afternoon, our Good you Alvarado, joining Chairman, Executive Financial Tax. you. Kim Greg thank Thank everyone, me us our joining and for is Officer; Officer; Mike Tobler, our and and Stuart with McWilliams, Vice have Miller, today Officer; Policy Treasury remotely. our our Legal our call. Interim I Chief Leo Chief Kij, Chief President,
update company the market work I our steps to strategic are as the progress pleased this through we and also quarter, the you focus team's update our today to the year. real quarter taking estate you a on complicated XXXX. of during will on of in implement the I'm focus through first we
give Next, performance condition. the overview company's an and financial of Leo will
line the open to then team. questions will We management our for
of our for said, conditions. have what financial for With that Five in continued the XXXX first results progress quarter reflect Point improvement economic and been challenging
SG&A outflows is of net our a which While cash than of QX $X.X to loss $XX.X for and we had XXXX. million, to the consolidated although lower manage quarter, continue carefully shrink XX.X% we million continue to
distribution we great we have cash the sale substantial partnership the the company a generation weak second sizeable meaningful other quarter land Our in of anticipate in revenues cash is quarter, first bottom the for for typically the a result that a quarter line, with and quarter. will part positioned and flow in is
year-end. bottom the that year, positioned for flow the to increase before expect line cash closing are and also We sales additional to over our course of
-- million our end $XXX.X the hand ratio balance reflected our us $XXX.X drawn the on debt and million million At capitalization available of $XXX to sheet giving on cash $X at of XX.X%. of revolver, end, a quarter and liquidity
no have this debt on or notes our year next. senior also We obligations principal repayment
perspective, land economic one even home be sales while first to started a an complicated quarter in From continued market, the market to stabilize. the the
from we Although, levels, increasing interest interest with quiet and land the demand fourth purchases and entered declining quarter. homebuyer January rates through remained quarter
out the the continue interest of Of banking rising banking Bank out world limit Silicon in course, market to sorted crisis. in as purchases land March, the issues Valley in
expect to home accelerate banking next Nevertheless, and new land rate in that to homebuyers home we interest acquisition this stabilize in sales and peaking demand bio border expanding environment, the subsides and to We're well. land continue interest already interest seeing as and quarter, are future adjusting accelerate quarter the crisis as offerings.
current Additionally, planned remain be housing our positive to for of manage goal California business our markets, well-located Recognizing in and communities. our the supply drivers, the demand short is and these realities underlying is there master patient homes continues to still in to and market.
seek buyers feel we to will confident that to soon land demand. housing land While satisfy purchase
more conditions that markets. I'll to you prices when a our balance a moment, in To to my scarcity builders I at that continue inventory in the and to land reflect current land with give this entitled we'll sell update. between end, the of community market speak work bit the
unique offerings Park moving commercial land we commercial On with optimistic remain Great our the business, forward and the Valencia. at our land of side and
rent demand continue will which preferred growth, coupled continue the have low market, We drive expect in to asset to historically industrial vacancy this continued in rates class. we with
to unique and Our maximize that us balance a offerings. enables complemented by our sheet patient are assets communities value desirable with
that capital are our you and revenue, on that three told limiting our I during priorities, the many rightsizing team end, our executing continued control generating Last on managing, And priorities. quarter spend in these commend first of we quarter, focus their business. our have to we I for our SG&A.
directed year, As will each for of and our priority the primary the of of focus start cash has positive towards remainder XXXX. been our remain generation this
we We joint have in place statements. distributions have we of of us our ventures, communities that in of financing a infrastructure as reimburse sources proceeds construct sales, communities. for some sources significant in our variety cash, from revenue land we of from reported These financial which include public only our structures portions the in
-- refer or TIP you've financing as our in proceeds. reimbursement me CFD I you've the to our tax our these heard past, think and
We also Consistent with and we our and events expect then compensation in received first recoveries. quarter. management any plan, business significant other reimbursements the XXXX revenue fees didn't incentive
meet gave However, we we $XX.X with allow CFD forward our the last we generation cash in moving sale proceeds call. new which in good receive progress and to you did believe will million guidance of positive Valencia made opportunities, on us land
Regarding priorities, do been of the to we infrastructure tracking been how the to spend we event guidance first year, revenue which capital approximately the development minimizing are foresee was of possible between million where with $XX to continuing so. we our and two near-term $XX closely spend our where and managing gave spend $XX our SG&A, and not we a capital prove have do other SG&A, are We've million half reduce and and and SG&A million. land progressing for of managing you
the we result, with on quarter better guidance As a and SG&A. to expect second spend our than consistent finish or capital
are focused can a goals. achieving difference our in we that to stay make like things to continuing also on little I'd that the mention
in examples less and expenses annualized costs In space an last a reduce renegotiate in $XXX,XXX labor our two costs. San our take to office this quarter and our $X.X this to rental million saving significantly Just reduction we able Francisco, and were year lease basis. were on our
our anticipate believe incremental we'll year. in improvements we continue through staffing Also land business improvements will to matter focused alongside SG&A spend the which our our taking we make further result residuals. our additional and million capital over the $X impactful quarter, steps levels, approximately in during can these We managing smaller the improve time, savings stay more additional our during to improvements the to on and we reduced
on also we stay with events prudently the actively our focused light recent while SG&A, managing regional and particularly we're banks. Finally, balances, cash of in the
with some Great sales increase updates now the of the open provide since strong sell The in the a builder year. at beginning I'll on continue our communities. each Park homes to of neighborhoods
from XXX QX. During the first quarter, up builders XXX homes, in Great Park community sold homes in our
actual first XXX its homes. July sell in our XX, complex the model Solis XXX had original Park, has offerings, with currently primary selling open remaining multiple to homes which of community out
new in interest With the home acceleration sales, Park. we're home seeing strong Great at sites of new builder acquiring
actually homes for community We're neighborhoods. in a agreement XX is of programs an residential in the our negotiating which XXX South, community, next X District
was rate this new community rate the that pulled brought to recall beginning when market prior might to react off the just home we You the Fed's assessing a hikes, interest initially market then interest in increases. market XXXX, the which the we the how will were of to builders
would current Both in quarter. home sales close engaged sites community. actively our community, We're of this home out XX sale of in in the remaining expected these are sites in which also of Rise the all to sale the close
actively new sites home the the growing another demand we by and we're which sale of for program, by XX of scarcity indicative negotiating builders, anticipate year-end. Finally, our land closing of home
commercial also year On opportunities with and offering, market on in land site top closing of residential parcel an this may initial escrow the have ongoing the put you last expected of year. Park, final sale recall, in we anticipate August Great at the additional our which commercial and came the
of in County our has enter supported While strong the heart not time the Orange the opportune most to market, location interest.
offered of zoning available Orange years, that's the uses parcels market, County to allows commercial and sciences, of among flexo multitude not something including entitled R&D Our industrial, a parcels life land for others. large that distribution, South office, been for
homes sold new quarter. currently, out, the only XX Valencia, programs from offering. remaining sales homes homes are home up and XX,XXX XX on of by original there totaled our quarter, the In first XX initial during are offerings from in home fourth XX XXX builders
era new Two these quarter, to creating eight of work as additional for second continue the next home inventory to which in So Valencia, to expected open on and homes. encompasses XXX of are sales. neighborhoods neighborhoods models their drive
us engaged those Valencia, we enter new with into are land agreements in again Irvine, and quarter. Like anticipate the second in
higher look offerings. These revenues would continue interest the We of floor continue provide to to residential during land to products at estate strong and to and residents be for-sale rental also when housing that adjusting real products sale rent for market this a options single-family even our rates. floor for sale to is multi-family us segment land time opportunities mix add
interest, This more is in market site, remains San XX-acre and to we the quarter, a later to Francisco have expect that commercial prime to strong priority also we've which report year. Point. Candlestick brought a Point facilitate ahead site. on county Five efforts moving quarter, the we forward rebalances entitlements city to plan progressed this shipyard for and to approval our obtain current in the In development of Hunters garnering that
the navy be San an time Concurrently, lines for the XXXX we're for update account Hunters and will the to also working with important to delays as existing which tax phase the income of through the city at stand-alone Francisco on financing Point. year for first work the set and land mixed-use larger along these located the San Francisco is Bay. community, development irreplaceable groundwork as we issues Candlestick this of
going anticipated at provided the say, will We're of with Last that not guidance point quarter challenging guidance. results consistent market amid than our overall conditions this general that be to this other better focused our XXXX. guidance the or some We first than anticipate for change to half general uncertainty we and on year. we
progress, the call. number year you and expectations on on our half be negotiations a our update second a QX We of have to and for in position active of better we'll the
started positive, summary, Year note. on New In but the cautious a
as inflation tightening rate optimistic are to remain headwinds us credit and the we we and available XXXX. interest sector, about opportunities manage increases, in banking through While
managing our master on and maximize SG&A, planned the focus monitoring the and our while communities. to plans to adjust proactively market, and of revenue, continue will We preserve spend managing our capital value generating we'll
have our We and future. momentum, about very positive optimistic feeling we're
me turn it let will Now, who financial Leo, results. report on over to our
