites able that about few I be that time still say distribution in the satisfy legacy enough perspective. distribution major be we revenue million. – I satisfy start there’ll was we’re $XXX is to which come seeing that’s been to where point of the plus legacy solutions it legacy, the last enough but the a the the then sales

monitoring will right when and a the burning these replacement fail we expectations that’s Park we determine from our both comes rate year, we of when if the now, sales at the sales. but distribution And market well ongoing, keep of sites, rate will with additional in. Alan, will go to out the as that We that things. to – look decide how when we’re as is will So, that a Great see we home going community because is next they’re

Alan Ratner

throughout incredibly operation connected your finally And obviously, a helpful. in California. from of That’s political Understood. markets landscape you’re

with Francisco? on Election political us County a on changed your can either give now or or that kind County, us, would Orange Day of LA across behind in San up one bit if landscape affect just way the anything’s another even of curious business an you locally if So, update little

Emile Haddad

we mean of to the the to of that Well, used look the much for at that know, very and elections these the feel you partnership we’ve with a with locally, about we’re good LA deal partnership the going entitlement results they’re make and very have with that crossed process, have things few as our here anything The us and not very, we all we’re city we issues were our San more to comfortable see on ground. is news with that local of comfortable when we different. entitled, to very level in us lot hurdle much anything Francisco our going is but ago Irvine, still County years worry of and solid partnership

have still even election, becomes California level result So local results at and are state where California even focus and at the the relationship the that Vice latest of has results of the federal Obviously, more nothing with changes them a today, and None us both we aisle of level, prominent house, results. a great anything. there sides level, with speaker President the believe. as a of of much we all the the good are making the even are the rethink more position at

Alan Ratner

Great. that luck. good Appreciate and

Emile Haddad

Sure.

Operator

right. All

Wells Moving Truman we Patterson. on have Fargo, from

Truman Patterson

there? was you of in the just there you afternoon, see but an feed some need given of start a Park update Could and believe builder, Last good price discussed being market still quarter, XQ, the update a Hey, an in believe all the supposed feasibility market? everyone. it do I a Great the with of I to the new partnership prove home the kind of with just rebound give give you higher in to points.

Emile Haddad

products they’re product. relationship. different of say know, that that New very The your own develop designed under product. construction opportunity something think how a Company was build, you done report one product I the and and Well as wasn’t have big Company, didn’t that buildings. to it’s a something they’re as top than Home And such of then basically rather sales XX because that all, mean because Home market or the we sure their builder the is I product product certain be – something want this to I have niche even look, product is positive when first relationship XX in very comfortable call, you because earnings build weak, might exists, Company is moving to that a very And type do couldn’t they forward. a the I live might there well been don’t that of in be just misunderstood. we there referenced might I moving that the sell a as somebody might we we that the more go And said for builders the they that niche of in yet, forward. be and company make of are already with New with Home not much down unique New will lines, changing actually the that products but duplicating

So, on. is product because and because by just builder sell the this compromise not a the be out or market it’s we integrity might segmentation the not the as product is production product not to taking couldn’t for mix embarking to want be we the did weak, that because of comfortable

Truman Patterson

far, an kind of in how have prior were sales and if Valencia, Okay, update trailers? ahead believe times months know time. actually but Fair they’ll enough. hard opening in so homebuilder few a open Valencia sales of I they’ve homebuilders there, have you I be opening grand out of okay. then the Could the trailers of January, And a up the lot supposed pre-selling trended in to give to grand been

Emile Haddad

amenities now, physical now, was building we They parallel have right scheduled are parks as opening we have, path we like grand March. the And typical have builders before the grand and and a to the enable not. that on And that a to have limitations probably still right that to and of will opening grand some in ourselves things opening are enable knowing night. we even

the see that started there’s we making that standing sell to nobody any make always ability So, potential of But investment big could the them. we’re type opening strategy we’re buyers scheduled January, softly help physical; but our grand at same a to builders need the virtual and of the start builders selling, opening. running of has an builders at different parallel have we’re a selling time, virtual the terms pre-selling from our in they’re sure are something to going all least grand – to and for get, selling perspective, the on in March, physically. things was typically to amenities – but it they And

Truman Patterson

Okay.

would And I'm clarity, develop a little enough. put bit next a Fair successful regarding around for XXXX, park you you what you that we numbers look the or consider then the just year of sales and Okay. over but Valencia? great Valencia, out I can lot year as and at hoping some both so, believe close

Emile Haddad

said mean, the started, out said, homesites of we when probably last and think with we we group year first with look, Well, of so. XXX we I I follow another go can if XXX then or

have was to to but enough position put We For XXX. number market. year, about going XXX because say, potentially would the from the another and to not segmentation, good product talking XXX, have we for a activity, to XXX us be in we're a went XXX oversupply the first enough us, that

we really – we builders. and diversified do, need it So driven the are we're going because the and thought the to, more obviously or to demand doing because we the exceeding market, supply it's we're we not from wanted what to by builders and

us. driving what's that's So

about X,XXX. us, It more going surprising for supply. that but looks no even it's and we're a now if – not be that said good X,XXX three might start you're I've very in So exciting year first because there's year if me, ramp that to do that's or or can a to two asking we even than in would up always the like Valencia, be

Truman Patterson

I Thank appreciate you right. for it. All that.

Operator

We'll Bachmann Instructions] on to move with Scott Field [ph]. [Operator

Unidentified Analyst

undervalued. price Hi, I actual the rough you clearly range was on, price calculation, and wondering envelope that's fair like do back so value, guys if earlier of but another is, calculate the book you think but like building the market type in of what base, value the share call, mentioned way the or asking, of you of value a

Emile Haddad

make that did came look combination entities had that property billion translates investors don't that in a the of before that book value And about situation. it unique result tax have in that wanted to we readjustments a value of very And we of a $X sophisticated that's book Well, different California share. we to of the about the a trigger the time as the and because sure at has each assets. combination because we that IPO, $XX

restructuring New was out Chapter Home came of low had a call was deemed XX. the New to be the let’s – book it it acquirer it Home because in that in very combination. value, And

value exhausted, we $XX. we at could went believe stated that our that like were per based although time when we on that and basically assets up range that if $XX Valencia you we to be to believe share, we about how So public the is more in and the of adjust $XX book we – were market, other view

before, with things Do The based mentioned our understated behind what in value, to price the if creation appreciation, that, as have home that's else law. still that add over well all as changed. a we So we've put on anything two I by are it, obviously And time. the Erik. at and you we anything we book stand value years hasn't to said own we that have last that as beliefs

Unidentified Analyst

you. Thank agree. I if Just

Emile Haddad

Thank Well, we appreciate that. you.

Operator

questions All it to remarks have. turn right. folks back closing they queue. looks that for in the floor further or the like like the additional any have to we just team, And I'd management no

Emile Haddad

backdrop much where the call report look as I able you we XXXX we the of we sit on said Hopefully a thank be this very Hopefully terms time, that assuming from time we for conclusion, at in just dialing to And activities as next by great will in year. in. the Valencia. have in be Valencia, your because Well, you us, more which in again. talking selling forward and very stay deepen we in and Thank And you to just production meanwhile, homes behind moving interest for is into look and years. waiting in the families thanks healthy company that coronavirus would to many for many, the been we've in something is the much.

Operator

does dialing for that appreciate you our in. today. Folks, conference conclude We

may now You disconnect.

Five Point (FPH) 10 Nov 202020 Q3 Earnings call transcript