Thank Vice our Chief Chief our you. Alvarado, of Reporting. President Legal me Good our afternoon, I Mike Senior Tobler, Kim Financial and Finance thank and Officer; you for today, and Officer; call. and joining Chief Leo Officer Operating our have Kij,
over -- different. little a cold, sounds so if like voice I'm small excuse it my Just a getting
and moment for fires take I Angeles. on behalf the want Before into in get myself to Point, side of I the to devastating express affected call, by Five our are a Los business of those sadness
largely yesterday, by has our is community. and fires, not out were that directly the communities and contained ] never nearby zones extended affected fire to broke the our situated [indiscernible] been [ While now evacuation huge [indiscernible] community but our
as firefighters first tirelessly lives and of impacted Palisade these and [indiscernible] all and families work Although have been our by permeates showed to the are courageous to fires, industry sense officials the working and well by loss communities North further partners as property. that we we and Southern Like of with to who protect the California agencies California. affected to the individuals, many areas public South of Southern responders fires the deep the organizations
rebuilding to of the aware contributions. begin a it bridge significant Although Southern part will [indiscernible] take many we as of be support also future will to expedited we that well of other County a efforts, Angeles a enable of response areas. will for better current We're and the directly -- will Los affected to its with be needs. the the to philothropic to support solutions approvals county rebuilding build the fully swift and expect that Five expect the for and not impacted, actions were California Point relevant agencies effort there
a resistant and mixed-use communities, company in provide fire stand and As we ready is deeply that as execution building involved expertise needed. to resilient
said, that So let with me begin.
On our on update quarter I today's fourth record-breaking you our will call, results. and year-end
performance operating priorities the go-forward our finally, element quarter; for Additionally, the operating our growth our during the strategy. We'll for After the will line XXXX. an then then which, I Point's year. condition review team's with focus discuss the will of questions. of and strategy, strategic for company's full and give quarter overview the of Five Tim and XXXX will and expectations financial open then Mike first guidance
future. spend. million, In net Five profitability fourth reporting to net revenue quarter, the growth pleased defined for of consecutive seventh focused our on income, our capital as record for remained for income generating which and and $XXX is income than expenses expected stronger quarterly of quarter our managing is we us a controlling with the to for I'm generated build fourth to a pathway Turning our program a another successful as Point, quarter we very consistent report continue to we quarter.
to XXXX, all land close During essential our X months anticipated ended we're December able of the XX, sales.
sites X for with price to new of million. single home acres Park, X purchase home home aggregate home purchase XXX we programs, distinct the XX.X In on And million. the -- builder, of price on to venture aggregate programs builders Valencia, an X at sites closed totaling Great $XXX.X XXX XX.X a $XXX.X new acres closed
in distributions, payments million operations park received Venture. from Great Great of Park The result a incentive the As compensation $XXX.X we during quarter,
Additionally, interest to further discuss ] we distributed Point its $XX.X million. the closed Venture all Kim the on Five with Gateway as in these Five Gateway will sale its remaining a members receiving of and singular fourth his had in proceeds quarter Point Commercial a Campus [ closing report. during the transactions
with achieving while income SG&A which full and we our as $XX.X levels, business. remain overhead costs we vigilant managing managing remain Even disciplined expand is tightly net about $XX.X and -- to million We fourth quarter even and excellent million, year-over-year. focused held our an flat to record look year on SG&A business controlled to
with has business our In coordination partners I strategy. development dollars and as everyone managing carefully us Venture to of as at This have expected want addition critical maximize to SG&A, we recognition. as element team to thank Park generation. focused Great matched executed supportive, been on we enabled the of who in expenditure our well revenue our close have gas this
of fourth $XXX our I'm equivalents Alongside the total $XXX.X million finished with liquidity and our under of and year year announce, cash million reporting quarter, successful record $XXX.X for We revolving cash million. $XXX.X million available to comprised facility. borrowing also full unsecured the net the income totaling of happy credit
remain As at to on guest continue we our to sales land ahead well Great Neighborhood we builders Park executing positioned and The to look XXXX, Valencia.
a entitlements sites San of extend start our community. to Valencia has while community, our in efforts planned to of of that rebalancing at our of in Candlestick position us positions put development in master Francisco good completion our pipeline progression the The us home
[indiscernible] XXXX, communities. positioned an XXXX, in well results we complement continued for executing X we have strategy on of past the mixtures growth expansion feel expectation operating we successful been implementation success are an the represent to move years. in forward X of initiatives of to existing our These Given our
generation. partners we'll ventures revenue our And with begun we we'll we'll we continue repeat master have manage development bottom to grow operating consists be overhead X elements: Point. a for even continue Park and value continue Five development capital the Two, it ensure of is carefully four, premier our strategy now asset detail while expanded key later One, match and to for Our Five Great for future X on line. planned communities. Point grow operate we finally, growing seek maximize new in to existing joint to that expenditures can new partnership to through more a in as into call. our We'll company. believe we acquisitions end, To land one discuss best-in-class lighter, existing Venture this model acquisitions that Three,
We great that work for does exceed Point expect for new currently So earnings suggest the for our year. XXXX what XXXX. will all this Five
see is $XXX earnings as growth Angeles to year. the processes net County to income bringing close in us of into Los -- function expect hoped million We going within caveat with approximately of we will our expectation that XX%, the that
long-term a will on growth. focus earnings Our building about XXXX Kim be that will detail guidance along more provide during his for with produces sustainable our recurring remarks. platform
to are I'd macroeconomic I'm though able XXXX record-breaking to that remains like to environment the we conditions, now achieve results, somewhat touch pleased note and on market even challenging.
XXX higher Although of remain of the buy-downs. structures, Federal interest We rates with have has inflation mixed cut in by of able during and potential basis affordability mitigate to variety incentive rate by of created through mindful have rates including of builders signals higher send a continued points Reserve been impacts the mortgage impacts our key rates. mortgage rates Most to rates guest use the the moving mostly quarter. interest September, mortgage to
market, generally, chronically a primarily our to remain specifically are the undersupplied rates interest key challenging data point residential in California and due community approval housing California's restrictive land land Although use in markets, and process.
will as in Southern restrictive displaced California a access with will some be in and Angeles only state undersupply the The exacerbate residents currently the County devastating alternative inventory for processes in the across Los communities We that approval options. fires from there to housing our assist these land quicker available to housing of allow relief options. to expect look
builders. We Commercial of depth more for of effort Great residential land commercial continue to residential been opportunities and the report in our to use adopted also being this more from coming to the expect uses, The value residential. [indiscernible] have to business for quarters. more recently sites drive in under our of [indiscernible] demand demand have and by land We'll shortage continues in that Neighborhoods given replan we Irvine Park homes our some on of program. existing evaluating will of rate-sensitive inventory side entitled Accordingly, be The strong City
The Let provide now me Park Neighborhoods. our with communities, Great with you first starting some updates on
partners As The our our to is mature reminder, community of financial results from most in Venture that this in investments receiving we a Part years. the benefits are ongoing Great its -- the prior Park communities Great contribution the and our made reflects and
Neighborhoods Park quarter, actively to X currently fourth This decrease attributable to sold open the selling QX. XXX homes Park in We this XXX community Great year. primarily sales XX programs have additional was in later in programs versus Great seasonality. of During planned builders with
future housing options and programs, plan of existing to continue in Neighborhoods. Park we'll able variety Great to the a be wide With offer
In to the levels high builders seeing land we're Park. of homebuyer still at strong Great interest, our from for addition
We X. planning X final to have these in and quarter planned quarter close of in different programs, half are finalized X of the contracts the currently for in with that are first the X X residential builders XXXX. first to sales close
most contracted sales higher The with are recent consistent sales. than our prices or
sales with homes. in will are have As due recent we builders. quarter X to this different our interest on or Builders the of of in the and X most X group all offered fourth XXX new awarded also bidding residential totaling call, sales the close The also consistent that a completing discussed these strong received the for We expectation our than higher completed diligence land year. process sites sales. programs last programs are prices
General provide As part Great earlier, Park to great completed -- the I area, RHNA, residential study for by consistent City plain its opportunity land Irvine with which city convert of uses. the [indiscernible] some discussions have remaining and these and substantial or of will the with residential to the continuing the renal updates venture to mentioned a the adopted options city. program consider to portions commercial with uses We're initiated holdings state-mandated
other to active community. move Valencia, I'll Next, our
has -- land development, early to phases which with As in much will housing provide of of reminder, Valencia many is a enable unit Angeles ahead the it it delivery the market. of future us Los stages a in still
in remained our XX as fourth accounting builders quarter, new after the for steady seasonality, sales relatively guest XX home During homes versus QX. sold
and Valencia, open programs programs quarter, we in active out now the During X builder and fourth X [indiscernible]. have sold
that anticipate the Additionally, from a prospective greater homebuyers. will there XXXX, the X of home for offerings during of XXXX offering at diversity open sold are we end land programs we
As I mentioned, projected sales we closed all for quarter. land the fourth of our
quarter, the market, XXX anticipating approximately the more that first towards During sales of those we'll take sites end will year. the homes close to
of thousands As we on in Angeles deliver to approvals other work for severely additional development at market. allow the sites continue look at we home agencies Valencia, of undersupplied counties and our next us to Los phases County to
XX these market-rate and which One sites Entrata XXX approximately development a net consist over acres commercial of as to areas home is and X,XXX approximately of net known South is residential expected of land. acres,
Another County approval is the which net area expected towards industrial-focused Commerce of year. these later acres approximately [indiscernible] is this [indiscernible] development XXX Valencia areas to uses Center, include development
accounting approximately this X,XXX home We're areas X also approvals additional development processing legislation market. planned statewide of that sites housing to for supply-constrained other provide under are very concurrently pro to
the we planned part in these to implement master wildfire our in typically in recently are years. protecting areas, strategies seen new and older master to devastation to in planned many strategies unfortunate like proven in fire been communities. we'll the of and risk, have doing These for have be fire As designed development approvals continue these from homes mitigation mitigate communities communities resistance successful we've
the the commenced construction and fade value to for plan between starting early us Francisco. agencies [indiscernible] rebalance allowing given spectacular land county [indiscernible] regulatory next Francisco. applicable in San communities, with of possibility to excited of other approval The Candlestick city our initial The to year, near-term City Candlestick our final engineering of to the Shipyard. have X We're the about we Francisco the San the Turning unlock of and the infrastructure, and have expectation and San
Five of continues saying Let optimism future Point by me to about conclude my grow. the
year-end these growing results priorities: X flow continued Execution has main and on quarter revenue in and to SG&A and and near-term generating on a capital match spend balance cash fourth resulted revenue sheet controlling managing represent providers liquidity. key Our focus stronger our positive opportunities.
to focus result, on towards continue model. opportunities partnership land we're development we to work a attention asset-lighter able and an more As as growth
discuss will turn Now opportunities. Mike, it growth let me over who to Five Point's
