Real estate developer Five Point's Q3 net income rises more than 350%
Five Point's Q3 net income surged 351.7% year-over-year to $55.7 million, driven by the sale of 326 homesites at Great Park for $257.7 million and the acquisition of a 75% interest in Hearthstone Residential Holdings for $57.6 million. The company completed refinancing of senior notes, enhancing financial stability. Looking ahead, Five Point expects its full-year 2025 net income to match 2024 results, supported by moderating interest rates that may boost builder interest.
)
Overview
- Five Point Q3 net income rises 351.7% yr/yr to $55.7 mln
- Company completed refinancing of senior notes
- Acquired 75% interest in Hearthstone Residential Holdings for $57.6 mln
Outlook
- Company expects full-year 2025 net income to match 2024 results
- Company says moderating interest rates to support builder interest
Result Drivers
- LAND SALES - Sale of 326 homesites at Great Park for $257.7 mln significantly contributed to Q3 results
- HEARTHSTONE ACQUISITION - Acquisition of 75% interest in Hearthstone Residential Holdings to enhance recurring revenue streams
- FINANCIAL RESTRUCTURING - Refinancing of senior notes and increased revolving credit facility improved financial stability
Key Details
Metric Beat/Mis Actual Consensu
s s
Estimate
Q3 Net $55.71
Income mln
Q3 $64.91
Pretax mln
Profit
Press Release: For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact . (This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)
