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Segment Reporting
 6 Months Ended
Jun. 30, 2020
Segment Reporting [Abstract]  
Segment Reporting SEGMENT REPORTING
The Company’s reportable segments consist of:
• Valencia (formerly Newhall)—includes the community of Valencia (formerly known as Newhall Ranch) planned for development 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.
• 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 June 30, 2020, 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 from the sale of residential and commercial land sites to homebuilders, commercial developers and commercial buyers, and management services provided by the Company to the Great Park Venture.
• Commercial—includes Five Point Gateway Campus, an office, medical and research and development campus within the Great Park Neighborhoods, consisting of four newly constructed buildings and surrounding land that the Gateway Commercial Venture acquired in 2017. Two of the buildings are leased to one tenant, a subsidiary of Broadcom Inc., under a 20-year triple net lease which commenced in August 2017 (the “Broadcom Buildings”). The Company and a subsidiary of Lennar have entered into separate 130-month full service gross leases to occupy a portion of the third building. In May 2020, the Gateway Commercial Venture closed on the sale of the fourth building, including approximately 11 acres of land within the campus, to City of Hope, which intends to develop and
operate a comprehensive cancer care center and build a future micro hospital for a purchase price of $108.0 million. The gain on the asset sale for the Gateway Commercial Venture was $37.4 million. This segment also includes property management services provided by the Management Company to the Gateway Commercial Venture, the entity that owns the Five Point Gateway Campus. As of June 30, 2020, 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.
         Segment operating results and reconciliations to the Company’s consolidated balances are as follows (in thousands):
RevenuesProfit (Loss)RevenuesProfit (Loss)
Three Months Ended June 30,Six Months Ended June 30,
20202019202020192020201920202019
Valencia
$17,861  $820  $1,677  $(4,261) $18,657  $2,435  $(3,117) $(8,345) 
San Francisco
172  972  (2,466) (4,465) 1,147  2,065  (5,558) 56,609  
Great Park
6,827  43,854  (10,185) (2,325) 36,355  213,413  (12,727) 37,943  
Commercial
8,603  8,912  37,426  (1,406) 17,176  17,261  36,788  (2,187) 
Total reportable segments
33,463  54,558  26,452  (12,457) 73,335  235,174  15,386  84,020  
Reconciling items:
Removal of results of unconsolidated entities—
Great Park Venture (1)
(650) (33,417) 11,959  5,536  (22,826) (192,580) 16,277  (31,575) 
Gateway Commercial Venture (1)
(8,506) (8,754) (37,329) 1,564  (16,982) (17,134) (36,594) 2,314  
Add equity in earnings (losses) from unconsolidated entities—
Great Park Venture
—  —  (4,092) (1,496) —  —  (34,452) 7,948  
Gateway Commercial Venture
—  —  27,997  (1,173) —  —  27,446  (1,735) 
Corporate and unallocated (2)
—  —  (10,749) (14,602) —  —  (27,044) (30,867) 
Total consolidated balances
$24,307  $12,387  $14,238  $(22,628) $33,527  $25,460  $(38,981) $30,105  

(1) Represents the removal of the Great Park Venture’s and Gateway Commercial Venture’s operating results that are included in the Great Park segment and Commercial segment operating results, respectively, but are not included in the Company’s consolidated results.
(2) Corporate and unallocated activity is primarily comprised of corporate general, and administrative expenses.
Segment assets and reconciliations to the Company’s consolidated balances are as follows (in thousands):
June 30, 2020December 31, 2019
Valencia
$833,134  $748,082  
San Francisco
1,213,156  1,197,081  
Great Park
1,253,477  1,356,417  
Commercial (1)
405,291  473,409  
Total reportable segments
3,705,058  3,774,989  
Reconciling items:
Removal of unconsolidated balances of Great Park Venture (2)
(1,092,295) (1,196,258) 
Removal of unconsolidated balances of Gateway Commercial Venture (2)
(405,259) (473,398) 
Other eliminations (3)
(16,665) (8,310) 
Add investment balance in Great Park Venture
396,964  431,835  
Add investment balance in Gateway Commercial Venture
72,600  101,404  
Corporate and unallocated (4)
247,900  374,438  
Total consolidated balances
$2,908,303  $3,004,700  

(1) Included in total Commercial segment assets are the Broadcom Buildings that are expected to be sold in August 2020.
(2) Represents the removal of the Great Park Venture’s and Gateway Commercial Venture’s balances that are included in the Great Park segment and Commercial segment balances, respectively, but are not included in the Company’s consolidated balances.
(3) Represents intersegment balances that eliminate in consolidation.
(4) Corporate and unallocated assets consist of cash and cash equivalents, receivables, right-of-use assets and prepaid expenses.