Five Point Holdings LLC (FPH) 2024 Q3 法說會逐字稿

Greetings and welcome to the Five Point Holdings LLC third-quarter, 2024 conference call as a reminder, this call is being recorded.

歡迎參加五點控股有限公司 2024 年第三季電話會議，謹此提醒，本次電話會議正在錄音。

Today's call may include forward-looking statements regarding Five Point's business, financial conditions, operations, cash flow, strategy, and prospects. Forward-looking statements represent Five Point's estimates on the date of this conference call and are not intended to give any assurance as to actual future results.

今天的電話會議可能包括有關五點的業務、財務狀況、營運、現金流量、策略和前景的前瞻性陳述。前瞻性陳述代表五點公司在本次電話會議之日的估計，並未旨在對未來的實際結果提供任何保證。

Because forward-looking statements relate to the matters that have not yet occurred, these statements are inherently subject to risks and uncertainties. Many factors could affect the future results and may cause Five Point's actual activities or results to differ materially from the activities and results anticipated in forward-looking statements.

由於前瞻性陳述涉及尚未發生的事項，因此這些陳述本質上會受到風險和不確定性的影響。許多因素可能影響未來的結果，並可能導致五點的實際活動或結果與前瞻性陳述中預期的活動和結果有重大差異。

These factors include those described in today's press release and Five Point's sec filings including those in the risk factor section of the Five Point's most recent annual report on form 10-K filed with the SEC. Please note that Five Point assumes no obligation to update any forward-looking statements. Now, I would like to turn the call over to Dan Hedigan, Chief Executive Officer.

這些因素包括今天的新聞稿和 Five Point 向 SEC 提交的文件中描述的因素，包括 Five Point 向 SEC 提交的最新 10-K 表格年度報告的風險因素部分中的因素。請注意，五點不承擔更新任何前瞻性陳述的義務。現在，我想將電話轉給執行長 Dan Hedigan。

Thank you. Good afternoon and thank you for joining our call. I have with me today, Kim Tobler, Our Chief Financial Officer; Mike Alvarado, our Chief Operating Officer and Chief Legal Officer; and Leo Kij, our Senior Vice President of Finance and Reporting. Stuart Miller, our Executive Chairman is joining us remotely. On today's call. I'll update you on our Q3 results on our team's focus during the quarter and the steps we are taking to implement our strategic priorities.

謝謝。下午好，感謝您加入我們的通話。今天與我在一起的是我們的財務長 Kim Tobler； Mike Alvarado，我們的營運長兼首席法務長；以及我們的財務和報告資深副總裁 Leo Kij。我們的執行主席 Stuart Miller 將遠端加入我們。在今天的電話會議上。我將向您介紹我們第三季的最新業績、我們團隊在本季的重點以及我們為實施策略重點而採取的步驟。

Next, Kim will give an overview of the company's financial performance and condition with some updated guidance for the rest of the year. We will then open the line for questions to our management team.

接下來，金將概述公司的財務業績和狀況，並提供今年剩餘時間的一些最新指導。然後，我們將開通往我們的管理團隊提問的熱線。

So let us begin. I'm pleased to report another very successful quarter for Five Point's as we continue to build a program of consistent profitability with a defined pathway to growth for our future. In the third quarter, we generated stronger than expected net income of $12.3 million which is our sixth consecutive quarter, reporting net income as we remain focused on generating revenue, controlling our expenses, and managing our capital spend.

那麼就讓我們開始吧。我很高興地向大家報告五點公司又一個非常成功的季度，我們將繼續制定持續獲利的計劃，並為我們的未來制定明確的成長途徑。第三季度，我們產生了高於預期的淨利潤 1,230 萬美元，這是我們連續第六個季度報告淨利潤，因為我們仍然專注於創造收入、控制開支和管理資本支出。

Consistent with last quarter, most of our revenue and bottom line was driven by operational focus and execution in our Great Park community. This community has become both the driver of current performance as well as our model for future growth.

與上季一致，我們的大部分收入和利潤都是由 Great Park 社區的營運重點和執行力所推動的。這個社區既成為當前業績的驅動力，也成為我們未來成長的模型。

During the three months ended September 30, 2024. Our management team closed two retail land sales in the Great Park totaling 12.8 acres for an aggregate purchase price of $25.4 million. The Great Park Venture also recognized additional revenue of approximately $36 million which is derived from our strong price and profit participation programs that benefit from housing revenue increases for builders in the Great Park.

截至2024年9月30日止三個月。我們的管理團隊在 Great Park 完成了兩處零售土地銷售，總面積為 12.8 英畝，總購買價為 2,540 萬美元。Great Park Venture 也確認了約 3,600 萬美元的額外收入，這些收入來自我們強大的價格和利潤參與計劃，這些計劃受益於 Great Park 建築商的房屋收入增加。

The result of these of these partnership revenues, Five Point received $38.9 million in distributions from the Great Park Venture during the quarter, representing in part a return on invested capital and also received $10.5 million of incentive compensation payments or promote pursuant to our Great Park Development Management agreement. We also received approximately $3 million in base management fees in the quarter under the management agreement.

這些合作夥伴收入的結果是，五點在本季度從Great Park Venture 獲得了3890 萬美元的分配，部分代表了投資資本的回報，並且還根據我們的Great Park Development 獲得了1050 萬美元的激勵補償付款或促銷管理協議。根據管理協議，我們本季還收到了約 300 萬美元的基本管理費。

Given our strong performance over the past years, the Great Park partners have agreed to extend this agreement through the end of 2026. The amended agreement includes an increased base management fee while maintaining incentive compensation at existing levels.

鑑於我們過去幾年的強勁表現，Great Park 合作夥伴已同意將協議延長至 2026 年底。修訂後的協議包括增加基本管理費，同時維持現有激勵薪酬水準。

This extension reflects the strength of the relationship between our management team and our partners reflects how the Great Park Venture Development management model is one that we believe can repeat it in new communities as we grow Five Point into a .land and community partnership manager. We expect to demonstrate growth in coming quarters.

這項擴展反映了我們的管理團隊和合作夥伴之間關係的強度，反映了Great Park Venture Development 管理模式是如何在我們將Five Point 發展成為.land 和社區合作夥伴經理的過程中在新社區中重複使用的管理模式。我們預計未來幾季將出現成長。

I'd also like to note that the Great Park Venture reached another milestone this quarter. Until now, the Venture has had a legacy interest that initially had a priority over all distributions and more recently required 10% of all distributions to be paid to the legacy interest holders. This legacy interest has now been satisfied. So 100% of all distributions will go to the Great Park percentage interest holders. Five Point owns 37.5% of the percentage interest.

我還想指出的是，Great Park Venture 本季達到了另一個里程碑。到目前為止，該創投公司擁有遺產權益，最初優先於所有分配，最近要求將所有分配的 10% 支付給遺產權益持有人。此遺產權益現已滿足。因此，所有分配的 100% 將分配給 Great Park 百分比利益持有者。Five Point 擁有 37.5% 的權益。

Our Great Park venture will continue to drive the most significant bottom-line earnings for Five Point's. Our planned fourth quarter closings at both the Great Park and Valencia are on track. If these sales close as scheduled, we will likely exceed our prior guidance that we expected to finish the year with over $100 million in annual net income and cash in excess of $300 million. Kim will update our guidance based on how we currently anticipate finishing the year.

我們的 Great Park 合資企業將繼續為 Five Point's 帶來最重要的利潤。我們計劃的第四季度大公園和瓦倫西亞的關閉工作正在按計劃進行。如果這些銷售按計劃完成，我們可能會超出先前的預期，即我們預計今年年底的年度淨利潤將超過 1 億美元，現金將超過 3 億美元。金將根據我們目前對今年結束的預期來更新我們的指導。

Looking ahead, our Great Park Venture is currently finalizing contracts to sell an additional 407 home sites on approximately 28 acres in our next development area, pricing levels that reflect sustained high levels of demand for land at the Great Park. These sales are anticipated to close in the first half of 2025.

展望未來，我們的 Great Park Venture 目前正在敲定合同，出售我們下一個開發區約 28 英畝的另外 407 塊住宅用地，定價水平反映了 Great Park 土地持續高水平的需求。這些銷售預計將於 2025 年上半年完成。

We also began marketing for sale additional residential land in another development area in Great Park that we anticipate closing in late 2025. We continue to see strong builder interest in these home sites with the potential for sustained strong per acre land values which we believe is driven in part by allowing our guest builders to design the home programs in our communities.

我們也開始行銷 Great Park 另一個開發區的額外住宅用地，我們預計該開發區將於 2025 年底關閉。我們繼續看到建築商對這些住宅用地的濃厚興趣，這些住宅區具有持續強勁的每英畝土地價值的潛力，我們認為這在一定程度上是透過允許我們的客座建築商在我們的社區設計住宅項目來驅動的。

We're also continuing to manage program segmentation in order to maintain an appropriate velocity in each community. In addition to strong revenues, we have remained focused on reducing overhead and holding down costs.

我們也將繼續管理計劃細分，​​以便在每個社區中保持適當的速度。除了強勁的收入外，我們仍然致力於減少管理費用和控製成本。

Even with increased performance, we have remained disciplined and held our overall SG&A to $11.9 million which is flat year over year and slightly down compared to the second quarter of this year. We remain vigilant about managing an excellent business with tightly controlled overhead.

即使業績有所提高，我們仍保持紀律，將整體銷售及管理費用維持在 1,190 萬美元，與去年同期持平，與今年第二季相比略有下降。我們對透過嚴格控制管理費用來管理優秀的業務保持警惕。

Finally, we have also continued to focus on our balance sheet. We ended our third quarter with a very healthy liquidity position with $224.5 million cash and $0. Drawn on our $125 million revolver as we have carefully managed capital deployed as we develop our properties. By driving the bottom line, carefully managing overhead, and limiting development dollars to just in time deployment, we ended the third quarter with total equity of $349.5 million. Kim will cover more details regarding our financials during his comments.

最後，我們也繼續關注我們的資產負債表。我們第三季末的流動性狀況非常健康，現金為 2.245 億美元，現金為 0 美元。我們在開發房地產時精心管理了資本部署，因此動用了 1.25 億美元的左輪手槍。透過提高利潤、謹慎管理管理費用並將開發資金限制在及時部署範圍內，我們第三季末的總股本達到 3.495 億美元。金將在評論中介紹有關我們財務狀況的更多細節。

Now let me move to a brief market update. We're particularly pleased that we've been able to post consistent results even as the macroeconomic environment has remained somewhat challenging. Although the Federal Reserve announced a meaningful rate cut during the quarter, the news regarding interest rates and inflation continued to send mixed signals with key mortgage interest rates initially moving down but then rebounding higher.

現在讓我簡單介紹一下市場最新情況。我們特別高興的是，儘管宏觀經濟環境仍然充滿挑戰，但我們仍然能夠發布一致的結果。儘管聯準會在本季宣布大幅降息，但有關利率和通膨的消息繼續發出混合訊號，主要抵押貸款利率最初下降，但隨後反彈走高。

Interest rates are a key data point in the housing market. California generally and our community specifically remain in chronically undersupplied residential land markets and this undersupply continues to support land sales even as interest rates fluctuate. The land shortage is primarily driven by California's challenging land use approval process. We expect shortages of entitled land and existing home inventory will continue to drive strong demand from builders.

利率是房地產市場的關鍵數據點。加州和我們的社區總體上仍處於長期供應不足的住宅土地市場，即使利率波動，這種供應不足仍繼續支持土地銷售。土地短缺的主要原因是加州具有挑戰性的土地使用審批程序。我們預計，有權土地和現有房屋庫存的短缺將繼續推動建築商的強勁需求。

The continued lack of existing home inventory coupled with low unemployment and fairly strong consumer confidence has helped sustain demand for land in our communities. While we are mindful of the potential impacts of affordability created by mortgage rates, most of our guest builders have been able to mitigate the impacts of higher rates through the use of a variety of incentive structures.

現有房屋庫存持續缺乏，加上失業率較低和相當強勁的消費者信心，有助於維持我們社區對土地的需求。雖然我們注意到抵押貸款利率對負擔能力的潛在影響，但我們的大多數客座建築商已經能夠透過使用各種激勵結構來減輕利率較高的影響。

The commercial land side of our business has proved to be more rate sensitive than residential. Although we reported two retail sales at Great Park this quarter, we do not expect to maximize value through commercial transactions in the near future.

事實證明，我們業務的商業用地方面比住宅用地對利率更為敏感。儘管本季度我們報告了 Great Park 的兩筆零售額，但我們預計在不久的將來不會透過商業交易最大化價值。

Accordingly, we are currently looking at opportunities to repurpose certain commercial sites for residential use given the depth of demand and values being driven by residential uses, much like what we did with the 35 acre commercial site in Valencia that we converted to a residential use. We'll have more to report on this in the coming quarters.

因此，鑑於住宅用途驅動的需求和價值深度，我們目前正在尋找機會將某些商業用地重新用於住宅用途，就像我們將巴倫西亞 35 英畝的商業用地轉變為住宅用途所做的那樣。我們將在未來幾季對此進行更多報道。

Let me now provide you with some updates on our communities, starting first with the Great Park Neighborhoods. As a reminder, the Great Park is the most mature of our communities and its ongoing contribution to our financial results reflects the benefits that we and our Great Park Venture partners are receiving from the investments made in this community in prior years.

現在讓我向您提供我們社區的一些最新情況，首先從大公園社區開始。提醒一下，Great Park 是我們最成熟的社區，它對我們財務表現的持續貢獻反映了我們和我們的 Great Park Venture 合作夥伴從前幾年對該社區的投資中獲得的收益。

During the third quarter, builders in our Great Park community sold 166 homes versus 63 in Q2. This increase in sales is primarily tradeable to Luna Park, our newest neighborhood which now has substantially all home offerings, all new for sale.

第三季度，Great Park 社區的建築商售出了 166 套房屋，而第二季度為 63 套。銷售量的成長主要歸功於月神公園，這是我們最新的社區，現在幾乎擁有所有待售的住宅產品。

We are once again able to offer a wide variety of housing options in Great Park Neighborhoods. In addition to high levels of home buyer interest, we're still seeing strong demand from builders for our land at the Great Park.

我們再次能夠在 Great Park 社區提供多種住房選擇。除了購屋者的高興趣之外，我們仍然看到建築商對大公園土地的強勁需求。

As I mentioned earlier, we are currently finalizing contracts with three builders for five different residential programs consisting of 407 home sites. We also completed the bidding process for a group of nine new residential programs totaling 572 homes. We received strong interest in all nine programs and are currently working on finalizing purchase and sale agreements and due diligence with six different builders. We'll have more to report on these programs in the future.

正如我之前提到的，我們目前正在與三個建築商敲定由 407 個住宅區組成的五個不同住宅項目的合約。我們也完成了九個新住宅項目、總計 572 套住宅的招標程序。我們對所有九個項目都表現出了濃厚的興趣，目前正在與六家不同的建築商敲定購買和銷售協議以及盡職調查。將來我們將有更多關於這些計劃的報告。

During the quarter, the city of Irvine completed its state mandated [arena] general plan and zoning updates for the Great Park planning area. This update will provide the Great Park Venture with the opportunity to convert some or substantial portions of its remaining commercial land holdings to residential uses. We're continuing to study these options and the requirements to make these changes consistent with the arena program adopted by the city.

本季度，爾灣市完成了州規定的大公園規劃區的[競技場]總體規劃和分區更新。此次更新將為 Great Park Venture 提供將其剩餘商業土地的部分或大部分轉換為住宅用途的機會。我們正在繼續研究這些選項和要求，以使這些變化與該市採用的競技場計劃保持一致。

Next, I'll move to Valencia, our other active community. As a reminder, Valencia is in the early stage of its development and still has many future phases of land delivery ahead of it, which will enable us to provide much needed housing in the Los Angeles market. During the second quarter, home sales remained steady as our guest builders sold 89 new homes versus 84 in Q2.

接下來，我將搬到巴倫西亞，我們的另一個活躍社區。提醒一下，巴倫西亞正處於開發的早期階段，未來仍有許多土地交付階段，這將使我們能夠在洛杉磯市場提供急需的住房。第二季度，房屋銷售保持穩定，我們的客座建築商售出 89 套新房，而第二季度為 84 套。

In our current Valencia development areas, we have eight builder programs open and actively selling. Additionally from the land we sold at the end of last year, there are six programs we anticipate will open in late 2024 and early '25 offering a greater diversity of home offerings for prospective home buyers.

在我們目前的巴倫西亞開發區，我們有八個開放並積極銷售的建築商計劃。此外，從我們去年年底出售的土地來看，我們預計有 6 個項目將於 2024 年末和 25 年初開放，為潛在購屋者提供更多樣化的房屋產品。

Projected land sales for the fourth quarter are proceeding as anticipated. We have completed the conversion of a 35-acre commercial site to residential use and the sale of those 179 home sites is expected to close in December. We have also completed the bidding and are finalizing contracts for four additional programs consisting of 314 home sites which are currently expected to close either in December or the first quarter of 2025.

第四季預計土地銷售按預期進行。我們已完成將 35 英畝商業用地轉為住宅用途，這 179 塊住宅用地的銷售預計將於 12 月結束。我們還完成了招標，並正在敲定由 314 個住宅區組成的另外四個項目的合同，目前預計將於 12 月或 2025 年第一季度關閉。

We continue to work with Los Angeles County and other agencies on approvals that will allow us to deliver thousands of additional home sites in the county's severely undersupplied market. We expect our next active residential village will be in Trotters South which is expected to consist of approximately 116 net acres of residential land, over 1,300 market rate home sites, and approximately 44 net acres of commercial land.

我們繼續與洛杉磯縣和其他機構合作進行審批，這將使我們能夠在該縣供應嚴重不足的市場上提供數千個額外的住宅用地。我們預計下一個活躍的住宅村將位於 Trotters South，預計將包括約 116 淨英畝的住宅用地、超過 1,300 個市價住宅用地以及約 44 淨英畝的商業用地。

We also expect to have additional commercial land available at the Valencia Commerce Center which is expected to include approximately 139 net acres and will cater towards industrial focused uses. We remain fully committed to obtaining the approvals necessary to unlock additional housing supply and remain focused on balancing expediency with feasible conditions.

我們也預計巴倫西亞商業中心將有更多的商業用地，預計淨面積約為 139 英畝，並將滿足工業重點用途。我們仍然完全致力於獲得必要的批准來釋放額外的住房供應，並繼續注重平衡權宜之計與可行的條件。

Turning to San Francisco, the city county and other applicable regulatory agencies are continuing to advance the public approval process to rebalance the entitlements between our two San Francisco communities, Candlestick, and the Shipyard. We're excited about the near term possibility of Candlestick and we hope to have more to report on our next call.

至於舊金山，市縣和其他適用的監管機構正在繼續推進公眾審批程序，以重新平衡舊金山兩個社區、Candlestick 和 Shipyard 之間的權利。我們對 Candlestick 的近期可能性感到興奮，並希望在下次電話會議中報告更多。

Once the rebalancing is approved, we anticipate working promptly with the city to initiate our infrastructure plans for the first phase at Candlestick in order to unlock the value of this bayfront land in the city of San Francisco.

一旦重新平衡獲得批准，我們預計將立即與市政府合作，啟動 Candlestick 第一階段的基礎設施計劃，以釋放舊金山市這片海灣土地的價值。

Let me conclude by saying I've never been more optimistic about the future of Five Point. We have remained focused on driving consistent quarterly earnings, carefully controlling our overhead, and carefully manage our land development spend. Accordingly, our balance sheet continues to strengthen, and our liquidity continues to grow. This focus will enable us to turn our attention to growth for our future as we continue to validate our asset, lighter land partnership model that's reflected in our Great Park Venture.

最後我要說的是，我對五點的未來從未如此樂觀。我們仍然專注於推動季度收益的穩定，仔細控制我們的管理費用，並仔細管理我們的土地開發支出。因此，我們的資產負債表持續增強，流動性持續成長。這一重點將使我們能夠將注意力轉向未來的成長，因為我們將繼續驗證我們的資產、輕型土地合作夥伴模式，這反映在我們的 Great Park Venture 中。

Some additional items have evolved over this quarter to pave the way for our future growth. Recent rotations in Five Point stock should enable future investment without unusual sell pressure on our stock. Castlelake recently disclosed the sale of its sizeable equity interest in the company and its subsidiaries to a fund owned by Glick Family Investments. There have also been additional publicly disclosed rotations of our shares in the hands of longer-term investors.

本季度已經發展了一些其他項目，為我們未來的成長鋪平道路。五點股票最近的輪換應該能夠使未來的投資不會對我們的股票造成異常的拋售壓力。Castlelake 最近披露，已將其在該公司及其子公司的大量股權出售給 Glick Family Investments 旗下的基金。我們的股票在長期投資者手中也有更多公開揭露的輪換情況。

In connection with the late Castlelake sale, we announced yesterday that Sam Levinson, Chief Investment Officer at Glick has joined our board. We are very pleased to welcome Sam to the Board as he brings a history of success and extensive experience in real estate investment to enhance our efforts to maximize value for our shareholders and to grow our business.

關於最近的 Castlelake 出售，我們昨天宣布 Glick 首席投資官 Sam Levinson 已加入我們的董事會。我們非常高興地歡迎 Sam 加入董事會，因為他帶來了房地產投資的成功歷史和豐富經驗，以加強我們為股東創造最大價值並發展我們業務的努力。

At the same time, we also announced that Evan Carruthers will be stepping down as a member of the board following completion of the sale of Castlelake's equity interest to Glick. Catholic has been an investor in Five Point since the business combination and Evan's insight and guidance have been incredibly valuable in building the foundation and shaping the direction of Five Point. So great for Evan's leadership and wish him all the best.

同時，我們也宣布，在完成向 Glick 出售 Castlelake 股權後，Evan Carruthers 將辭去董事會成員職務。自業務合併以來，Catholic 一直是 Five Point 的投資者，Evan 的洞察力和指導對於奠定 Five Point 的基礎和塑造方向非常有價值。埃文的領導能力非常出色，祝他一切順利。

Let me reiterate that our third quarter represents continuing progress on three main priorities, generating revenue, and positive cash flow, controlling SG&A costs and managing capital spend to match near term revenue opportunities. Advancing entitlements for our next neighborhoods in Valencia and finalizing the Candlestick rebalancing process remain critical operational objectives. We believe that the underlying housing environment in California has not materially changed and we're focused on ensuring that we are positioned to deliver the home sites that have been so severely lacking.

讓我重申，我們的第三季度代表了三個主要優先事項的持續進展，即創造收入和正現金流、控制銷售、管理費用和管理資本支出以匹配近期收入機會。提高巴倫西亞下一個社區的權利並最終確定燭台重新平衡流程仍然是關鍵的營運目標。我們相信，加州的基本住房環境並未發生重大變化，我們的重點是確保我們能夠提供嚴重缺乏的住宅用地。

As you can see, we have been continuously improving our financial condition which allows us to not only focus on executing our current projects but also the plan for the growth of Five Point beyond our existing communities.

正如您所看到的，我們一直在不斷改善我們的財務狀況，這使我們不僅能夠專注於執行當前的項目，而且能夠專注於五點在現有社區之外的發展計劃。

Now let me turn it over to Kim who will report on our financial results and provide some limited guidance for the remainder of the year.

現在讓我把它交給 Kim，他將報告我們的財務業績，並為今年剩餘時間提供一些有限的指導。

Thank you, Dan. First, let me provide a little background around the improvement we experienced in our third quarter, net income compared to what I shared with you last quarter.

謝謝你，丹。首先，讓我提供一些關於我們在第三季淨收入與我上季度分享的改善相比的背景知識。

As you may recall, I had indicated that we were expecting to report a $5 million to $10 million net loss for the quarter owing to the fact that we didn't expect any residential land sales during the quarter. While we did not have any residential land sales as Dan mentioned in his comments, the Great Park Venture recognized approximately $36 million of price and profit participation revenue from earlier residential land sales.

您可能還記得，我曾表示，由於我們預計本季不會出現任何住宅用地銷售，因此預計本季將出現 500 萬至 1000 萬美元的淨虧損。正如丹在評論中提到的那樣，雖然我們沒有任何住宅用地銷售，但 Great Park Venture 從早期住宅用地銷售中確認了約 3600 萬美元的價格和利潤參與收入。

The home sale velocity and pricing achieved by our builders during the third quarter exceeded our earlier expectations which increased revenues at the Great Park. This recognition of revenue at the Great Park improved. Our third quarter results through higher than expected equity and earnings from the venture.

我們的建築商在第三季度實現的房屋銷售速度和定價超出了我們先前的預期，這增加了大公園的收入。大公園的收入認可度有所提升。我們第三季的業績高於預期，該合資企業的股本和收益。

Therefore, for the third quarter, we reported consolidated net income of $12.3 million which was generated primarily from $12.9 million of revenue from incentive management compensation and $12.1 million of equity and earnings from our investment in the Great Park Venture.

因此，第三季度，我們報告的合併淨利潤為 1,230 萬美元，主要來自激勵管理薪酬的 1,290 萬美元收入以及我們對 Great Park Venture 投資的 1,210 萬美元股本和收益。

The Great Park Venture's income for the quarter was largely generated by the sale of an 11.1 acre retail site with a sales price of $21.1 million and a childcare use parcel on 1.7 acres for a sales price of $4.3 million. Both sales have a profit margin of 72.5% before closing costs.

Great Park Venture 本季的收入主要來自出售一塊 11.1 英畝的零售場地（售價為 2,110 萬美元）和一塊佔地 1.7 英畝的兒童保育用地（售價為 430 萬美元）。兩次銷售的扣除成本前的利潤率為 72.5%。

You will note that at roughly $2 million per acre, the price per acre for the retail and childcare sites is significantly less than the value we have been achieving for the residential and other commercial parcels in the project but is reflective of the market for such uses. This is consistent with but on the higher end of similar use properties in the market and is in line with what we have been projecting.

您會注意到，零售和兒童保育場所的每英畝價格約為每英畝 200 萬美元，明顯低於我們為項目中的住宅和其他商業地塊實現的價值，但反映了此類用途的市場。這與市場上類似用途房產的高端一致，但處於高端，並且符合我們的預測。

Additionally, as I mentioned at the beginning, the Great Park Venture had an additional price participation revenue because the Luna Park home sales and collection openings were stronger than expected. And therefore, we determined that the expected price participation consideration should be increased by an additional $30 million as well as profit participation of approximately $6 million from the ventures other active residential programs.

此外，正如我在開頭提到的，Great Park Venture 還獲得了額外的價格參與收入，因為 Luna Park 的房屋銷售和收藏開放量強於預期。因此，我們確定預期價格參與對價應額外增加 3000 萬美元，以及來自合資企業其他活躍住宅項目的約 600 萬美元利潤參與。

Turning back to Five Point's consolidated results. For the first nine months of the year, we have recognized net income of $56.6 million. These results included $78.1 million of total revenue made up largely of management services revenues from the Great Park Venture and equity and earnings from the Great Park Venture of $45.2 million. Consistent with our continued focus on managing our costs, as Dan mentioned, our third quarter SG&A expense was $11.9 million compared to the prior year. Third quarter of $11.9 million and $12.2 million in the second quarter of this year.

回到五點的綜合業績。今年前 9 個月，我們確認淨利為 5,660 萬美元。這些業績包括 7,810 萬美元的總收入，其中大部分來自 Great Park Venture 的管理服務收入以及來自 Great Park Venture 的 4,520 萬美元的股權和收益。正如 Dan 所提到的，與我們持續關注成本管理一致，我們第三季的 SG&A 費用與前一年相比為 1190 萬美元。今年第三季為 1,190 萬美元，第二季為 1,220 萬美元。

Now let me turn to liquidity and cash. As Dan mentioned, we ended the quarter with $224.5 million of cash as well as $125 million of availability on our revolving credit facility, resulting in total liquidity of $349.5 million. At the end of the quarter, our debt to total capitalization was 20.5%.

現在讓我談談流動性和現金。正如 Dan 所提到的，本季結束時，我們擁有 2.245 億美元的現金以及 1.25 億美元的循環信貸額度，流動資金總額為 3.495 億美元。截至本季末，我們的債務佔總資本的比例為 20.5%。

For the quarter. We had positive cash flow of $7.1 million. No interest payments on our senior notes were due in the third quarter with the next scheduled interest payment of $27.5 million to be made in November. The significant sources of cash have been equity distributions from the Great Park Venture of $38.9 million for the quarter and $86.2 million year-to-date, the incentive management compensation of $10.5 million for the quarter and $23.3 million year-to-date.

對於本季。我們的正現金流為 710 萬美元。我們的優先票據在第三季沒有支付利息，下次計畫支付的利息為 2,750 萬美元，將於 11 月支付。現金的重要來源是 Great Park Venture 本季 3,890 萬美元和年初至今 8,620 萬美元的股權分配，本季 1,050 萬美元和年初至今 2,330 萬美元的激勵管理薪酬。

The significant uses of cash other than SG&A and debt service have been development costs at Valencia of $29.3 million for the quarter and $60.7 million a year-to-date which is largely related to entitlement activities and preparing for the sales expected to close at the end of the year.

除 SG&A 和償債外，現金的主要用途是巴倫西亞本季的開發成本為 2,930 萬美元，年初至今為 6,070 萬美元，這主要與權利活動以及為預計年底完成的銷售做準備有關今年的。

In addition, we incurred development costs at San Francisco of $5.3 million for the quarter and $13.7 million for the year-to-date that are largely associated with the rebalancing efforts and our litigation against Tetra Tech and the Navy.

此外，本季我們在舊金山的開發成本為 530 萬美元，今年迄今為 1,370 萬美元，這主要與重新平衡工作以及我們針對 Tetra Tech 和海軍的訴訟有關。

As Dan mentioned, we have extended our contract to manage the Great Park Venture's development activity for two more years, from January 2025 through December 2026 we increased our annual base fee from $12 million a year to $13.5 million per year. And we will continue to receive 9% of each distribution made by the venture to the partners as an incentive management fee.

正如 Dan 所提到的，我們已將管理 Great Park Venture 開發活動的合約再延長兩年，從 2025 年 1 月到 2026 年 12 月，我們將年度基本費用從每年 1,200 萬美元增加到每年 1,350 萬美元。我們將繼續收取合資企業向合作夥伴每筆分配的 9% 作為激勵管理費。

As I noted last quarter, we are carrying a related party contract asset which relates to the revenue we have recognized for the incentive management fee that we expect to be paid from the future distributions from the venture. As of September 30, that contract asset is carried at $106.7 million.

正如我上季度指出的那樣，我們持有一項關聯方合約資產，該資產與我們已確認的激勵管理費收入有關，我們預計將從合資企業的未來分配中支付。截至 9 月 30 日，該合約資產為 1.067 億美元。

Dan also mentioned another achievement that the Great Park Venture completed during the quarter. As you may recall, when Five Point was formed in a roll up of our three assets, Five Point's interest in the Great Park Venture was 37.5% interest. That was subordinate to $565 million of distributions to the legacy interests, which generally didn't include Five Point.

Dan 也提到了 Great Park Venture 在本季完成的另一項成就。您可能還記得，當五點公司由我們的三項資產合併而成時，五點公司在 Great Park Venture 的權益為 37.5%。這不屬於向遺產利益集團分配的 5.65 億美元，其中通常不包括五點集團。

The $565 million was divided into two tiers, $476 million that was paid before any distributions would be paid to the common percentage interests, and $89 million that was to be paid from 10% of any equity distributions until it was fully retired. In June of 2021, the venture completed paying the first tier and Five Point started participating in the equity distributions and the legacy interests continued to receive 10% of such distributions.

5.65 億美元分為兩層，其中 4.76 億美元是在向普通百分比權益進行任何分配之前支付的，8900 萬美元是從任何股權分配的 10% 中支付的，直到完全退休。2021年6月，該合資企業完成了第一輪支付，五點開始參與股權分配，遺留權益繼續獲得此類分配的10%。

This quarter, with the distributions made by the venture, the legacy interests have been fully distributed. And from this point forward, the common percentage interest will receive distributions equal to the percentage interest.

本季度，隨著合資公司的分配，遺留權益已全部分配完畢。從此時起，共同百分比利息將獲得與百分比利息相等的分配。

Now, for some limited guidance. We are pleased with the third quarter performance which continues to be attributable to the strong activity at the Great Park Venture and our consistent focus on SG&A and development costs. As Dan noted in his remarks, we have a number of residential land sales scheduled to close at Valencia and the Great Park in the fourth quarter.

現在，提供一些有限的指導。我們對第三季的業績感到滿意，這繼續歸功於 Great Park Venture 的強勁活動以及我們對 SG&A 和開發成本的一貫關注。正如丹在演講中指出的那樣，我們計劃在第四季度完成巴倫西亞和大公園的一些住宅土地銷售。

Assuming that most or all of these sales close in December, we will expect to end the year with annual net income of between $121 million and $140 million and a cash balance of between $323 million and $150 million. Any sales that don't close in the fourth quarter would be expected to close in the first quarter of 2025.

假設大部分或全部銷售在 12 月完成，我們預計年底的年淨利潤將在 1.21 億美元至 1.4 億美元之間，現金餘額將在 3.23 億美元至 1.5 億美元之間。任何未在第四季度完成的銷售預計將在 2025 年第一季完成。

It remains critical for us to stay focused on our strategic priorities of generating revenue, controlling our expenses, and carefully managing our capital spend to match near term revenues. And we are committed to those priorities. With that, let me turn it back to the operator who will now open it up for questions.

對我們來說，繼續專注於創造收入、控制支出和謹慎管理資本支出以匹配近期收入的策略重點仍然至關重要。我們致力於這些優先事項。接下來，讓我將其轉回給接線員，接線員現在將打開它以供提問。

Alan Ratner, Zelman and Associates.

艾倫·拉特納，澤爾曼及其同事。

Hey guys, good afternoon. Congrats on the continued improvement here. It's great to see the consistency of results in quarter to quarter. Dan, you know, you mentioned a few times kind of looking into the future a little bit, maybe for the next stage of growth for Five Point's. And I know this is something that even going back to your IPO days, there were a lot of discussions, strategies, plans on how the company would evolve.

嘿夥計們，下午好。恭喜您在這裡不斷進步。很高興看到季度與季度結果的一致性。丹，你知道，你曾多次提到對未來進行一些展望，也許是為了五點的下一階段的成長。我知道，即使回到 IPO 時代，也有很多關於公司如何發展的討論、策略和計劃。

And I'm just curious if there's anything you might be willing to share with us at this point, you know, either specific deals or just conceptually kind of what the next pillar of growth for Five Point might look like, especially with Great Park, you know, kind of maybe not at the end of its life cycle but certainly closer to the end than the beginning at this point.

我只是很好奇您現在是否願意與我們分享任何內容，您知道，無論是具體交易還是只是概念性地介紹五點的下一個增長支柱可能會是什麼樣子，尤其是與 Great Park 合作，你知道，也許不是在其生命週期的末尾，但此時肯定比開始更接近結束。

Thanks Alan. I appreciate the question. You know, the one thing if it doesn't come out, I am very optimistic that Five Point's on a good path and has a bright future. And what we have been able to execute on at the Great Park is really the model for where we look to go in the future.

謝謝艾倫。我很欣賞這個問題。你知道，如果它沒有出現，我非常樂觀地認為五點正走在一條良好的道路上並且擁有光明的未來。我們在大公園所做的事情確實是我們未來發展方向的典範。

The one comment I would make is that we're not looking for additional legacy or just I'll call generational assets. You know, obviously, you know how long we have been involved with the Great Park. And both Valencia and San Francisco are long term assets.

我要發表的一個評論是，我們並不是在尋找額外的遺產，或者我稱之為世代資產。顯然，您知道我們參與大公園多久了。巴倫西亞和舊金山都是長期資產。

And you know, while we have those assets, we also know that generally, you know, merchant builders are looking for an asset, lighter approach. And we think that there's a real opportunity for us to use the experience we have working with partners and managing you know, larger communities that to actually build on that platform and look at other land that we can work with and can work with builders on. But that is, that is not, as I say, a generational project. We don't need another, we don't need another 25,000 unit project.

你知道，雖然我們擁有這些資產，但我們也知道，一般來說，商業建設者正在尋找一種資產、更輕鬆的方法。我們認為，我們有一個真正的機會利用我們與合作夥伴合作和管理更大的社區的經驗，在該平台上實際建設，並尋找我們可以合作並可以與建築商合作的其他土地。但正如我所說，這並不是一個世代相傳的項目。我們不需要另一個，我們不需要另一個 25,000 個單元的項目。

So, you know, I don't have anything I can point you to today, Alan, but I can tell you that we're really optimistic that there's really an opportunity for us there to grow this business. There's always going to be demand for land,

所以，你知道，艾倫，我今天沒有什麼可以向你指出的，但我可以告訴你，我們非常樂觀，我們確實有機會發展這項業務。對土地的需求永遠存在

Got you. That's helpful. And then again, I know there's no specifics here, but just, you know, big picture. Would this be, you know, within California, your backyard, your area of expertise or do you see an opportunity for Five Point even, you know, kind of take that approach elsewhere in the country?

明白你了。這很有幫助。再說一遍，我知道這裡沒有具體細節，只是，你知道，大局。你知道，這會是在加州、你的後院、你的專業領域嗎？

And would you be working, you know, primarily with Lennar in that situation or is this something that is open to the old universe of builders, given kind of your experience?

在這種情況下，你是否會主要與 Lennar 一起工作，或者考慮到你的經驗，這是否對舊的建造者宇宙開放？

Well, so I would start to say that we would -- I think right now focus on California because that's where we're at. Although we're not, we wouldn't say we wouldn't look outside of it and we would definitely look to work with a broad spectrum of builders, not just Lennar.

好吧，所以我要開始說，我們會 - 我認為現在專注於加利福尼亞州，因為那是我們所處的位置。儘管我們不是，但我們不會說我們不會放眼外部，而且我們肯定會尋求與廣泛的建設者合作，而不僅僅是 Lennar。

And what we're looking to do is that we would invest in future land deals in a partnership form with these builders, and we'll have obviously our limited investment, but we'll also get management fees and promote for our expertise. So, you know, it's really just building on our current model and hopefully expanding that base of folks that we can work with.

我們希望做的是，我們將以與這些建築商合作的形式投資未來的土地交易，顯然我們的投資有限，但我們也將獲得管理費並提升我們的專業知識。所以，你知道，這實際上只是建立在我們目前的模型之上，並希望擴大我們可以合作的人員基礎。

And once again, as you think about our company, as I look at it today, we are a land company. We're a horizontal company. We're not looking to be vertical, but we think we have a lot of expertise on that horizontal that we want to grow on.

再一次，當你想到我們公司時，正如我今天所看到的，我們是一家土地公司。我們是一家橫向公司。我們不希望垂直發展，但我們認為我們在我們想要發展的水平方向上擁有很多專業知識。

Perfect. I appreciate that. If I could ask a second one, just kind of digging through the pricing power that you have in your communities where you're selling off today. You mentioned rate, buy downs, and incentives from builders. And you know, we're seeing that obviously in our channel check as well that right now it's a pretty -- it's a healthy demand environment, but one where I would say it's fairly competitive from an incentive standpoint.

完美的。我很欣賞這一點。如果我可以問第二個問題，那就是挖掘一下您今天出售的社區中的定價能力。您提到了建築商的利率、購買折扣和激勵措施。你知道，我們在通路檢查中也明顯看到，目前這是一個相當健康的需求環境，但我想說，從激勵的角度來看，它具有相當的競爭力。

And I'm, and I'm curious as you think about what that means for land, residuals, and values as we kind of weigh the, the the tight inventory situation from a lot perspective with the seemingly lack of pricing power on the home side, at least for the time being, how do you see that filtering through the land values over the next 12 to 24 months?

我很好奇，當你思考這對土地、剩餘物和價值意味著什麼時，我們會從很多角度權衡庫存緊張的情況，以及房屋似乎缺乏定價能力另一方面，至少目前而言，您如何看待未來12 至24 個月內土地價值的變化？

You know, you've got a lot of deals coming to the market. Do you still feel like you have pricing power, the ability to raise land prices even as home prices on a net basis are pretty steady for the time being?

你知道，市場上有很多交易。即使目前淨房價相當穩定，您是否仍覺得自己有定價權，有能力提高土地價格？

Well, I think first what the comment I would make is because we're in California, a lot of the pricing power we're seeing is really derived from California's acute land shortage and the time it takes to get entitled land. And once again, you actually get a snapshot of a much broader market than we're working in.

好吧，我想首先我要發表的評論是因為我們在加利福尼亞州，我們看到的許多定價能力實際上來自加利福尼亞州嚴重的土地短缺以及獲得有權土地所需的時間。再一次，你實際上得到了比我們現在所處的更廣闊的市場的快照。

In Irvine, we still have, you know -- you're right about the builders are, are helping with sales. On the other hand, we still have the builder self-pricing power in Irvine. So, you know, we haven't really seen anything that would erode land and as we are out, bidding and talking to builders. We're seeing our land, you know, values, you know, hold up. And, you know because of that, we are able to, that, that acute shortage of land and home sites, we are able to get some price appreciation in our land from transaction to transaction.

在爾灣，我們仍然有，你知道的——你說得對，建築商正在幫忙銷售。另一方面，我們在爾灣仍然擁有建築商自行定價的權力。所以，你知道，我們還沒有真正看到任何會侵蝕土地的東西，而且當我們出去投標並與建築商交談時。我們看到我們的土地，你知道，價值觀，你知道，站得住腳。而且，你知道，正因為如此，我們能夠，在土地和住宅用地嚴重短缺的情況下，我們能夠在每次交易中使我們的土地價格升值。

Now, I would tell you that Irvine is always a unique piece of property as you know. You know, in Valencia, we don't have quite as strong a push. But once again, based upon what we have going on up there, our builders are able to get some price appreciation. So we're not really seeing any downward pressure yet on land prices.

現在，我想告訴您，如您所知，爾灣始終是一個獨特的房地產。你知道，在瓦倫西亞，我們沒有那麼強大的推動力。但再一次，根據我們在那裡發生的事情，我們的建築商能夠獲得一些價格升值。因此，我們還沒有真正看到土地價格有任何下行壓力。

And once again, I think a lot of that is just acute shortage of land. There are just very few places for builders to get entitled land that's ready to go in California.

我再說一遍，我認為其中很大一部分只是土地嚴重短缺。在加州，建築商獲得可隨時使用的土地的地方很少。

Got it. I do have one final one and then I'll get back to you. But if I could ask it quickly, Thank you. Appreciate the time.

知道了。我確實有最後一份，然後我會回覆你。但如果我能盡快問一下，謝謝。珍惜時間。

You know, you mentioned kind of program segmentation and product segmentation. And obviously that's so important to these larger communities. Are you seeing any kind of shifts in demand from builders these days as far as prioritizing entry level versus move up or active adult or attached versus detached? Any kind of trends, you could point to just in terms of what you're seeing and hearing from the builders where there's greater demand or maybe less demand?

您知道，您提到了程序細分和產品細分。顯然這對於這些較大的社區非常重要。如今，您是否發現建築商的需求發生了任何變化，優先考慮入門級與升級級、活躍成人級、依附型與獨立型？您可以根據您從建築商那裡看到和聽到的情況來指出任何類型的趨勢，其中需求更大或需求更少？

I would tell you that it's been pretty constant here. But one of the very, you know, a real similarity between Irvine and Valencia, they are both very family oriented communities. And the -- and so it's about schools. You know, it's about family, it's about safety. And both of them have a very similar profile, especially around schools.

我會告訴你，這裡的情況一直很穩定。但爾灣和瓦倫西亞之間的真正相似之處之一是，它們都是非常以家庭為導向的社區。還有——所以這與學校有關。你知道，這關係到家庭，關係到安全。他們倆的形象非常相似，尤其是在學校方面。

So the product is really kind of remaining consistent. And, you know, I think that the builders are always looking at, maybe we'll size it a little bit differently, but we're not really seeing a big movement away from one product segment or another.

所以產品確實保持了一致性。而且，你知道，我認為建構者總是在考慮，也許我們的規模會略有不同，但我們並沒有真正看到一個或另一個產品領域發生重大變化。

Great, I appreciate all the time. Thanks a lot.

太好了，我一直很感激。多謝。

Andrew Acon, private investor.

安德魯艾肯，私人投資者。

Yeah. Thank you very much for taking my call. I have two questions. One, I believe the City Council of San Francisco vote next week on Candlestick. And I am wondering whether you guys would be willing to break out the book value of the San Francisco venture doing Hunters Point and Candlestick. It's not required under segment operating accounting rules, but I think it'd be helpful as an investor to understand the book value of each one separately.

是的。非常感謝您接聽我的電話。我有兩個問題。第一，我相信舊金山市議會下週將就 Candlestick 進行投票。我想知道你們是否願意透露舊金山合資公司 Hunters Point 和 Candlestick 的帳面價值。分部營運會計規則並不要求這樣做，但我認為作為投資者，單獨了解每一項的帳面價值會有所幫助。

And second of all, going back to your pros up from 2016, you guys mentioned that the tax basis of your land exceeded the County book value by $0.5 billion.

其次，回到 2016 年以來的專業人士，你們提到你們土地的稅基超出了縣賬面價值 5 億美元。

I'm wondering is that something that Five Point would benefit from or is that really covered in the tax receivable agreements by the parties that have contributed? Thank you very much,

我想知道五點會從中受益，或者是否真的包含在捐助者的應收稅協議中？非常感謝，

Andrew, thank you for the question. I think what I'd like to do is kick that one to Kim and see if there's some more information he can share with you.

安德魯，謝謝你的提問。我想我想做的就是把這個問題交給 Kim，看看他是否可以與您分享更多資訊。

Yeah, Andrew, thank you. Just first with respect to your first question about breaking out Hunter's Point from Candlestick. Again, that was originally visualized. That was a single project. Everything we've done up to this point has presented it that way.

是的，安德魯，謝謝你。首先關於你關於從燭台突破獵人點的第一個問題。同樣，這最初是可視化的。那是一個單一的項目。到目前為止我們所做的一切都是以這種方式呈現的。

You bring up a good point of something that we often think about and consider. And so we'll take that into consideration and the like. But for the time being, we don't have a way to do that right now. And because the project is so closely related to each other with respect to the requirements under the DDA, you know, we aren't inclined to do that at this time. But I recognize your question regarding that, and we will provide some additional information going forward to help investors with that.

您提出了我們經常思考和考慮的一些好觀點。所以我們會考慮到這一點等等。但目前我們還沒有辦法做到這一點。由於該項目與 DDA 的要求密切相關，您知道，我們目前不傾向於這樣做。但我認識到您對此的疑問，我們將提供一些額外的資訊來幫助投資者解決這個問題。

With respect to the tax basis, since that tax basis is associated with the Valencia project where we have that additional tax basis. And that project is owned 100% by the company. Therefore, it will all go to the benefit of the company and isn't really reflected in the tax receivable agreement. The tax receivable agreement had more to do with built in gains. That reduces the built in gains that were potentially on those on that asset, but it doesn't -- it's not directly related to it. Does that make sense?

關於稅基，因為該稅基與巴倫西亞項目相關，我們在那裡有額外的稅基。該項目由該公司100%擁有。因此，這一切都會有利於公司，並沒有真正反映在應收稅款協議中。應收稅款協議更與內置收益有關。這減少了該資產潛在的內建收益，但事實並非如此——它與資產沒有直接關係。這樣有道理嗎？

Yeah, that does. So you guys will be able to benefit from the additional basis in Valencia and have that (multiple speakers)

是的，確實如此。所以你們將能夠從巴倫西亞的額外基礎中受益並擁有（多個發言者）

Yeah. We have been benefiting from it.

是的。我們一直從中受益。

Okay. Thank you very much. And you guys are doing a great job. Glad to see the stock moving.

好的。非常感謝。你們做得很好。很高興看到股票走勢。

Thank you, Andrew.

謝謝你，安德魯。

(Operator Instructions) Myron Kaplan, private investor.

（操作員說明）Myron Kaplan，私人投資者。

Hello guys, how are you?

大家好，你們好嗎？

Hi, Myron, how are you?

嗨，邁倫，你好嗎？

Okay. Thanks for taking the questions. So overall things are looking up, I guess.

好的。感謝您提出問題。所以我猜整體情況正在好轉。

Well, I would say -- I'd like to say better than that. I think we're on a great path to a bright future.

好吧，我想說——我想說得更好。我認為我們正走在通往光明未來的偉大道路上。

Good. What I wanted to ask about this management agreement that you emphasized is the renewal is so important that you could use it as a template for future deals and so forth. I don't quite understand its importance.

好的。關於您強調的這份管理協議，我想問的是續約非常重要，您可以將其用作未來交易等的範本。我不太明白它的重要性。

I mean, I understand that maintaining, it is important financially. But as far as for future deals, maybe you could elaborate.

我的意思是，我知道維持在經濟上很重要。但至於未來的交易，也許你可以詳細說明。

Well, I think, you know, once again, we're very optimistic about the program and what we've been working on here. But you know, it's a great structure. It's a template we look at. You know, it's been very successful here.

嗯，我想，你知道，我們再次對這個計劃以及我們在這裡所做的工作非常樂觀。但你知道，這是一個很棒的結構。這是我們看的模板。你知道，這裡非常成功。

We look at it as a really strong template as we move forward. So, you know, it's kind of a model for future deals. It won't be necessarily always the deal. But we just think it's a really good way to start to help you think about the company and where we're going with future deals.

在我們前進的過程中，我們將其視為一個非常強大的模板。所以，你知道，這是未來交易的一種模式。不一定總是這樣。但我們只是認為這是一個很好的方式來開始幫助您思考公司以及我們未來交易的方向。

Right. But nothing's contemplated as you emphasized already,

正確的。但正如你已經強調的那樣，沒有考慮任何事情，

Correct.

正確的。

So, I guess you've got a better tranche of land for sale in Valencia coming up, we hope starting next year.

所以，我猜您將在瓦倫西亞出售更多的土地，我們希望從明年開始。

Yeah. Everything is progressing as anticipated.

是的。一切都在預期中進行。

How is the selection of the realignment of the new Board of Director, how does that affect operations?

新一屆董事會的人選重組情況如何，對營運有何影響？

You know, I don't think -- we don't look at it as impacting operations at all. So, I think once again we're on a great path. So we do appreciate your questions. But we're very -- we think we're just in a good spot and heading in the right direction

你知道，我不認為——我們根本不認為它會影響營運。所以，我認為我們再次走上了一條偉大的道路。所以我們非常感謝您的提問。但我們非常——我們認為我們處於一個好的位置並且正朝著正確的方向前進

And in Candlestick, you're optimistic that you'll be able to have some kind of development activity begin in maybe a year or so.

在 Candlestick 中，您樂觀地認為您將能夠在一年左右的時間內開始某種開發活動。

Yes, I mean, once again, we're very optimistic on how that is progressing with the city and county.

是的，我的意思是，我們再次對市和縣的進展感到非常樂觀。

So that you're succeeding in rebalancing the entitlements and so forth?

這樣您就成功地重新平衡了權利等等？

Yes, it's moving in a very positive direction.

是的，它正在朝著非常積極的方向發展。

All right. Well, you guys are doing a really good job. Congratulations so far.

好的。嗯，你們做得非常好。到目前為止，恭喜你。

Thank you, Myron.

謝謝你，邁倫。

Thank you. There are no further questions at this time. I would like to turn the floor back to Dan Hedigan for closing remarks.

謝謝。目前沒有其他問題。我想請 Dan Hedigan 致閉幕詞。

Thank you. On behalf of our management team, we thank you for joining us on today's call, and we look forward to speaking with you next quarter. Thanks to everyone.

謝謝。我們謹代表我們的管理團隊感謝您參加今天的電話會議，我們期待下個季度與您交談。謝謝大家。

Thank you. This does conclude today's teleconference. We thank you for your participation. You may disconnect your lines at this time.

謝謝。今天的電話會議到此結束。我們感謝您的參與。此時您可以斷開線路。