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Segment Reporting
 9 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
Segment Reporting SEGMENT REPORTING
The Company’s reportable segments consist of:
• Valencia—includes the community of Valencia 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 September 30, 2023, 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 at the Great Park Neighborhoods from sales of residential and commercial land sites to homebuilders, commercial developers and commercial buyers, sales of homes constructed and marketed under a fee build arrangement, 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 September 30, 2023, 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):
RevenuesProfit (Loss)RevenuesProfit (Loss)
Three Months Ended September 30,Nine Months Ended September 30,
20232022202320222023202220232022
Valencia
$61,256 $3,082 $19,614 $(543)$62,972 $6,809 $12,637 $(8,314)
San Francisco
165 226 (862)(672)489 528 (2,777)(2,155)
Great Park
7,668 47,195 640 (13,791)401,663 97,541 184,291 (13,984)
Commercial
2,264 2,297 (358)(8)6,650 6,560 (1,036)441 
Total reportable segments71,353 52,800 19,034 (15,014)471,774 111,438 193,115 (24,012)
Reconciling items:
Removal of results of unconsolidated entities—
Great Park Venture (1)(3,276)(35,195)1,381 18,303 (372,472)(79,495)(169,519)19,658 
Gateway Commercial Venture (1)(2,154)(2,189)468 116 (6,329)(6,248)1,357 (129)
Add equity in earnings (losses) from unconsolidated entities—
Great Park Venture— — (412)(4,540)— — 53,072 (5,634)
Gateway Commercial Venture— — (351)(87)— — (1,018)97 
Corporate and unallocated (2)
— — (5,962)(8,309)— — (22,028)(47,252)
Total consolidated balances
$65,923 $15,416 $14,158 $(9,531)$92,973 $25,695 $54,979 $(57,272)

(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 and restructuring expenses.
Segment assets and reconciliations to the Company’s consolidated balances are as follows (in thousands):
September 30, 2023December 31, 2022
Valencia
$944,331 $972,028 
San Francisco
1,350,291 1,314,308 
Great Park
855,185 916,909 
Commercial
89,122 91,629 
Total reportable segments3,238,929 3,294,874 
Reconciling items:
Removal of unconsolidated balances of Great Park Venture (1)
(751,130)(799,174)
Removal of unconsolidated balances of Gateway Commercial Venture (1)
(89,122)(91,629)
Other eliminations (2)
(240)(174)
Add investment balance in Great Park Venture
260,333 289,026 
Add investment balance in Gateway Commercial Venture
39,677 40,695 
Corporate and unallocated (3)
236,100 152,166 
Total consolidated balances
$2,934,547 $2,885,784 

(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.
(3) Corporate and unallocated assets consist of cash and cash equivalents, receivables, right-of-use assets and prepaid expenses.