everyone you as I have still thank afternoon, am joining isolate. COVID am call. Good joining our to and for I restrictions remotely I under today the and
So I today through from at Colorado. in is to Irvine; Chief home Interim Financial us and am Officer our pleased update of also you and and joining progress Stuart the the our second we offices Miller, the our my Executive Officer, office have Mike Chairman, I Leo Legal our company in XXXX. calling very of Kij, Alvarado, on quarter am from Chief
on financial update give have quarter we the on We our and condition. will and the during focus steps our towards of company’s Then overview team’s Leo the an implementing strategies. will performance taken also you
team. the questions lines We will then open to our for management
and that for a second Point positioning been our our Let Five me begin future. by saying quarter building pivotal focused on our attention for quarter has as have we
and with sheet. overall fortify we will will Although we near-term strong profitable that an quarter closings are closed already balance have land be recorded this our actually million sales residential loss, not $XX land we positioned and
and will a crafted do produce We as begin with well. commercial more property have we right-sized overhead our platform that strategy carefully operating to results strategy with executing are our less
today this down doing with our strategy. Point with starts and more Let Five me less give operating Everything more some at detail. you break
our of communities, concurrently business. master have we our costs focused While doing on attention plan managing managed have we carefully our
year quarter prior our in from costs in reduction in over XX% to reduction expenses efforts restructuring approximately our our the approximately last resulted in has Our manage and quarter XX% now quarter. same first expenses the
continuing there we across engagement the bottom We at real greater residential as and drive costs, position our carefully in sales, focus the greater continue operations efficiencies on team, same platform. to communities, future. execution creating top to each our more in our With in a day-to-day a public Francisco we productivity are done properties time, partners operating properties our of our efficient commercial have our smaller a contribution of to high-quality to with valuation San begun for program and positioning our high-value our managing reconfigured
housing housing in still California, theme. well-located rate rapid the interest be as moves business, aggressive programs California residential or of demand is is On as California in to inflation, have Even the expected, in response to land and residential the in to current forward focused markets our macroeconomic side market. the headwinds residential on quarter facing by and the our while activity residential both cooled moving shortage dominant the a nationally monitoring reaction closely continues second our Fed’s
profitability, these greatest like uncertainties the and the been have retain Experience master plan best, the the new supply. standards underwriting demographics with housing of for shortage to in long-term executed conditions. moving and overall demands tells as place, market allow of year, are communities believe and already some maturity in fourth that favorable a in forward disciplined will, with move given will current sheet, strong quarters is very support home of and expected level the that strong active housing in build favorable, plan market, balance there mortgage to are with the very best new in While quite our we along address new remains the that this our balance results. Five Point general Accordingly, well-planned home outperforming which position well third sales as the uncertainty us with has market and to while the X master enhance through land outlook the close at value market, that times market communities market strong we us need sheet.
of we residential to to in commercial Park our to in some these development, our the land of and residential our land communities current addition The opportunities Great stage both are both completed commercial position with extraordinary our In we in begin high-quality a land Valencia. land beginning market programs. opportunities continued strategies, blending maturity and of now are sales
certain quite online. commercial forward strong first look greater market their with acceptance markets that will in are to kind greater flow constrained as we come meet stronger of building offerings revenues, bottom cash properties these and profitability We these and commercial line very
to with cash $X balance debt our offerings strong $XXX patient on drawn capital with match hand rock Of to our well-positioned us ratio, to the revolving million on $XXX enable of course, At sheet million. total a us product our revolver, liquidity $XXX and are value solid end, communities was complemented quarter unique to offering available extremely maximize – sheet XX% giving million of and balance offerings by the to right us our purchaser. with our right allow
looking an to has run we we are balance position efficient more strengthen While Five ever as business. that a Point sheet, very solid
our business. in every management Five deployed. commercial is on deployed on with driving land order produce focus We are with capital less to matching increasing create strategy our development flow, sale less. executions and revenue of our particular is Point efficiency and residential carefully focus part increasing in more to land are more cash cash Again, cost with
communities sell rates. a Great turn our review. Five and continue at absorption community at me to let The Point Now, but to somewhat reduced Park Valencia homes,
communities. seeing been slowdowns has California than we pattern our and slowdowns, home what in As up at the markets better the sales new is holds coastal – prior inland that are
XX in is large inventory Great remaining due opened quarter, Park. limited the second to in with Solis our sold homes builders homes to only homes be sale out neighborhood, Rise nearly for at recently and part the open homes, sold the Rise in quarter, from of During XX first Park sold. only XX community our down
with August the open increase community Solis had neighborhoods planned September. opened to to These should homes the well. for first through Great late balance July, XXX greatly complex in available the model homes sale as Park in with and Park homes home sales will expand
the the bids X that next on During XX the offering. in we for community XXX have District land a seeking sales received and with initiated were strong in our the the homes accepted community process neighborhoods quarter, in market, Even of X-South, and residential XX uncertainty interest neighborhoods. the bids of we
We X and and to are different complete their are the impact in now the builder process. builder provides community. These in closings working on due for which diligence our on builders, our with X diversity Park base with any the sales programs forward one entry minimize Great good successful bidders with move this
while home While bids or builders venture we programs value has programs, with be X to our – remaining sites. value the guest to new feel our design now holding the more working will venture three had higher market created there on them either for bids these off by
this we the end was highly programs for eight competitive proceeding do not We pricing bids strong. year. three are and contracting the the to with, up neighborhoods As the were last
during original of XXX XXX for XXX homes down XX home quarter, Great of June to home in be XXX now XXX neighborhoods home push the Valencia by homes projected our from sold sold builders In the will approximately have sites out a homes during since Park of approximately we X of X,XXX sites sales the closings new open lands substantially anticipated totaled in as first first neighborhoods projection sites into our versus our quarter. opening the XXXX. the out in Our the year XXXX. has is sale remaining XX quarter. XXX XXXX and home Valencia, through We total May now second
have now filling a and our on the We its with is own. home taking of closed XXXth life families also and community
sales been better current match demand. and We fourth year home planned pace the have quarter looking sales this to at Valencia in also our of the site in market
current approximately to home sales more approximately our Looking be the density their current The existing will additional reduction higher expectation work lot at of to from product overlap the builders anticipated to sites. time the avoid XXX projection is segments through product home our our in we’ll sites give XXX primarily reduce to market, programs. original and open
the a a of San Francisco Point into feel Sales for and It Francisco mix neighborhoods is As in will remains has City developer, towards priority all of community. with important the sales Francisco. move XXXX. opportunities. County the it market approved work development for and and to broad Five irreplaceable the the along land San the home master of success sites monitor these of we to continue Bay San
new the project, a of Director for Executive Community Investment was the of agency appointed. Infrastructure, This lead Office government quarter, the
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to continue on more less. We with the of focus doing strategy
efficiencies to We and for cash focus while across performance, continue our accountability, operating company. building balance shareholder value. a fortify we sheet drive opportunities on flow the are bottom to line With to look drive create looking
opportunities has with XX of planned an focus core development our communities, on Great plans three Another been Valencia. on continue work the our and active to in square million Park priority commercial for feet
which not were offer parcels Orange and Great Park life hospital, something commercial industrial. parcels the commercial commercial cancer doing cancer life our offered new to We and Great top these majority are and use broke been office of treatment last Hope’s And week land residential of market, ground facility can the has in years, perfect unique large be opportunities of strong a multitude market. and including we City in at in a which the create maximum commercial have Great opportunities completed support R&D, future patient and a full same entitlement, a maximum and sciences near County These of for uses, to process ongoing of the are the of flexible order Valencia. our line. dedicated available attributes will with sciences, bottom parcels opportunity Park, revenue On entitled that review Park Venture drive one at for great to of
support to these We to vision to multiple actively Both and build are and land enhance also Irvine much our of housing will multifamily in opportunities of at of are the City Irvine also looking Park add Five commercial will help and value also XXXX Great review create will the completing California’s to a land ongoing housing residential working housing Point. anticipate estate On housing year current for in multi-family of the shortage. flow California strong with is drive and our result add of Multifamily Great needed opportunities fill our we for the City holders. to greater offerings. top Valencia, with ongoing and each distributions the greater all Venture Park We their our real of support value commercial cash actively mix segment address shortage. both which in to efforts ongoing thereafter, to
San help to to We community public continue leaders will and remarks. in shortage. my and continues leadership our look our one Five are housing work with not in is the Francisco community the partners expand a in priorities partners to and I Point current our communities we but opportunities with move economically sustainable, mixed-use viable in building Last public forward to cooperative address five San have work of committed to community manner. California. continue to It in least, our for Francisco to
summary, to Valencia will our delivered second sales. greenhouse continue community for differentiation certified Our program support industry net planned communities a standard. one an zero from gas of other has home at Point. quarter our In progress This set Five is
strategies about more feeling it future. We ever are enthusiastic and our our gaining in confidence
our progress looking our We while enhance short commercial our opportunities of aggressive flux acknowledging structure, efforts revenue. the future that increases. cost of interest rationalizing in seize have made housing and enhancing remain because time, inflation period offerings in optimistic our both the at a upon commercial long-term the market material about and I same address Fed’s to to the residential company, is through of our rate
open We two have positioned for communities be as current success. positioned will out market to well-located, continuing very But we market know are the best attractive and uncertainty. ride well uncertainty clears, that
communities. demand inflation plans monitoring rates adjust proactively interest are the for of maintain master and values plan We our and to and the buyer housing, will impact we of rising our
financial Leo, it let over results. our Now turn on who will report me to
