81 unchanged sentences
Our Communities
−Removed: Valencia is a mixed-use planned community in Los Angeles County that spans approximately 15,000 acres and is designed to include approximately 21,500 homesites, approximately 11.5 million square feet of commercial space, approximately 50 miles of trails, approximately 275 acres of community parks and approximately 10,000 acres of protected open space.
+Added: Valencia is a mixed-use planned community in Los Angeles County that spans approximately 15,000 acres and can include up to approximately 21,500 homesites, approximately 11.5 million square feet of commercial space, approximately 50 miles of trails, approximately 275 acres of community parks and approximately 10,000 acres of protected open space.
The actual commercial square footage and number of homesites are subject to change based on ultimate use and land planning.
6 unchanged sentences
Candlestick and The San Francisco Shipyard
−Removed: Candlestick and The San Francisco Shipyard, located on approximately 800 acres of bayfront property in the City of San Francisco, is designed to include approximately 12,000 homesites, approximately 6.3 million square feet of commercial space,
+Added: Candlestick and The San Francisco Shipyard, located on approximately 800 acres of bayfront property in the City of San Francisco, can include up to approximately 12,000 homesites, approximately 6.3 million square feet of commercial space,
approximately 100,000 square feet of community space, artist studios and approximately 355 acres of parks and open space.
31 unchanged sentences
Marine Corp’s El Toro Air base (“El Toro Base”) in Orange County.
−Removed: Great Park Neighborhoods is designed to include approximately 10,500 homesites (including up to 1,056 affordable homesites), approximately 4.9 million square feet of commercial space, approximately 61 acres of parks and approximately 138 acres of trails and open space.
+Added: Great Park Neighborhoods can include up to approximately 10,500 homesites (including up to 1,056 affordable homesites), approximately 4.9 million square feet of commercial space, approximately 61 acres of parks and approximately 138 acres of trails and open space.
The actual commercial square footage and number of homesites are subject to change based on ultimate use and land planning.
18 unchanged sentences
We own approximately 16,000 acres adjacent to our Valencia community in Ventura County that are primarily used for agriculture and energy operations.
−Removed: We also own approximately 500 acres of remnant commercial, residential and open space land in Los Angeles County that is planned to be sold or deeded to third parties as we develop our Valencia community.
+Added: We also own remnant commercial, residential and open space land in Los Angeles County that is planned to be sold or deeded to third parties as we develop our Valencia community.
Development Management Services
14 unchanged sentences
Such ordinances, regulations or codes typically divide uses of land into two categories—permitted uses and discretionary uses.
−Removed: Permitted uses are presumptively permitted, while discretionary uses are subject to a discretionary approval process, usually involving an application, an environmental review and a public hearing with input from other locally affected
−Removed: property owners and stake holders.
+Added: Permitted uses are presumptively permitted, while discretionary uses are subject to a discretionary approval process, usually involving an application, an environmental review and a public hearing with input from other locally affected property owners and stake holders.
In order to grant a discretionary use entitlement, the municipality must find that the use does not negatively impact surrounding properties and may condition such an entitlement with special requirements or limitations unique to each individual case.
31 unchanged sentences
To meet NEPA requirements federal agencies prepare a detailed statement known as an Environmental Impact Statement (“EIS”).
−Removed: Additionally, all Department of Defense installations (such as The San Francisco Shipyard and the El Toro Base) selected for
−Removed: closure or realignment pursuant to the Base Closure and Realignment Acts of 1988 or 1990 and being considered for transfer by deed, and where a release or disposal of hazardous substances or petroleum products has occurred, are subject to an environmental review process and may not be transferred until a finding of suitability for transfer (“FOST”) is documented.
+Added: Additionally, all Department of Defense installations (such as The San Francisco Shipyard and the El Toro Base) selected for closure or realignment pursuant to the Base Closure and Realignment Acts of 1988 or 1990 and being considered for transfer by deed, and where a release or disposal of hazardous substances or petroleum products has occurred, are subject to an environmental review process and may not be transferred until a finding of suitability for transfer (“FOST”) is documented.
In addition, our development projects are subject to the California Environmental Quality Act (“CEQA”), which is similar in scope to NEPA, and requires potential environmental impacts of projects subject to discretionary governmental approval to be studied by the California governmental entity approving the proposed projects.
Projects with significant expected impacts require an Environmental Impact Report (“EIR”) while more limited projects may be approved based on a Mitigated Negative Declaration.
−Removed: All of our development sites and projects have either been or continue to be investigated, remediated or reviewed (with documented EISs, FOSTs and EIRs, as applicable) in accordance with the above-described and other applicable environmental laws to determine the suitability of their proposed uses and to protect human health and the environment.
+Added: All of our development sites and projects have
+Added: either been or continue to be investigated, remediated or reviewed (with documented EISs, FOSTs and EIRs, as applicable) in accordance with the above-described and other applicable environmental laws to determine the suitability of their proposed uses and to protect human health and the environment.
New or additional permitting requirements, new interpretations of requirements, changes in our operations or litigation or community objections over the adequacy of conducted reviews and other response and mitigation actions could also trigger the need for either amended or new reviews or actions, which could result in increased costs or delays of, modification of, or denial of rights to conduct, our development programs.
83 unchanged sentences
Our associates are eligible for medical, dental and vision insurance, a 401(k) plan with matching contributions, health savings and flexible spending accounts, paid time off, life and disability insurance, various wellness programs, paid parental leave and employee assistance programs.
+Added: In order to support the mental health and wellness of our associates, we also offer programming on self-care, nutrition, and financial well-being.
+Added: We also conduct annual performance reviews for all associates.
The compensation committee of our board of directors annually reviews the terms of our benefits programs made available to our associates.
1 unchanged sentence
In addition to charitable initiatives of the company, we encourage and provide the flexibility to allow our associates to pursue outside interests and to make a difference in their local communities.
−Removed: In response to the COVID-19 pandemic, we took immediate steps to protect the health and well-being of our associates and to preserve the financial strength of the company.
−Removed: Beginning in April 2022, the substantial majority of our associates returned back to our offices on a hybrid schedule.
−Removed: When working remotely, our associates have access to necessary systems and resources to ensure business continuity.
At December 31, 2023, we had approximately 90 employees, all of whom were working full-time.
3 unchanged sentences
Daniel Hedigan 70 Chief Executive Officer
−Removed: Michael Alvarado 57 Chief Legal Officer, Vice President and Secretary
+Added: Michael Alvarado 58 Chief Operating Officer, Chief Legal Officer, Vice President and Secretary
Greg McWilliams 72 Chief Policy Officer
−Removed: Leo Kij 59 Interim Chief Financial Officer
+Added: Kim Tobler 64 Chief Financial Officer, Treasurer and Vice President
Daniel Hedigan.
−Removed: Hedigan was appointed our Chief Executive Officer in February 2022.
+Added: Hedigan has been our Chief Executive Officer since February 2022.
Prior to his appointment, Mr.
1 unchanged sentence
Michael Alvarado .
−Removed: Alvarado has been our Chief Legal Officer, Vice President and Secretary since May 2016.
+Added: Alvarado was appointed our Chief Operating Officer in February 2024 and has been our Chief Legal Officer, Vice President and Secretary since May 2016.
From 2011 until May 2016, Mr.
Alvarado served as General Counsel for the management company.
+Added: Prior to joining the management company, Mr.
+Added: Alvarado spent nearly 20 years at Allen Matkins Leck Gamble Mallory & Natsis LLP, a California-based law firm.
Greg McWilliams .
−Removed: McWilliams was named our Chief Policy Officer in March 2018.
+Added: McWilliams has been our Chief Policy Officer since March 2018.
From May 2016 until his appointment as Chief Policy Officer, Mr.
2 unchanged sentences
McWilliams was President of Newhall Land & Farming.
−Removed: Kij was appointed our Interim Chief Financial Officer in March 2022.
−Removed: Prior to his appointment, Mr.
−Removed: Kij served as our Vice President and Corporate Controller since 2016.
−Removed: From 2009 to 2016, he served as Controller of our subsidiary, Five Point Communities Management, Inc.
+Added: Tobler was appointed our Chief Financial Officer in September 2023.
+Added: Tobler joined us in 2016, and prior to his appointment as Chief Financial Officer, he most recently served as our Vice President – Treasury and Tax.
+Added: He was a tax partner at Ernst & Young LLP from 2008 to 2016, and from 2003 to 2008, he worked at the Irvine Company as Senior Vice President – Finance and Reporting.
Available Information
7 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.