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SEGMENT REPORTING (Tables) | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Segment Operating Results and Reconciliation to Consolidated Balances | Segment operating results and reconciliations to the Company’s consolidated balances for the years ended December 31, 2024, 2023 and 2022 are as follows:
| For the year ended December 31, 2024
| (in thousands)
| Valencia |  | San Francisco |  | Great Park |  |  |  | Total reportable segments |  | Removal of Great Park Venture(1) |  |  |  | Add investment in Great Park Venture |  |  |  |  |  | Corporate and unallocated(2) |  | Total Consolidated
Revenues | $ | 140,844 |  |  | $ | 678 |  |  | $ | 708,761 |  |  |  |  | $ | 850,283 |  |  | $ | (612,806) |  |  |  |  | $ | — |  |  |  |  |  |  | $ | 449 |  |  | $ | 237,926 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of land sales | 90,109 |  |  | — |  |  | 144,876 |  |  |  |  | 234,985 |  |  | (144,876) |  |  |  |  | — |  |  |  |  |  |  | — |  |  | 90,109 |
Management services | — |  |  | — |  |  | 23,852 |  |  |  |  | 23,852 |  |  | — |  |  |  |  | — |  |  |  |  |  |  | — |  |  | 23,852 |
Selling, general, and administrative | 10,356 |  |  | 4,883 |  |  | 11,033 |  |  |  |  | 26,272 |  |  | (11,033) |  |  |  |  | — |  |  |  |  |  |  | 35,994 |  |  | 51,233 |
Management fees-related party | — |  |  | — |  |  | 113,934 |  |  |  |  | 113,934 |  |  | (113,934) |  |  |  |  | — |  |  |  |  |  |  | — |  |  | — |
Other segment items(3) | 4,700 |  |  | (69) |  |  | (6,221) |  |  |  |  | (1,590) |  |  | 6,221 |  |  |  |  | (119,787) |  |  |  |  |  |  | 10,254 |  |  | (104,902) |
Segment profit (loss) / Net income (loss) | 35,679 |  |  | (4,136) |  |  | 421,287 |  |  |  |  | 452,830 |  |  | (349,184) |  |  |  |  | 119,787 |  |  |  |  |  |  | (45,799) |  |  | 177,634 |
Other segment disclosures: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization | 38 |  |  | — |  |  | 16,233 |  |  |  |  | 16,271 |  |  | — |  |  |  |  | — |  |  |  |  |  |  | 298 |  |  | 16,569 |
Interest income | — |  |  | 69 |  |  | 6,221 |  |  |  |  | 6,290 |  |  | (6,221) |  |  |  |  | — |  |  |  |  |  |  | 10,789 |  |  | 10,858 |
Segment assets | 914,583 |  |  | 1,424,819 |  |  | 670,906 |  |  |  |  | 3,010,308 |  |  | (562,598) |  |  |  |  | 151,647 |  |  |  |  |  |  | 477,060 |  |  | 3,076,417 |
Inventory assets | 876,172 |  |  | 1,421,908 |  |  | 274,738 |  |  |  |  | 2,572,818 |  |  | (274,738) |  |  |  |  | — |  |  |  |  |  |  | — |  |  | 2,298,080 |
Expenditures for long-lived assets(4) | 111,493 |  |  | 64,003 |  |  | 26,346 |  |  |  |  | 201,842 |  |  | (26,346) |  |  |  |  | — |  |  |  |  |  |  | — |  |  | 175,496 |
(1) Represents the removal of the Great Park Venture operating results and balances which are included in the Great Park segment operating results and balances at 100% of its historical basis, but are not included in the Company’s consolidated results and balances as the Company accounts for its investment in the venture using the equity method of accounting. After the sale of the Gateway Commercial Venture’s commercial operating assets in December 2024 (See Note 4), the Company’s commercial segment is no longer operating. The Company has reported the equity in earnings from the Company’s investment in the Gateway Commercial Venture within the corporate and unallocated column in the table above. (2) Corporate and unallocated activity is primarily comprised of corporate general and administrative expenses, interest income, income tax provision of $27.5 million, Senior Notes exchange costs and equity in earnings from the Gateway Commercial Venture. Corporate and unallocated assets consist of cash and cash equivalents, investment in the Gateway Commercial Venture, leasehold improvements, ROU assets, prepaid expenses and deferred financing costs. (3) Other segment items for each reportable segment include: • Valencia—operating properties expenses, pension costs and equity in earnings from the Valencia Landbank Venture. • San Francisco—interest income. • Great Park—interest income. (4) Expenditures for long-lived assets are net of inventory cost reimbursements and other inventory cost recoveries and include noncash project accruals and capitalized interest. For the year ended December 31, 2024, Valencia’s net expenditures include $10.1 million, San Francisco’s net expenditures include $1.1 million and Great Park Venture’s net expenditures include $167.3 million in inventory cost reimbursements and recoveries received.
| For the year ended December 31, 2023
| (in thousands)
| Valencia |  | San Francisco |  | Great Park |  |  |  | Total reportable segments |  | Removal of Great Park Venture(1) |  |  |  | Add investment in Great Park Venture |  |  |  |  |  | Corporate and unallocated(2) |  | Total Consolidated
Revenues | $ | 163,457 |  |  | $ | 654 |  |  | $ | 602,015 |  |  |  |  | $ | 766,126 |  |  | $ | (554,825) |  |  |  |  | $ | — |  |  |  |  |  |  | $ | 431 |  |  | $ | 211,732 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of land sales(3) | 105,651 |  |  | — |  |  | 237,309 |  |  |  |  | 342,960 |  |  | (237,309) |  |  |  |  | — |  |  |  |  |  |  | — |  |  | 105,651 |
Management services | — |  |  | — |  |  | 22,170 |  |  |  |  | 22,170 |  |  | — |  |  |  |  | — |  |  |  |  |  |  | — |  |  | 22,170 |
Selling, general, and administrative | 11,577 |  |  | 3,989 |  |  | 10,927 |  |  |  |  | 26,493 |  |  | (10,927) |  |  |  |  | — |  |  |  |  |  |  | 35,929 |  |  | 51,495 |
Management fees-related party | — |  |  | — |  |  | 65,395 |  |  |  |  | 65,395 |  |  | (65,395) |  |  |  |  | — |  |  |  |  |  |  | — |  |  | — |
Other segment items(4) | 4,593 |  |  | (22) |  |  | (9,416) |  |  |  |  | (4,845) |  |  | 9,416 |  |  |  |  | (78,947) |  |  |  |  |  |  | (6,924) |  |  | (81,300) |
Segment profit (loss) / Net income (loss) | 41,636 |  |  | (3,313) |  |  | 275,630 |  |  |  |  | 313,953 |  |  | (250,610) |  |  |  |  | 78,947 |  |  |  |  |  |  | (28,574) |  |  | 113,716 |
Other segment disclosures: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization | 3 |  |  | — |  |  | 14,987 |  |  |  |  | 14,990 |  |  | — |  |  |  |  | — |  |  |  |  |  |  | 986 |  |  | 15,976 |
Interest income | — |  |  | 22 |  |  | 7,490 |  |  |  |  | 7,512 |  |  | (7,490) |  |  |  |  | — |  |  |  |  |  |  | 7,208 |  |  | 7,230 |
Segment assets | 895,983 |  |  | 1,360,036 |  |  | 710,665 |  |  |  |  | 2,966,684 |  |  | (619,199) |  |  |  |  | 213,786 |  |  |  |  |  |  | 408,017 |  |  | 2,969,288 |
Inventory assets | 855,574 |  |  | 1,357,905 |  |  | 391,352 |  |  |  |  | 2,604,831 |  |  | (391,352) |  |  |  |  | — |  |  |  |  |  |  | — |  |  | 2,213,479 |
Expenditures for long-lived assets(5) | 34,066 |  |  | 46,708 |  |  | 21,004 |  |  |  |  | 101,778 |  |  | (21,004) |  |  |  |  | — |  |  |  |  |  |  | — |  |  | 80,774 |
(1) Represents the removal of the Great Park Venture operating results and balances which are included in the Great Park segment operating results and balances at 100% of its historical basis, but are not included in the Company’s consolidated results and balances as the Company accounts for its investment in the venture using the equity method of accounting. After the sale of the Gateway Commercial Venture’s commercial operating assets in December 2024 (See Note 4), the Company’s commercial segment is no longer operating. The Company has recast the segment presentation for the comparative prior period to report the equity in loss from the Company’s investment in the Gateway Commercial Venture within the corporate and unallocated column in the table above. (2) Corporate and unallocated activity is primarily comprised of corporate general and administrative expenses, interest income, income tax benefit of $4.4 million, Senior Notes exchange costs and equity in loss from the Gateway Commercial Venture. Corporate and unallocated assets consist of cash and cash equivalents, investment in the Gateway Commercial Venture, leasehold improvements, ROU assets, prepaid expenses and deferred financing costs. (3) For the year ended December 31, 2023, included within cost of land sales at the Great Park segment is cost of home sales of $0.2 million. (4) Other segment items for each reportable segment include: • Valencia—operating properties expenses, pension costs, miscellaneous other income and equity in earnings from the Valencia Landbank Venture. • San Francisco—interest income. • Great Park—interest income and equity in earnings from the Great Park Landbank Venture. (5) Expenditures for long-lived assets are net of inventory cost reimbursements and other inventory cost recoveries and include noncash project accruals and capitalized interest. For the year ended December 31, 2023, Valencia’s net expenditures include $64.1 million, San Francisco’s net expenditures include $1.1 million and Great Park Venture’s net expenditures include $89.6 million in inventory cost reimbursements and recoveries received.
| For the year ended December 31, 2022
| (in thousands)
| Valencia |  | San Francisco |  | Great Park |  |  |  | Total reportable segments |  | Removal of Great Park Venture(1) |  |  |  | Add investment in Great Park Venture |  |  |  |  |  | Corporate and unallocated(2) |  | Total Consolidated
Revenues | $ | 10,571 |  |  | $ | 690 |  |  | $ | 354,892 |  |  |  |  | $ | 366,153 |  |  | $ | (323,877) |  |  |  |  | $ | — |  |  |  |  |  |  | $ | 418 |  |  | $ | 42,694 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of land sales(3) | (996) |  |  | — |  |  | 185,384 |  |  |  |  | 184,388 |  |  | (185,384) |  |  |  |  | — |  |  |  |  |  |  | — |  |  | (996) |
Management services | — |  |  | — |  |  | 20,261 |  |  |  |  | 20,261 |  |  | — |  |  |  |  | — |  |  |  |  |  |  | — |  |  | 20,261 |
Selling, general, and administrative | 13,602 |  |  | 4,087 |  |  | 18,127 |  |  |  |  | 35,816 |  |  | (18,127) |  |  |  |  | — |  |  |  |  |  |  | 36,902 |  |  | 54,591 |
Management fees-related party | — |  |  | — |  |  | 53,298 |  |  |  |  | 53,298 |  |  | (53,298) |  |  |  |  | — |  |  |  |  |  |  | — |  |  | — |
Other segment items(4) | 6,788 |  |  | (1) |  |  | (1,886) |  |  |  |  | 4,901 |  |  | 1,886 |  |  |  |  | (20,444) |  |  |  |  |  |  | 17,269 |  |  | 3,612 |
Segment profit (loss) / Net income (loss) | (8,823) |  |  | (3,396) |  |  | 79,708 |  |  |  |  | 67,489 |  |  | (68,954) |  |  |  |  | 20,444 |  |  |  |  |  |  | (53,753) |  |  | (34,774) |
Other segment disclosures: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization | 45 |  |  | 77 |  |  | 11,149 |  |  |  |  | 11,271 |  |  | — |  |  |  |  | — |  |  |  |  |  |  | 1,031 |  |  | 12,302 |
Interest income | 1 |  |  | 1 |  |  | 1,532 |  |  |  |  | 1,534 |  |  | (1,532) |  |  |  |  | — |  |  |  |  |  |  | 824 |  |  | 826 |
Segment assets | 972,028 |  |  | 1,314,308 |  |  | 916,909 |  |  |  |  | 3,203,245 |  |  | (799,174) |  |  |  |  | 289,026 |  |  |  |  |  |  | 192,687 |  |  | 2,885,784 |
Inventory assets | 927,929 |  |  | 1,311,196 |  |  | 605,893 |  |  |  |  | 2,845,018 |  |  | (605,893) |  |  |  |  | — |  |  |  |  |  |  | — |  |  | 2,239,125 |
Expenditures for long-lived assets(5) | 101,634 |  |  | 40,742 |  |  | 102,695 |  |  |  |  | 245,071 |  |  | (102,695) |  |  |  |  | — |  |  |  |  |  |  | — |  |  | 142,376 |
(1) Represents the removal of the Great Park Venture operating results and balances which are included in the Great Park segment operating results and balances at 100% of its historical basis, but are not included in the Company’s consolidated results and balances as the Company accounts for its investment in the venture using the equity method of accounting. After the sale of the Gateway Commercial Venture’s commercial operating assets in December 2024 (See Note 4), the Company’s commercial segment is no longer operating. The Company has recast the segment presentation for the comparative prior period to report the equity in loss from the Company’s investment in the Gateway Commercial Venture within the corporate and unallocated column in the table above. (2) Corporate and unallocated activity is primarily comprised of corporate general and administrative expenses, interest income, income tax benefit of $1.5 million, restructuring expenses and equity in loss from the Gateway Commercial Venture. Corporate and unallocated assets consist of cash and cash equivalents, investment in the Gateway Commercial Venture, leasehold improvements, ROU assets, prepaid expenses and deferred financing costs. (3) For the year ended December 31, 2022, included within cost of land sales at the Great Park segment is cost of home sales of $29.7 million. (4) Other segment items for each reportable segment include: • Valencia—operating properties expenses, interest income, pension costs and equity in earnings from the Valencia Landbank Venture. • San Francisco—interest income. • Great Park—interest income and equity in earnings from the Great Park Landbank Venture. (5) Expenditures for long-lived assets are net of inventory cost reimbursements and other inventory cost recoveries and include noncash project accruals and capitalized interest. For the year ended December 31, 2022, Valencia’s net expenditures include $34.8 million, San Francisco’s net expenditures include $3.3 million and Great Park Venture’s net expenditures include $43.7 million in inventory cost reimbursements and recoveries received.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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