Five Point Holdings LLC (FPH) 2025 Q1 法說會逐字稿

Greetings and welcome to the Five Point Holdings LLC first-quarter 2025 conference call. As a reminder, this call is being recorded.

問候並歡迎參加 Five Point Holdings LLC 2025 年第一季電話會議。提醒一下，本次通話正在錄音。

Today's call may include forward-looking statements regarding Five Point's business, financial condition, 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 Five Point 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 Five Point 在本次電話會議當天的估計，並非旨在對未來的實際結果做出任何保證。

Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risk and uncertainties. Many factors could affect 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具有風險和不確定性。許多因素可能會影響未來的結果，並可能導致 Five Point 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 describing in today's press release and Five Point's SEC filings, including those in the Risk Factor section of 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 forwarding statements.

這些因素包括今天的新聞稿和 Five Point 向美國證券交易委員會提交的文件中所述的因素，包括 Five Point 向美國證券交易委員會提交的最新 10-K 表格年度報告中「風險因素」部分中的因素。請注意，Five Point 不承擔更新任何轉發聲明的義務。

Now, I would like to turn the call over to Dan Hedigan, President and Chief Executive Officer.

現在，我想將電話轉給總裁兼執行長 Dan Hedigan。

Thank you. Good afternoon and thank you for joining our call. I have with me today, Mike Alvarado, our Chief Operating Officer and Chief Legal Officer; Kim Tobler, our Chief Financial Officer; and Leo Kij, our Senior Vice President of Finance and Reporting. Stuart Miller, our Executive Chairman, is joining us remotely.

謝謝。下午好，感謝您參加我們的電話會議。今天與我一起出席的有我們的營運長兼首席法律長 Mike Alvarado、我們的財務長 Kim Tobler 以及我們的財務和報告高級副總裁 Leo Kij。我們的執行主席 Stuart Miller 將遠端加入我們。

On today's call, I'll update you on our Q1 results and review the status of the company's current operations, including our team's focus during the quarter and our strategic priorities and expectations for the remainder of 2025.

在今天的電話會議上，我將向您通報我們第一季的業績，並回顧公司目前的營運狀況，包括我們團隊在本季度的重點以及我們對 2025 年剩餘時間的策略重點和期望。

Mike will then discuss the growth element of our operating strategy, after which Kim will give you an overview of the company's financial performance and condition, with updated guidance for the remainder of 2025. We will then open the line for questions.

隨後，Mike 將討論我們營運策略的成長要素，之後 Kim 將向您概述公司的財務表現和狀況，並提供 2025 年剩餘時間的最新指導。然後我們將開放問答熱線。

Turning to the first quarter, I'm pleased to report another successful quarter for Five Point as we continue to build a program of consistent profitability. During the quarter, we generate a stronger than expected net income of $60.6 million which exceeded our guidance by roughly $10 million. Our Q1 results reflect our continued focus on generating revenue, controlling our expenses, and managing our capital spend.

談到第一季度，我很高興地報告 Five Point 又取得了一個成功的季度，因為我們繼續建立持續獲利的計劃。本季度，我們的淨收入強於預期，達到 6,060 萬美元，比我們的預期高出約 1,000 萬美元。我們第一季的業績反映了我們持續專注於創造收入、控制支出和管理資本支出。

Here are some additional highlights from the quarter. First, our Great Park Venture closed on all four of our anticipated residential land sales. These programs included 325 home sites on approximately 23.6 acres to three different builders for an aggregate purchase price of $278.9 million.

以下是本季的一些其他亮點。首先，我們的 Great Park Venture 完成了預期的四個住宅用地的全部銷售。這些項目包括將約 23.6 英畝的 325 個住宅用地出售給三個不同的建築商，總購買價為 2.789 億美元。

Second, as a result of the Great Park operations during the quarter, Five Point received $143.3 million as its portion of distribution and its incentive compensation payments. Third, we finished the quarter with total liquid liquidity of $653.3 million comprised of cash and cash equivalents totaling $528.3 million, an increase on our cash over yearend of $97.5 million and borrowing availability of $125 million under our unsecured revolving credit facility.

其次，由於本季大公園的運營，Five Point 獲得了 1.433 億美元的分配份額和激勵薪酬。第三，本季結束時，我們的總流動資金為 6.533 億美元，其中包括現金和現金等價物總額為 5.283 億美元，比去年年底的現金增加了 9,750 萬美元，無擔保循環信貸額度下的可用借款為 1.25 億美元。

Alongside our successful first quarter, I'm also happy to report that we received an upgrade in our credit rating from S&P. In recognition of our consistent earnings, cash generation, and management of overhead, the company moved from B- to B with a continued stable outlook, and our senior notes were upgraded from B to B+.

除了我們第一季的成功之外，我還很高興地報告，我們的信用評級獲得了標準普爾的上調。為了表彰我們持續的盈利、現金創造和管理費用，公司評級從 B- 升至 B，前景持續穩定，我們的優先票據也從 B 升級至 B+。

As we look ahead to the remainder of 2025, we recognize that we are currently navigating a challenging economic environment with market uncertainty created by shifting tariff policies, higher mortgage rates, and associated affordability issues. Our job is to filter out the noise and stay focused on the underlying economic data at both the national and local level.

展望 2025 年剩餘時間，我們認識到我們目前正處於一個充滿挑戰的經濟環境中，關稅政策的變化、抵押貸款利率的上升以及相關的負擔能力問題造成了市場不確定性。我們的工作是過濾掉噪音，並專注於國家和地方層級的基礎經濟數據。

While we are carefully monitoring results reported by the National Homebuilders, understand that several are experiencing reduced margins. Our communities are located in California markets that are chronically undersupplied primarily due to California's challenging and restrictive land use approval process. Our recently closed sales, including one this past week at Great Park, our continuing evidence that there remains strong demand for our home sites, even with builders facing the uncertainty of current market conditions.

雖然我們正在密切關注全國房屋建築商報告的結果，但了解到其中一些建築商的利潤率正在下降。我們的社區位於加州市場，這些市場長期供應不足，主要是由於加州的土地使用審批程序具有挑戰性和限制性。我們最近完成的銷售，包括上週在大公園的一筆銷售，繼續證明即使建築商面臨當前市場狀況的不確定性，我們的住宅用地仍然有強勁的需求。

Notwithstanding this uncertainty, we believe it is still an opportune time to move forward on the implementation of growth initiatives to complement our three existing communities. These growth initiatives will build upon the operating strategy we have been executing on for the past few years.

儘管存在這種不確定性，但我們相信，現在仍然是繼續實施成長計畫以補充我們現有的三個社區的適當時機。這些成長措施將以我們過去幾年一直執行的營運策略為基礎。

Mike will have a few more remarks about that strategy shortly. Let me turn briefly, however, to our current operating strategy. The key elements of the strategy, are one, we're optimizing homesite value within our existing three premier master plan communities for matching home site sales to current homebuilder demand. Currently, homebuilder demand remains steady, and we continue to maximize the value of our land and maintain the margins embedded in that value.

麥克很快就會對該策略發表更多評論。不過，請容許我簡要地談談我們目前的營運策略。該策略的關鍵要素是，第一，我們正在優化現有三個主要總體規劃社區內的住宅用地價值，以使住宅用地銷售與當前房屋建築商的需求相符。目前，房屋建築商的需求保持穩定，我們繼續最大化土地的價值並保持該價值中蘊含的利潤率。

Two, we are carefully managing our fixed costs and overhead even while we pursue growth opportunities. We're also constantly looking to reduce or mitigate some of the fixed costs that come with these larger master plan communities, and we're maintaining the lean operating structure that has defined Five Point for the past few years.

二，即使在追求成長機會的同時，我們也謹慎管理固定成本和管理費用。我們也一直在尋求減少或減輕這些較大的總體規劃社區所帶來的一些固定成本，並且我們正在維持過去幾年來 Five Point 所特有的精益營運結構。

We're matching development expenditures with revenue generation. Each new development area within our existing communities is analyzed from a construction phasing standpoint as we work alongside our public partners to deliver our infrastructure so that we are not deploying cash too far out in front of the needs of the development. Finally, we're seeking growth opportunities through new acquisitions, joint ventures, and strategic relationships to ensure a growing future for Five Point.

我們將開發支出與創收相符。我們與公共合作夥伴共同努力提供基礎設施，從建設階段的角度對現有社區內的每個新開發區域進行分析，以確保我們不會將資金投入開發需求的過高水準。最後，我們正在透過新的收購、合資企業和策略關係尋求成長機會，以確保 Five Point 的未來成長。

Our focus remained on these strategic elements of our operating platform as we produce recurring earnings along sustainable long-term growth. With that said, while we know there might be some uncertainty from time to time, we remain confident in our current year expectations. My last call indicate that we were expecting that our earnings for 2025 would exceed 2024 and that we anticipate close to $200 million net income, with obvious caveats regarding the timing of development processes within the county of Los Angeles.

我們仍然專注於營運平台的這些策略要素，因為我們在實現可持續的長期成長的同時創造了經常性效益。話雖如此，雖然我們知道有時可能會出現一些不確定性，但我們對今年的預期仍然充滿信心。我上次的通話表明，我們預計 2025 年的收益將超過 2024 年，並且我們預計淨收入接近 2 億美元，但對於洛杉磯縣內開發進程的時間安排有明顯的警告。

We currently believe that we are on track to meet our prior guidance, while we will continue to monitor evolving market conditions as the year progresses. Kim will provide more detail on our guidance for the remainder of 2025 during his remarks.

我們目前相信我們有望實現先前的預期，同時我們將繼續關註今年不斷變化的市場狀況。金墉將在演講中提供更多關於我們對 2025 年剩餘時間的指導的細節。

I'd like to now touch on market conditions. Although the Federal Reserve has cut rates by 100 basis points since September, recently announced tariff policies have created upward pressure on interest rates and inflation, with key mortgage interest rates moving mostly higher since the end of the quarter.

我現在想談談市場狀況。儘管聯準會自9月以來已將利率下調100個基點，但近期宣布的關稅政策對利率和通膨產生了上行壓力，關鍵抵押貸款利率自本季末以來大多走高。

Consumer sentiment is also being negatively impacted by the uncertainty surrounding tariff policies, which impacts consumer decisions on new home sales. Most of our gift builders still have the ability to facilitate sales, but we have seen a modest decline in the pace of sales over the past few weeks. Although interest rates and consumer sentiment are key data points in the housing market, Five Point California markets generally remain chronically undersupplied, we are actively engaged with our gift builders on new home site sales.

關稅政策的不確定性也對消費者情緒產生了負面影響，進而影響了消費者對新房屋銷售的決定。我們的大多數禮品製造商仍然有能力促進銷售，但過去幾週我們看到銷售速度略有下降。儘管利率和消費者情緒是房地產市場的關鍵數據點，但加州五點市場總體上仍然長期供應不足，我們正積極與我們的禮品建造商合作進行新房地塊銷售。

Let me now provide you with some updates on our communities, starting 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，讓我向您介紹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，大公園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大公園創投合作夥伴從前幾年對該社區的投資中獲得的收益。

During the first quarter, builders in our Great Park community sold 233 homes versus 143 homes in Q4 2024. We currently have 15 active selling programs in the Great Park neighborhoods with five additional programs planned to open later this year. With the existing and future planned programs, we'll be able to continue to offer a wide variety of housing options in Great Park neighborhoods.

第一季度，我們大公園社區的建築商售出了 233 套房屋，而 2024 年第四季度售出了 143 套房屋。目前，我們在大公園社區有 15 個活躍的銷售項目，另外 5 個項目計劃於今年稍後開放。透過現有和未來的計劃，我們將能夠繼續在大公園社區提供各種各樣的住房選擇。

In addition to our continuing home buyer interest, we are still seeing demand from builders for our land at the Great Park. All the five residential programs I previously identified as expected to close in the first half of 2025 have now closed escrow, with the last sale closing one week ago.

除了購屋者持續的興趣之外，我們還看到建築商對我們大公園土地的需求。我先前確定的預計將於 2025 年上半年完成的所有五個住宅項目現在均已完成託管，最後一筆銷售已於一周前完成。

We have also completed the bidding and contracting for a group of nine new residential programs being sold to six builders totaling 572 home sites. These builders have completed their due diligence with the expectation that these land sales would close in the fourth quarter of this year. The contracted sales prices are consistent with our most recent sales.

我們也完成了九個新住宅項目的招標和承包，這些項目共 572 個住宅用地出售給六家建築商。這些建築商已經完成了盡職調查，預計這些土地銷售將在今年第四季完成。合約銷售價格與我們最近的銷售價格一致。

As I mentioned last quarter, the City of Irvine completed its state-mandated RHNA general plan and zoning updates for the Great Park planning area, which 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 are in ongoing discussion with the city to consider residential uses consistent with the RHNA program adopted by the city.

正如我上個季度提到的，爾灣市完成了州政府授權的 RHNA 大公園規劃區總體規劃和分區更新，這將為大公園創業公司提供機會將其剩餘的部分或大部分商業用地轉換為住宅用途。我們正在繼續研究這些選擇，並正在與市政府進行討論，考慮與市政府採用的 RHNA 計劃一致的住宅用途。

Next, I'll move to Valencia, our other active community. As a reminder, Valencia is in the early stages of its development and serves many future phases of land delivery ahead of it, which will enable us to provide much needed housing in the Los Angeles market.

接下來，我將轉到我們的另一個活躍社區瓦倫西亞。提醒一下，瓦倫西亞正處於發展的早期階段，未來將迎來多個土地交付階段，這將使我們能夠為洛杉磯市場提供急需的住房。

During the first quarter, home sales remained relatively steady as our gift builders sold 69 homes for 74 in Q4. We currently have seven actively selling programs in Valencia. Additionally, we anticipate that another five programs will open during 2025, offering a greater diversity of home offerings for prospective home buyers.

第一季度，房屋銷售保持相對穩定，我們的禮品建築商在第四季度售出了 69 套房屋，而去年同期為 74 套。我們目前在瓦倫西亞有七個正在銷售的項目。此外，我們預計 2025 年將開放另外五個項目，為潛在購屋者提供更多樣化的住房選擇。

During the first quarter, we took two new communities to markets holding 159 home sites, and we're working with two builders to finalize their due diligence and earn a binding purchase and sale agreements. We're currently anticipate these sales will close towards the end of the year.

在第一季度，我們將兩個新社區推向市場，總共擁有 159 個住宅用地，我們正在與兩家建築商合作，以完成盡職調查並達成具有約束力的買賣協議。我們目前預計這些銷售將在年底結束。

We also continue to work with Los Angeles County and other agencies on our regulatory approvals for our next development areas in Valencia that will allow us to deliver thousands of additional home sites in the county's severely undersupplied market.

我們也繼續與洛杉磯縣和其他機構合作，爭取瓦倫西亞下一個開發區域的監管批准，這將使我們能夠在該縣嚴重供應不足的市場中提供數千個額外的住宅用地。

In total, these development areas are expected to consist of approximately 8,900 market rate home sites and 183 net acres of commercial land, approximately 139 of which is expected to cater towards industrial-focused uses. Additionally, given the recent loss of dwelling in this LA County wildfires, we expect greater cooperation between officials and developers to expedite more housing supply to help mitigate the shortage.

總體而言，這些開發區預計將包括約 8,900 個市價住宅用地和 183 淨英畝商業用地，其中約 139 英畝預計將用於工業用途。此外，鑑於最近洛杉磯縣野火造成的住房損失，我們預計官員和開發商之間將加強合作，加快增加住房供應，以幫助緩解住房短缺問題。

Turning to San Francisco, as you may remember from our last call, the city and county and other political regulatory agencies gave us final approval to rebalance the entitlements between our two San Francisco communities, Candlestick and the Shipyard. We're currently working on our engineering for the next phase of infrastructure with the expectation of starting construction early next year. As we work on these plans, we continue to explore opportunities to bring in a strategic partner for this mixed-use bayfront community.

談到舊金山，您可能還記得我們上次的通話，市、縣和其他政治監管機構最終批准我們重新平衡舊金山兩個社區（Candlestick 和 Shipyard）之間的權益。我們目前正在進行下一階段基礎設施的工程設計，預計將於明年年初開始施工。在製定這些計劃的同時，我們將繼續探索為這個多功能海濱社區引入戰略合作夥伴的機會。

Let me conclude by saying that while the housing and financial markets are adjusting to new policies and consumers are trying to gauge the impact of these policies on their home buying decisions, we will remain focused on prudently managing development and sale of land within our master plan communities. Land is still about location and scarcity. We have well located land in an extremely supply constrained market.

最後，我想說，雖然住房和金融市場正在適應新政策，消費者也在試圖衡量這些政策對他們的購房決策的影響，但我們將繼續專注於審慎管理總體規劃社區內的土地開發和銷售。土地仍然與位置和稀缺性有關。我們在供應極度緊張的市場中擁有地理位置優越的土地。

In addition, our balance sheet and liquidity have us well positioned to work through the current market conditions and to preserve the value of our land holdings while we opportunistically explore growth opportunities. Additionally, we remain ever focused on managing costs and controlling overhead as we grow our business in an efficient manner.

此外，我們的資產負債表和流動性使我們能夠很好地應對當前的市場狀況，並在我們抓住機會探索成長機會的同時保持我們土地持有的價值。此外，在高效率發展業務的同時，我們始終注重管理成本和控制管理費用。

Now let me turn over to Mike who will discuss Five Point's growth opportunities.

現在請 Mike 討論 Five Point 的成長機會。

Thanks, Dan. Let me briefly update you on our efforts in pursuing growth opportunities for Five Point.

謝謝，丹。請容許我簡要介紹一下我們為 Five Point 尋求成長機會所做的努力。

As you heard us report on our last call, the land-light strategy that a number of publicly traded homebuilders have gravitated towards has given Five Point the potential opportunity to work alongside the builders in a win-win scenario that would allow the builders to follow their land-light strategy and Five Point to play to a strength in the land development business.

正如您在我們上次電話會議上聽到的，許多上市房屋建築商都傾向於輕土地戰略，這為 Five Point 提供了與建築商合作的潛在機會，實現雙贏，建築商可以遵循他們的輕土地戰略，而 Five Point 則可以在土地開發業務中發揮優勢。

To that end, we have been assessing acquisitions that fit into both short term and mid- to long-term land delivery models. In uncertain market conditions like we have today, unique opportunities often present themselves around land that can enable Five Point to create outsized returns. Five Point is uniquely positioned to do this, given it its expertise and experience in the land development business.

為此，我們一直在評估適合短期和中長期土地交付模式的收購。在當今不確定的市場條件下，土地周圍往往會出現獨特的機會，使 Five Point 能夠創造超額回報。Five Point 在土地開發業務方面擁有專業知識和經驗，因此具有獨特的優勢。

Regardless of the size and projected development timeline for new acquisitions, like many of the public builders, we intend to acquire new assets in an asset-light structure where we are bringing in third-party capital in a joint venture arrangement that will allow us to expand the reach and diversity of our platform.

無論新收購的規模和預計開發時間表如何，與許多公共建築商一樣，我們都打算以輕資產結構收購新資產，即透過合資安排引入第三方資本，從而擴大我們平台的覆蓋範圍和多樣性。

As I have mentioned previously, this model is one in which we would own an equity interest in the venture, provide management services to the venture, and have the ability to earn an incentive promoted interest for excellent performance. Bringing in capital partners reduces our capital investment and gives Five Point opportunities to move to an asset lighter balance sheet model under a well-crafted partnership program.

正如我之前提到的，在這種模式下，我們將擁有合資企業的股權，為合資企業提供管理服務，並有能力因優異的業績而獲得激勵權益。引入資本合作夥伴減少了我們的資本投資，並為 Five Point 提供了在精心設計的合作夥伴計劃下轉向輕資產資產負債表模式的機會。

It is not lost on us that capital may be slow to make investment decisions in this current environment. But the need and demand for housing in many job centers around the country will continue to drive the deployment of capital into this market segment. Capital also likes to invest with companies whose management teams have extensive experience with embedded systematic financial and operational controls that can be trusted when investing their capital.

我們並沒有忘記，在當前環境下，資本可能會緩慢地做出投資決策。但全國許多就業中心的房屋需求將繼續推動資本進入這個細分市場。資本也喜歡投資那些管理團隊擁有豐富經驗、嵌入式系統財務和營運控制的公司，這些團隊在投資資本時是值得信賴的。

Five Point has the management experience and expertise, along with public company level financial and operational controls, which can and has led to extraordinary achievements like what we are seeing with our existing Great Park Venture. Indeed, the Great Park Venture members have seen rising returns over the last several years, driven by a combination of our management of the asset and the active engagement of the partners. We believe this is a business model that we can take advantage of as we look at other opportunities for future growth of the company. While we don't have any transactions to report at this time, we still anticipate sharing new opportunities with you before the end of the year.

Five Point 擁有管理經驗和專業知識，以及上市公司層面的財務和營運控制，可以並且已經帶來了非凡的成就，就像我們現有的 Great Park Venture 所看到的那樣。事實上，在資產管理和合作夥伴積極參與的共同推動下，Great Park Venture 成員在過去幾年中獲得了不斷增長的回報。我們相信，當我們尋找公司未來成長的其他機會時，我們可以利用這種商業模式。雖然我們目前還沒有任何交易可以報告，但我們仍然期待在年底之前與您分享新的機會。

Now let me turn it over to Kim to report on our financial results for the quarter.

現在，讓我將報告交給 Kim，讓他報告我們本季的財務表現。

Thank you, Mike. As Mike and Dan have shared, we are proud of how we concluded our first quarter by exceeding our guidance. While at the same time, we've been monitoring the markets closely as we look forward to the coming quarters and our land development activities and anticipated land sales later this year.

謝謝你，麥克。正如麥克和丹所分享的，我們為第一季超出預期的業績感到自豪。同時，我們一直在密切關注市場，展望未來幾個季度以及我們的土地開發活動和今年稍後預計的土地銷售情況。

First, as Dan noted, S&P recently reviewed our credit rating and determined it was appropriate to improve our ratings. I appreciate the time and effort S&P put forward to understand our structure and strategy and the confidence they have expressed in our ability to execute on our plans for the next 12 months.

首先，正如丹所指出的，標準普爾最近審查了我們的信用評級，並認為提高我們的評級是適當的。我感謝標準普爾為了解我們的結構和策略所付出的時間和精力，以及他們對我們執行未來 12 個月計劃的能力所表達的信心。

I'm now going to review our first-quarter financial results, then I will conclude by updating the guidance of what we are expecting for the remainder of 2025.

我現在將回顧我們第一季的財務業績，然後我將最後更新我們對 2025 年剩餘時間的預期。

In the first quarter, we recognized $60.6 million of net income. This is made up of the following components. We recognize $71.4 million of equity and earnings from our unconsolidated entities, $70.9 million of which came from the Great Park Venture. The equity and earnings from the Great Park Venture was attributable to net income of $206.3 million which resulted from land sales revenue of $278.9 million and a 75% gross margin.

第一季度，我們實現淨收入 6,060 萬美元。它由以下組件組成。我們確認非合併實體的股權和收益為 7,140 萬美元，其中 7,090 萬美元來自 Great Park Venture。Great Park Venture 的股權和收益歸因於 2.063 億美元的淨收入，該收入來自 2.789 億美元的土地銷售收入和 75% 的毛利率。

The Venture also had $6.4 million of price participation in proper revenue. Five Point added $12.6 million of management services revenue, $9.2 million of which is associated with the incentive compensation from the Great Park. Our first-quarter SG&A was $14.8 million. And finally, we recognized $9.5 million of tax expense.

該合資企業還獲得了 640 萬美元的適當收入分成。Five Point 增加了 1,260 萬美元的管理服務收入，其中 920 萬美元與大公園的獎勵補償有關。我們第一季的銷售、一般及行政費用為 1,480 萬美元。最後，我們確認了 950 萬美元的稅費。

Now a few words about our liquidity and cash. As Dan mentioned, we ended the quarter with $528.3 million of cash, as well as $125 million of availability on a revolving credit facility, resulting in total liquidity of $653.3 million. At the end of the quarter, our debt to total capitalization ratio was 19.2%, and our net debt is effectively zero.

現在簡單談談我們的流動性和現金。正如丹所提到的，本季末我們擁有 5.283 億美元的現金，以及 1.25 億美元的循環信貸額度，總流動資金達到 6.533 億美元。截至本季末，我們的債務與總資本化比率為 19.2%，而我們的淨債務實際上為零。

During the quarter, we generated net cash flow of $97.5 million, the significant components of which were cash inflows of $112.9 million from the Great Park Venture distributions and $30.4 million from incentive compensation payments. This was offset by project-related costs at Valencia and San Francisco and SG&A cash outflows of $51.1 million combined. The remaining net positive cash flow of $5.3 million was from miscellaneous sources.

本季度，我們產生了 9,750 萬美元的淨現金流，其中大部分是來自 Great Park Venture 分配的 1.129 億美元現金流入和來自激勵薪酬支付的 3,040 萬美元。這被瓦倫西亞和舊金山的項目相關成本以及 5,110 萬美元的銷售、一般及行政費用現金流出所抵消。其餘 530 萬美元的淨正現金流來自其他來源。

Now let me update the guidance that I gave you concerning our expectations for the remainder of 2025. We currently expect to have just under $10 million of net income for the second quarter, with the balance of our anticipated earnings weighted towards the end of the year. You'll recall that we previously indicated that we expect to have an income for the full year of close to $200 million with the caveat that processes within the county of Los Angeles would function as we hoped during the -- going into the year.

現在，讓我更新一下我對 2025 年剩餘時間的預期指導。我們目前預計第二季的淨收入將略低於 1,000 萬美元，預計收益餘額將在年底前實現。您會記得，我們​​之前曾表示，我們預計全年收入將接近 2 億美元，但前提是洛杉磯縣內的流程能夠按照我們的期望在年內正常運作。

While there is plenty of noise in the markets, we have not had any indications that would cause us to modify our guidance at this time. As it relates to our cash and senior debt, we are continuing to monitor the debt markets and the economic environment generally, and we remain ready to effect a refinance transaction for our senior notes, including a paydown of principle when we deem it prudent to do so.

儘管市場上有很多噪音，但我們目前還沒有任何跡象表明需要修改我們的指導。就我們的現金和優先債務而言，我們將繼續關注債務市場和總體經濟環境，並隨時準備對我們的優先票據進行再融資交易，包括在我們認為謹慎的情況下償還本金。

With that, let me turn it back to the operator who will now open it up for questions.

說完這些，讓我把話題轉回給接線生，他現在將開始回答問題。

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。（操作員指示）

Kenneth Pounds, Castlebury Advisory.

肯尼斯龐茲 (Kenneth Pounds)，卡斯爾伯里顧問公司。

Good afternoon, gentlemen, very good quarter. The governor mentioned that perhaps there'd be some layers of regulation taken off or some speed up, because of, even the more acute housing situation. And would that potentially benefit your two developments?

先生們，下午好，這是一個非常好的季度。州長提到，由於住房狀況更加嚴峻，或許取消一些監管措施或加速一些監管速度。這是否會對您的兩項發展有益？

Hi, Kenneth, thanks for the question. The answer is absolutely. Anything we can do to expedite process in California is supportive of us delivering housing.

你好，肯尼斯，謝謝你的提問。答案是肯定的。我們為加快加州的進程所做的任何努力都有助於我們提供住房。

Is there anything like finite on there? Have you seen any, like, changes in rules or timelines?

那裡有像有限這樣的東西嗎？您是否看到過規則或時間表的任何變化？

There's been a lot of discussion in Sacramento, but we haven't seen anything concrete yet. But there also is a lot of legislation this year because there is an increased focus every year on the lack of housing supply in California. So I don't have anything today I could share with you. There is a lot of activity that we're monitoring -- monitoring in Sacramento.

薩克拉門托已經進行了很多討論，但我們還沒有看到任何具體成果。但今年也有很多立法，因為人們每年都更加關注加州住房供應不足的問題。所以今天我沒有什麼可以跟你們分享的。我們正在監控很多活動——監控薩克拉門託的情況。

Great. We talked about San Francisco, I guess, starting next year. When would you perhaps have some CapEx plans or more of a budget for next year for that?

偉大的。我想，我們談論的是舊金山，從明年開始。您什麼時候會為此制定一些資本支出計劃或更多的明年預算？

Yeah, Kenneth, we'll like -- this is Kim -- we'll likely start giving some insight on that towards the end of the year early next year.

是的，肯尼斯，我們會喜歡的——我是金——我們可能會在今年年底到明年年初開始對此提供一些見解。

Great. Okay, thank you.

偉大的。好的，謝謝。

Ben Fader-Rattner, Space Summit Capital.

太空高峰會資本公司的 Ben Fader-Rattner。

Hi, just for the record, I'm calling in a personal capacity, not for any firm. So you have cash roughly equal to your debt. Every week that goes by, there's a drag that costs shareholders money. Why aren't you being more proactive in reducing the debt while you wait for market conditions? I just don't see the point of sitting with so much cash right now when you have a negative carry. Can you comment?

你好，僅供參考，我是以個人身分打電話，不代表任何公司。因此，您的現金大約等於您的債務。每過一周，就會出現讓股東損失金錢的拖累。為什麼你們不等待市場狀況而更積極地減少債務？我只是不明白，當你的利差為負時，持有這麼多現金有什麼意義。你能評論一下嗎？

Yeah, Ben, this is Kim. The challenge that we face is the 200-basis-point cost of paying down the debt. And there was a short period of time when it made -- it seemed to make sense, if we could have refinanced at a lower rate. But given the way the markets have moved, it doesn't seem prudent until that premium is removed late in the year.

是的，本，這是金。我們面臨的挑戰是償還債務的成本高達 200 個基點。在很短的一段時間內，如果我們能夠以較低的利率進行再融資，這似乎是有意義的。但考慮到市場的走勢，在今年年底取消這項溢價之前，這似乎是不明智的。

So just to say we're -- as we said, we're monitoring the markets. We recognize that it is a bit of a carry, but we're also earning quite a bit on the cash. We're earning a good return. We're earning over 4% on the money we have. And that 200 basis points on the full amount makes a very significant dent in the ability to do that. So we're looking at it.

所以，正如我們所說，我們正在監控市場。我們意識到這需要一點時間，但我們也能從現金中賺取相當多的利潤。我們獲得了豐厚的回報。我們現有的資金回報率超過 4%。而全額的 200 個基點對實現這一目標的能力造成了很大影響。所以我們正在研究它。

But on that point, just to push back, I mean, you can earn about 4% on cash. It costs you over 10% in coupons, so you're spending $30 million of negative carry. The cost to take that out would be $10 million. I mean, I'm not suggesting you take out the whole thing, but I just -- the math on taking out some of it now, I think, is accretive. I don't see why you would incur six-point delta for seven months when you can take it out right now at 102. It just -- it seems like cost effective to do so. But I just -- I wanted to go on record saying that.

但就這一點而言，只是為了反駁一下，我的意思是，你可以用現金賺取大約 4% 的利潤。您需要花費超過 10% 的優惠券，因此您需要花費 3000 萬美元的負利差。拆除它的成本將達到 1000 萬美元。我的意思是，我並不是建議你把所有東西都拿出來，但我認為，現在從數學上來說，拿出一部分來是有益的。我不明白為什麼您要在七個月內承擔六個點的損失，而您現在可以以 102 的利率將其取出。只是——這樣做似乎很划算。但我只是——我想公開說出這一點。

Yeah, I appreciate it, Ben.

是的，我很感激，本。

So in terms of just the Great Park land sales that you did, it's amazing the numbers just keep going higher. It looks like it was around $12 million per acre for this last, land sale. When you say that the additional land sales will be in line with what occurred, just to be clear, you're saying that $12 million is now the future number or is it kind of the $10 million that you had talked about previously?

因此，就您所做的大公園土地銷售而言，令人驚訝的是，數字一直在上升。看起來，最近這塊土地的售價約為每英畝 1200 萬美元。當您說額外的土地銷售額將與實際銷售額一致時，需要明確的是，您是說 1200 萬美元是未來的數字，還是您之前談到的 1000 萬美元？

Ben, this is Dan. The blended number on the last four sales that closed where I gave you the information revenue is about $11.8 million. We are still seeing sales in that area. I would not start suggesting that 12 is the new standard. But our most recent sale and other bids we have out there are consistent with that $11 million number.

本，這是丹。我向您提供的資訊是，最近四筆銷售的綜合收入約為 1,180 萬美元。我們仍然看到該地區的銷售。我不會開始建議 12 作為新標準。但我們最近的銷售和其他出價都與 1100 萬美元的數字一致。

Okay. And then just in terms of the commercial land, and the ability to -- for the potential ability to convert it into residential, what do you think the timing looks like in terms of having the go-ahead from the city of Irvine to re-entitle that land for residential purposes?

好的。那麼，就商業用地以及將其轉變為住宅用地的潛在能力而言，您認為從爾灣市批准將該土地重新用於住宅用途的時機是什麼時候？

Yeah. Ben, we're in kind of ongoing discussions on that topic, and I don't think I can really put a time frame for it. Just know that we are actively involved looking at it and we'll have more information later this year.

是的。本，我們正在就該主題進行討論，但我認為我無法為其設定一個時間框架。請知悉，我們正在積極參與調查，今年稍後我們將獲得更多資訊。

Okay. All right, great. Thank you, appreciate it, and great quarter.

好的。好的，太好了。謝謝，非常感激，這是一個很棒的季度。

Thank you.

謝謝。

Andrew Okon, Private Investor.

安德魯‧奧肯 (Andrew Okon)，私人投資者。

Hi guys, thanks for taking my call. And I apologize if I can find this somewhere in the 10-K, but how much commercial land do you have left entitled in Irvine as far as acres?

大家好，感謝您接聽我的電話。如果我可以在 10-K 中找到這個問題，我深感抱歉，但是就英畝而言，您在爾灣還剩下多少商業用地？

So we have -- I mean, I'm doing the math, we have 100 acres of commercial land between the four sites that we constantly look at, we call lots 2, 7, 10, and 11.

所以我們有——我的意思是，我算了一下，我們經常關注的四個地點之間有 100 英畝的商業用地，我們稱之為地塊 2、7、10 和 11。

Okay. And there would be some obviously that couldn't all be sold in this way. There have to be some left for open space and stuff like that. Is that fair?

好的。顯然有些商品不能全部透過這種方式銷售。必須留出一些空間用於開放空間和諸如此類的東西。這樣公平嗎？

Well, those are actually -- all of our open space and other obligations and that type of land have already been met through other obligations. So these are gross acres though. You don't get 100% efficiency in the sense that you do have streets, parks, some other things that would go into them on a residential basis.

嗯，實際上，我們所有的開放空間和其他義務以及那種土地都已經透過其他義務來滿足。所以這些都是總英畝數。從某種意義上說，你無法獲得 100% 的效率，因為你確實有街道、公園以及一些其他可以用於住宅的設施。

Okay. Are you willing to give what like -- was that like 80% or something?

好的。您願意付出多少——大概是 80% 左右？

Generally speaking, I just as a matter of course. 85% efficiency.

一般來說，我只是理所當然的。 85％的效率。

Yeah, great quarter. Thanks a lot for answering my question.

是的，非常棒的一個季度。非常感謝您回答我的問題。

Thank you.

謝謝。

Myron Kaplan, Private Investor.

邁倫‧卡普蘭（Myron Kaplan），私人投資者。

Hi, Kim. How are you?

你好，金。你好嗎？

Doing well, Myron.

做得很好，邁倫。

So really the Great Park is the gift that never stops giving.

所以，大公園確實是一份永不停止的禮物。

Absolutely. We're very grateful for the work that's been done there.

絕對地。我們非常感謝在那裡所做的工作。

Yeah, it's super very good quarter. So I guess the plan is at the end of the year to re-fi and finally like what you said where you'll wait for the two points to come off.

是的，這是一個非常好的季度。所以我猜計劃是在年底重新融資，最後就像你說的，等待這兩點的實現。

Yeah, if the markets are open. If you've been following the high yield markets, it's a bit challenging out there right now.

是的，如果市場開放的話。如果您一直關注高收益市場，那麼現在的情況會有點挑戰性。

Well, you could pay off the bond and probably work a very small issue of $200 million, $250 million, and then you have the revolver and you know you're in business.

好吧，你可以償還債券，並可能發行 2 億美元或 2.5 億美元的小額債券，然後你就有了循環信貸，你就知道你的生意開始做了。

Yeah, we're looking at all those options, Myron.

是的，我們正在考慮所有這些選擇，邁倫。

Yeah, I mean, I don't see how the market's going to refuse you. Anyway, very good. I guess, Valencia, you're going to try to gear up.

是的，我的意思是，我不知道市場怎麼會拒絕你。無論如何，非常好。我想，瓦倫西亞，你會努力做好準備。

Yeah, we're trying to get a reasonable pipeline that gives us the strength to have multiple years of product available to give us a longer pipeline, and we're working hard on that process.

是的，我們正在嘗試建立一條合理的管道，使我們有能力提供多年的產品，從而為我們提供更長的管道，我們正在努力實現這一目標。

Do all of the Palisades fires and stuff, does that augment the thrust behind it or is it everything kind of is frozen?

帕利塞茲的所有火災和其它事情是否會增強其背後的推力，還是一切都被凍結了？

Well, I think that the fires, the recent fires have created need. We're still sorting out the impacts it has on the government approval processes.

嗯，我認為火災，最近的火災已經引起了需求。我們仍在釐清它對政府審批流程的影響。

Okay, well, we'll be patient and I guess San Francisco is work in progress.

好的，我們會耐心等待，我想舊金山的工作正在進行中。

It is, but we'll have more to say about that later in the year as well.

是的，但今年晚些時候我們還會對此進行更多討論。

Okay, well done, thanks.

好的，做得很好，謝謝。

Thanks, Myron.

謝謝，邁倫。

Thank you. And we have reached the end of the question-and-answer session. I would like to turn the floor back to Dan Hedigan for closing remarks.

謝謝。問答環節現已結束。我想請丹‧赫迪根 (Dan Hedigan) 作最後發言。

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

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

Thank you and this concludes today's conference and you may disconnect your line at this time. Thank you for your participation.

謝謝大家，今天的會議到此結束，大家可以斷開線路了。感謝您的參與。