Howard Hughes Holdings Inc (HHH) 2023 Q1 法說會逐字稿

Good morning, and welcome to the Howard Hughes Corporation's First Quarter 2023 Earnings Call. (Operator Instructions) I would now like to turn the conference over to Eric Holcomb, Senior Vice President of Investor Relations. Please go ahead, sir.

早上好，歡迎來到霍華德休斯公司 2023 年第一季度財報電話會議。 （操作員說明）我現在想將會議轉交給投資者關係高級副總裁 Eric Holcomb。請繼續，先生。

Good morning, and welcome to the Howard Hughes Corporation's First Quarter 2023 Earnings Call. With me today are David O'Reilly, Chief Executive Officer; Jay Cross; President; Carlos Olea, Chief Financial Officer; and Dave Striph, Head of Operations. Before we begin, I would like to direct you to our website, howardhughes.com where you can download both our first quarter earnings press release and our supplemental package. The earnings release and supplemental package include reconciliations of non-GAAP financial measures that will be discussed today in relation to their most directly comparable GAAP financial measures. Certain statements made today that are not in the present tense or that discuss the company's expectations are forward-looking statements within the meaning of the federal securities laws.

早上好，歡迎來到霍華德休斯公司 2023 年第一季度財報電話會議。今天和我在一起的是首席執行官 David O'Reilly；傑·克羅斯；總統; Carlos Olea，首席財務官；和運營主管 Dave Striph。在我們開始之前，我想引導您訪問我們的網站 howardhughes.com，您可以在其中下載我們的第一季度收益新聞稿和我們的補充包。收益發布和補充包包括非 GAAP 財務指標的對賬，今天將討論這些指標與其最直接可比的 GAAP 財務指標的關係。今天發表的某些非現在時或討論公司預期的陳述是聯邦證券法意義上的前瞻性陳述。

Although the company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that these expectations will be achieved. Please see the forward-looking statement disclaimer in our first quarter earnings press release and the risk factors in our SEC filings for factors that could cause material differences between forward-looking statements and actual results. We are not under any duty to update forward-looking statements unless required by law. With that, I will now turn the call over to our CEO, David O'Reilly.

儘管公司認為此類前瞻性陳述中反映的預期是基於合理的假設，但我們無法保證這些預期將會實現。請參閱我們第一季度收益新聞稿中的前瞻性聲明免責聲明和我們向美國證券交易委員會提交的文件中的風險因素，了解可能導致前瞻性聲明與實際結果之間存在重大差異的因素。除非法律要求，否則我們沒有任何義務更新前瞻性陳述。有了這個，我現在將把電話轉給我們的首席執行官 David O'Reilly。

Thank you, Eric. Good morning, everyone, and welcome to our First Quarter Earnings Call. On our call today, I'm going to start with a recap of the quarter and cover the segment highlights for our master planned communities and for the Seaport. Dave Striph will cover our operating assets, followed by Jay, who will update our development projects in Ward Village. Then finally, Carlos will review our financial results before Q&A. I'm pleased to report that our MPC and operating assets segments had a strong start to the year, with both reporting favorable financial results with year-over-year growth. Considering the numerous market headwinds in the latter part of 2022, our first quarter results further exemplify the resiliency of our unique portfolio of assets. Which continue to prove its ability to perform throughout various market cycles.

謝謝你，埃里克。大家早上好，歡迎來到我們的第一季度財報電話會議。在我們今天的電話會議上，我將首先回顧本季度，並介紹我們總體規劃社區和海港的部分亮點。 Dave Striph 將負責我們的運營資產，其次是 Jay，他將更新我們在 Ward Village 的開發項目。最後，Carlos 將在問答之前回顧我們的財務結果。我很高興地報告，我們的 MPC 和運營資產部門今年開局強勁，均報告了有利的財務業績，並實現了同比增長。考慮到 2022 年下半年的眾多市場逆風，我們第一季度的業績進一步證明了我們獨特的資產組合的彈性。這繼續證明其在各種市場週期中表現的能力。

Compared to the prior year, MPC EBT increased 5%, aided by continued strength in our residential price per acre, strong builder price participation and a sizable 109-acre commercial land sale in Bridgeland. Our operating assets delivered NOI of $59 million, a 6% year-over-year increase when excluding the impact of asset dispositions.

與上一年相比，MPC EBT 增長了 5%，這得益於我們每英畝住宅價格的持續走強、建築商價格的強勁參與以及布里奇蘭 109 英畝的大規模商業土地銷售。我們的運營資產交付了 5900 萬美元的 NOI，如果不包括資產處置的影響，同比增長 6%。

At Ward Village, we contracted to sell 35 units and closed on the sale of 5 homes. And at the Seaport, the Tin Building is now open 7 days a week, which drew improved efficiencies and significantly reduced equity losses despite winter seasonality. During the quarter, we experienced a positive shift in home buyer sentiment with new home sales in our MPCs rising 120% compared to the 2022, 4th quarter. While this did not immediately translate into higher residential land sales, it did improve the homebuilder interest for new acreage, which points favorably to land sales going forward.

在 Ward Village，我們簽訂了出售 35 個單元的合同並完成了 5 套房屋的出售。在海港，Tin Building 現在每週開放 7 天，這提高了效率並顯著減少了股權損失，儘管存在冬季季節性。在本季度，我們的購房者情緒發生了積極轉變，與 2022 年第四季度相比，我們 MPC 的新房銷售增長了 120%。雖然這並沒有立即轉化為更高的住宅土地銷售，但它確實提高了房屋建築商對新土地的興趣，這對未來的土地銷售有利。

Looking at our MPC segment, we delivered $62 million of EBT, a $3 million year-over-year improvement. This performance was impacted by continued growth in residential price per acre, which rose 49% to $836,000. MPC land sales, which totaled $59 million, reflected a modest 3% reduction, primarily due to fewer residential acres sold. The rising value of our residential acreage also carried over into new home sales in our MPCs. As the value of the new homes rose, the implied land value has also increased.

看看我們的 MPC 部門，我們交付了 6200 萬美元的 EBT，同比增長 300 萬美元。這一業績受到每英畝住宅價格持續上漲的影響，上漲 49% 至 836,000 美元。 MPC 土地銷售額總計 5900 萬美元，略微減少 3%，這主要是由於出售的住宅面積減少。我們住宅面積的上升價值也延續到我們 MPC 的新房銷售中。隨著新房價值的上漲，隱含的土地價值也隨之上漲。

When new homes are sold, we receive a participation payment from the builder based on the increase in the implied land value. In the first quarter, our builder price participation revenue remained strong at $14 million, a 3% year-over-year reduction despite a 9% decline in new home sales. In our Houston region, Bridgeland delivered another excellent quarter with more than 22 residential acres sold at an average price of $542,000 per acre. We also closed on a significant 109-acre commercial land sale, which generated nearly $28 million of revenue.

當新房出售時，我們會根據隱含土地價值的增加從建築商那裡收到參與付款。第一季度，我們的建築商價格參與收入保持強勁，為 1400 萬美元，儘管新屋銷售下降了 9%，但同比下降了 3%。在我們的休斯頓地區，Bridgeland 交付了另一個出色的季度，以每英畝 542,000 美元的平均價格出售了超過 22 英畝的住宅區。我們還完成了 109 英畝的重要商業土地出售，產生了近 2800 萬美元的收入。

With continued strong builder price participation, Bridgeland reported over $31 million of EBT in the quarter. The Woodlands, we continue to sell custom lots at Aria Isle on Lake Woodlands, which generated $10 million of revenue at nearly $2.9 million per acre. In the Woodland Hills, we sold only 5 acres of land in the quarter, these lots were sold, however, at a record price of $431,000 per acre. Turning to Summerlin. We reported $28 million of EBT in the quarter. Much of these earnings were the results of strong builder price participation totaling $12 million. And at the Summit, we commenced selling the first custom lots in Phase II which includes another 54 acres of land for 28 custom home sites. We expect this new phase of development will have a meaningful impact on Summerlin's EBT as the year progresses. Finally, in our newest community of Teravalis in Phoenix West Valley, we continue to lay the groundwork for Floreo, mass grading and installing infrastructure needed to contract the first 1,000 residential lots.

隨著建築商價格的持續強勁參與，Bridgeland 在本季度報告了超過 3100 萬美元的 EBT。在 Woodlands，我們繼續在 Lake Woodlands 的 Aria Isle 出售定制地塊，以每英畝近 290 萬美元的價格創造了 1000 萬美元的收入。在 Woodland Hills，本季度我們僅售出 5 英畝土地，但這些地塊以每英畝 431,000 美元的創紀錄價格售出。轉向薩默林。我們在本季度報告了 2800 萬美元的 EBT。這些收入中的大部分是建築商價格參與強勁的結果，總計 1200 萬美元。在峰會上，我們開始出售第二階段的第一批定制地塊，其中包括用於 28 個定制住宅用地的另外 54 英畝土地。隨著時間的推移，我們預計這一新的發展階段將對 Summerlin 的 EBT 產生有意義的影響。最後，在我們位於鳳凰城西谷的最新 Teravalis 社區，我們繼續為 Floreo 奠定基礎，進行大規模平整和安裝承包前 1,000 個住宅用地所需的基礎設施。

We continue to expect diesel lots to be contracted in the second half of the year. Looking at new home sales. As we previously mentioned, we experienced a 120% increase compared to the fourth quarter selling a total of 552 homes.

我們繼續預計柴油批次將在今年下半年簽約。關注新房銷售。正如我們之前提到的，與第四季度相比，我們銷售了 552 套房屋，增長了 120%。

The sequential improvement was attributable to Summerlin, which experienced a sharp 229% recovery and Bridgeland, which more than doubled the number of homes sold in the fourth quarter. These increases can be attributed to stabilizing mortgage rates as well as homebuilder incentives attracting new home buyers. Also contributing is the lack of available resale homes with many homeowners reluctant to sell their biggest asset. Their historically low mortgage rate. As evidenced, according to the National Association of Homebuilders, new construction in the U.S. currently makes up about 1/3 of the available home inventory.

環比改善歸功於 Summerlin 和 Bridgeland，前者經歷了 229% 的急劇復甦，後者使第四季度的房屋售出數量增加了一倍多。這些增長可歸因於穩定的抵押貸款利率以及吸引新購房者的房屋建築商激勵措施。另一個原因是缺乏可用的轉售房屋，許多房主不願出售他們最大的資產。他們的歷史低抵押貸款利率。證據表明，根據全國房屋建築商協會的數據，美國的新建築目前約佔可用房屋庫存的 1/3。

This compares to the historical norms of a little bit more than 10%. With many homebuyers forced to turn to new construction, spec home inventories have quickly depleted and cancellations have significantly declined. In our MPCs alone, cancellations declined from 39% in the fourth quarter to 18% in the first quarter. When combined with a 28% year-over-year decline in new home starts in March, negotiations for purchases of new residential acres have increased. As a result, we anticipate improved residential land sales in the coming quarters as homebuilders will need to purchase new lots to meet the sustained demand.

這與略高於 10% 的歷史標準相比。由於許多購房者被迫轉向新建築，規格房屋庫存迅速耗盡，取消訂單的數量大幅減少。僅在我們的 MPC 中，取消率就從第四季度的 39% 下降到第一季度的 18%。再加上 3 月份新房開工量同比下降 28%，購買新住宅英畝的談判有所增加。因此，我們預計未來幾個季度的住宅用地銷售將有所改善，因為房屋建築商將需要購買新地塊以滿足持續的需求。

Shifting over to the Seaport, we achieved 7-day per week operations at the 10 building throughout the first quarter, with strong traffic and sales despite the normal winter seasonality. Although we continue to experience increased employee expenses and elevated start-up costs, equity losses from this joint venture improved by $6.5 million sequentially for a total loss of $9.2 million. We remain confident that we are on the right path and anticipate considerable financial improvement in the coming quarters. Overall, for the Seaport, we reported 27% year-over-year revenue growth in the first quarter generating $12 million in sales. Excluding losses from the unconsolidated joint ventures of $9.6 million, which primarily relates to the $10 billion, Seaport NOI losses improved to $5.6 million. With that, I'll hand the call over to Dave Striph to review the performance of our operating assets.

轉移到海港，我們在整個第一季度在 10 號大樓實現了每週 7 天的運營，儘管冬季是正常的季節性，但交通和銷售仍然強勁。儘管我們的員工開支和啟動成本不斷增加，但該合資企業的股權損失環比減少了 650 萬美元，總損失為 920 萬美元。我們仍然相信我們走在正確的道路上，並預計未來幾個季度會有相當大的財務改善。總體而言，對於海港，我們報告第一季度收入同比增長 27%，銷售額為 1200 萬美元。不包括主要與 100 億美元相關的未合併合資企業的 960 萬美元損失，Seaport NOI 損失改善至 560 萬美元。有了這個，我會把電話交給戴夫·斯特里夫來審查我們經營資產的表現。

Thank you, David. Good morning. In our Operating Assets segment, we started the year on a strong note, delivering $59 million of total NOI. Excluding the retail assets that we divested in 2022, total NOI increased 6% year-over-year with meaningful growth in our office, retail and multifamily portfolios. We also experienced continued favorable leasing momentum across the portfolio with sequential improvement in overall leasing percentages in each of our 3 core property types.

謝謝你，大衛。早上好。在我們的運營資產部分，我們以強勁的勢頭開始了這一年，交付了 5900 萬美元的總 NOI。不包括我們在 2022 年剝離的零售資產，總 NOI 同比增長 6%，我們的辦公室、零售和多戶型投資組合實現了顯著增長。我們還經歷了整個投資組合持續有利的租賃勢頭，我們 3 種核心物業類型中每一種的整體租賃百分比均有所提高。

The most significant year-over-year improvement was seen in our office portfolio, which generated first quarter NOI of $28 million. This reflected a $2.6 million 10% year-over-year improvement and was primarily the result of strong lease-up activity, rent abatement expirations and increased tenant recoveries at several properties in the Woodlands.

最顯著的同比改善出現在我們的辦公室組合中，它在第一季度產生了 2800 萬美元的 NOI。這反映了 260 萬美元的同比增長 10%，主要是由於強勁的租賃活動、租金減免到期以及 Woodlands 幾處房產的租戶回收率增加。

These increases were partially offset by a 2022 tenant bankruptcy that resulted in lower occupancy at One Hughes Landing in the Woodlands, as well as some lease expirations at various assets in Downtown Columbia. During the quarter, we continued to outperform the market, executing new or expanded office leases totaling approximately 130,000 square feet, including 68,000 square feet in the Woodlands 34,000 square feet in Downtown Columbia and 27,000 square feet in Summerlin. This strong leasing performance clearly exemplifies the flight to quality and heightened demand we are seeing from companies seeking highly amenitized environments for their employees, a trend we do not expect to see subside anytime soon.

這些增長被 2022 年租戶破產部分抵消，租戶破產導致 Woodlands One Hughes Landing 的入住率下降，以及哥倫比亞市中心各種資產的一些租約到期。在本季度，我們繼續跑贏市場，執行了總計約 130,000 平方英尺的新的或擴展的辦公室租賃，包括 Woodlands 的 68,000 平方英尺、哥倫比亞市中心的 34,000 平方英尺和薩默林的 27,000 平方英尺。這種強勁的租賃表現清楚地證明了我們正在為員工尋求高度舒適的環境的公司對質量的追求和更高的需求，我們預計這種趨勢不會很快消退。

In retail, first quarter NOI was $15 million, reflecting a 20% increase compared to the prior year. This improvement was primarily related to a stronger tenant base and retail sales growth in Downtown Summerlin, which continued to perform exceptionally well and finished the quarter 99% leased.

在零售業，第一季度 NOI 為 1500 萬美元，較上年增長 20%。這一改善主要與薩默林市中心更強大的租戶基礎和零售銷售增長有關，薩默林市中心繼續表現出色，並在本季度完成了 99% 的出租率。

We also experienced improved occupancy and increased tenant recoveries in the Woodlands and Ward Village. At quarter end, our stabilized retail portfolio was 96% leased, representing a 6% increase compared to the prior year and a 1% sequential improvement. Our multifamily portfolio also performed well in the quarter, delivering NOI of $13 million or a 13% year-over-year increase. This growth was primarily driven by insurance recoveries related to the 2021 freeze in the Houston region as well as increased rental revenue as a result of 7% in-place rent growth.

我們在 Woodlands 和 Ward Village 的入住率也有所提高，租戶回收率也有所提高。在季度末，我們穩定的零售組合有 96% 已出租，比上年增長 6%，環比增長 1%。我們的多戶型投資組合在本季度也表現良好，NOI 為 1300 萬美元，同比增長 13%。這一增長主要是由與休斯頓地區 2021 年凍結相關的保險回收以及 7% 的就地租金增長導致的租金收入增加推動的。

These improvements were partially offset by expected losses from our latest multifamily developments, Starling at Bridgeland and Marlow and Downtown Columbia, which are in the early stages of lease-up. Both properties have experienced strong initial demand with Starling at Bridgeland already 47% leased and Marlow 25% leased. Overall, our stabilized multifamily assets finished the quarter 95% leased with sequential gains in Summerlin and Downtown Columbia. Finally, our share of NOI from unconsolidated ventures declined 28% in the first quarter. This reduction was almost entirely the result of lower annual cash distributions from our investment in Summerlin Hospital, which totaled $3 million in the first quarter. I will now turn the call over to our President, Jay Cross.

這些改進部分被我們最新的多戶開發項目 Starling at Bridgeland and Marlow 和 Downtown Columbia 的預期損失所抵消，這些開發項目處於租賃的早期階段。這兩處房產都經歷了強勁的初始需求，Starling at Bridgeland 已出租 47%，Marlow 已出租 25%。總體而言，我們穩定的多戶型資產在本季度完成了 95% 的租賃，薩默林和哥倫比亞市中心的連續增長。最後，我們在第一季度未合併企業的 NOI 份額下降了 28%。這一減少幾乎完全是我們對薩默林醫院投資的年度現金分配減少的結果，第一季度總計 300 萬美元。我現在將把電話轉給我們的總裁 Jay Cross。

Thanks, Dave, and good morning, everyone. In the first quarter, we continued to make good progress on our projects under construction including Tanager Echo, a 294-unit multifamily complex in downtown Summerlin, which is expected to be completed next quarter. Wingspan, our first single-family for rent development located in Bridgeland, which is slated to welcome its first residents late in the year. South Lake Medical, an 86,000 square foot medical office building in Downtown Columbia, expected to be completed in 2024, and Summerlin South office 147,000 square foot, 3-story office complex, which started construction late in 2022. Together, these 4 projects are expected to generate meaningful stabilized NOI of more than $18 million with a yield on cost of approximately 7%.

謝謝，戴夫，大家早上好。第一季度，我們在建項目繼續取得良好進展，包括薩默林市中心擁有 294 個單元的多戶住宅綜合體 Tanager Echo，預計下個季度完工。 Wingspan 是我們位於 Bridgeland 的第一個出租單戶住宅，預計將在今年晚些時候迎來第一批居民。位於哥倫比亞市中心的佔地 86,000 平方英尺的醫療辦公大樓 South Lake Medical 預計將於 2024 年完工，而 Summerlin South 辦公室佔地 147,000 平方英尺的 3 層辦公大樓將於 2022 年底開工建設。預計這 4 個項目加在一起產生超過 1800 萬美元的有意義的穩定 NOI，成本收益率約為 7%。

Looking at the Seaport, we resumed remediation work at 250 Water Street during March following an interim appellate court order, which allowed for site work to continue, pending a full hearing during its June 2023 term. We will keep you apprised as more information becomes available.

看看海港，根據臨時上訴法院的命令，我們在 3 月份恢復了 250 Water Street 的修復工作，該命令允許現場工作繼續進行，等待 2023 年 6 月任期的全面聽證會。當有更多信息可用時，我們會及時通知您。

At Ward Village, we are making great progress on the construction of Victoria Place, where we recently celebrated the topping off of the tower. Together with the Park Ward Village, which commenced construction late in 2023, and Ulana, which started construction during the first quarter, we now have 3 condo projects underway. Victoria Place is 100% presold, Park Ward Village 92% presold and Ulana 99% pre-sold. Condo presale sales were steady in the quarter with combined 35 units contracted at Kalae, Ulana and the Park Ward Village. As of quarter end, Kalae, which has not yet started construction, was already 80% presold after just 6 months of presales.

在 Ward Village，我們在 Victoria Place 的建設方面取得了巨大進展，我們最近在那裡慶祝了塔樓的封頂。連同於 2023 年底開工建設的 Park Ward Village 和在第一季度開工建設的 Ulana，我們現在有 3 個公寓項目正在進行中。 Victoria Place 100% 預售，Park Ward Village 92% 預售，Ulana 99% 預售。本季度公寓預售銷售穩定，在 Kalae、Ulana 和 Park Ward Village 總共簽約了 35 套公寓。截至本季度末，尚未開工建設的Kalae僅進行了6個月的預售，就已經預售了80%。

These 4 projects are expected to generate combined future revenue of nearly $2.5 billion between 2024 and 2026. During the quarter, we also closed on the sale of 4 units at 'A'ali'i and 1 year at Ko'ula, generating combined revenue of $6 million. At the end of the quarter, 'A'ali'i was 96% sold with 27 units remaining and Ko'ula was 98% sold with just 14 units remaining.

這 4 個項目預計將在 2024 年至 2026 年間產生近 25 億美元的未來總收入。本季度，我們還完成了 'A'ali'i 的 4 個單元和 Ko'ula 的 1 年的銷售，產生了總收入600萬美元。在本季度末，'A'ali'i 已售出 96%，僅剩 27 個單元，而 Ko'ula 已售出 98%，僅剩 14 個單元。

Finally, in the first quarter, we announced our plans to develop the Launiu, our 11th condo project in War Village, which will encompass 498 residences. This project is currently expected to commence presales late this year or early next year with completion in 2027. I would now like to hand the call over to our CFO, Carlos Olea, who will provide a high-level overview of our financial results.

最後，在第一季度，我們宣布了我們在 War Village 的第 11 個公寓項目 Launiu 的開發計劃，該項目將包含 498 套住宅。該項目目前預計將於今年年底或明年初開始預售，並於 2027 年完工。我現在想將電話轉交給我們的首席財務官 Carlos Olea，他將提供我們財務業績的高級概覽。

Thank you, Jay, and good morning, everyone. In the first quarter, our MPCs produced $62 million of EBT aided by strong residential price per acre, builder price participation and commercial land sales. Our operating assets delivered $59 million of NOI with year-over-year growth in office, retail and multifamily. Excluding dispositions, this represented a 6% year-over-year increase. At Ward Village, we closed on 5 condo units, which generated $6 million of counter revenue at 25% gross margins. At the Seaport, we reported $12 million of revenue, up 27% year-over-year.

謝謝杰伊，大家早上好。在第一季度，我們的 MPC 在強勁的每英畝住宅價格、建築商價格參與和商業土地銷售的幫助下產生了 6200 萬美元的 EBT。我們的運營資產帶來了 5900 萬美元的 NOI，辦公、零售和多戶住宅的同比增長。不包括處置，這意味著同比增長 6%。在沃德村，我們關閉了 5 個公寓單元，以 25% 的毛利率產生了 600 萬美元的櫃檯收入。在海港，我們報告了 1200 萬美元的收入，同比增長 27%。

As expected, the Tin Building continued to generate equity losses but they improved $6.5 million compared to the fourth quarter with the marketplace now open 7 days a week. We anticipate continued improvement in the spring and summer months ahead. Lastly, we reported cash G&A of $20 million. Given these positive results, we remain confident about our expectations for the full year and reiterate our 2023 full year guidance as outlined in the first quarter earnings release.

正如預期的那樣，Tin Building 繼續產生股權損失，但與第四季度相比減少了 650 萬美元，市場現在每週開放 7 天。我們預計未來的春季和夏季將繼續改善。最後，我們報告了 2000 萬美元的現金 G&A。鑑於這些積極的結果，我們對全年的預期仍然充滿信心，並重申我們在第一季度財報中概述的 2023 年全年指引。

Shifting to the balance sheet. We ended the quarter with $418 million of cash, which leaves us well positioned to deploy capital into our development pipeline. At the end of the first quarter, the remaining equity contribution is to fund our current projects was $254 million before a pending $27 million anticipated construction financing for the Summerlin South office.

轉向資產負債表。我們以 4.18 億美元的現金結束了本季度，這使我們能夠很好地將資金部署到我們的開發管道中。在第一季度末，用於為我們當前的項目提供資金的剩餘股權出資為 2.54 億美元，之後為 Summerlin South 辦公室等待 2700 萬美元的預期建設融資。

From a debt perspective, we had $4.8 billion outstanding at the end of the quarter with only $226 million of maturities through 2024 and approximately 87% due in 2026 or later. Additionally, 100% of our debt is either fixed, capped or swapped to a fixed rate, which significantly mitigates our interest rate risk. With respect to new debt, we closed on one new financing in the quarter, a $264 million construction loan for Ulana in Ward Village. With that, I would now like to turn the call back over to David for closing remarks.

從債務的角度來看，本季度末我們有 48 億美元的未償還債務，到 2024 年只有 2.26 億美元到期，大約 87% 的債務將在 2026 年或更晚到期。此外，我們 100% 的債務是固定的、有上限的或掉期為固定利率，這大大降低了我們的利率風險。關於新債務，我們在本季度完成了一筆新融資，為沃德村的烏拉納提供了 2.64 億美元的建設貸款。有了這個，我現在想把電話轉回給大衛作結束語。

Thank you so much, Carlos. And before we open up the lines for Q&A, I want to announce the date of our next Investor Day. Which will be held in New York on Wednesday, September 6. More information will be coming in the coming weeks and months, but please mark your calendars to join us. Now just a few final thoughts. First, we started the year on solid footing, particularly within our MPC and operating assets segments. With this financial performance, our full year guidance remains intact.

非常感謝，卡洛斯。在我們開放問答環節之前，我想宣布下一個投資者日的日期。將於 9 月 6 日星期三在紐約舉行。更多信息將在未來幾周和幾個月內發布，但請標記您的日曆以加入我們。現在只是一些最後的想法。首先，我們以穩固的基礎開始了這一年，特別是在我們的 MPC 和運營資產部門。憑藉這一財務業績，我們的全年指引保持不變。

Next, improved homebuilder sentiment and corresponding growth in new home sales are a significant positive for our MPC segment. With increasing demand for new homes, shrinking spec inventory and limited lot availability, we expect to see residential land sales ramp up as we go out throughout the year. And finally, we continue to advance our development pipeline, but we are doing this with a laser focus to ensure we allocate our capital appropriately to achieve the highest risk-adjusted returns.

接下來，房屋建築商情緒的改善和新屋銷售的相應增長對我們的 MPC 部門來說是一個重大利好。隨著對新房需求的增加、規格庫存的減少和可用地塊的減少，我們預計隨著我們全年外出，住宅土地銷售量將增加。最後，我們繼續推進我們的開發管道，但我們正在以激光為重點來做這件事，以確保我們適當地分配我們的資本以實現最高的風險調整後回報。

All of this bodes well for the future of Howard Hughes, and we are excited for what lies ahead. Now with that, let's start the Q&A portion of the call. Operator, can you please open the line for our first question?

所有這一切都預示著 Howard Hughes 的未來，我們對未來感到興奮。現在，讓我們開始電話的問答部分。接線員，你能為我們的第一個問題打開電話嗎？

(Operator Instructions)

（操作員說明）

At this time, we will take our first question, which will come from Anthony Paolone with JPMorgan.

此時，我們將提出第一個問題，該問題將來自摩根大通的 Anthony Paolone。

My first question relates to the commercial land sale and Bridgeland, and you also did some, I think, in the fourth quarter as well. Can you talk to what's likely to happen at those sites, if those are going to be sort of any sort of corporate relocation or what that does just to the overall area?

我的第一個問題與商業土地銷售和布里奇蘭有關，我認為你在第四季度也做了一些。您能否談談這些站點可能發生的事情，如果這些站點將是某種公司搬遷或僅對整個區域產生什麼影響？

Tony, I love the question. Thank you. There were 2 sites that we've sold in Bridgeland recently. One is a site that we sold to an adjacent landowner that is developing a large-scale distribution industrial center. And I think that will help modestly in terms of job creation and those that would want to live close by within Bridgeland. The other side is to a user that is a corporate location that's going to bring meaningful jobs and meaningful activity and we think that, that is going to be a tremendous catalyst. I'd love to tell you more information beyond that, but I'm bound by confidentiality right now in terms of who that user is. But once we're able to talk about it, believe me, I'll be speaking it from the top.

托尼，我喜歡這個問題。謝謝。我們最近在布里奇蘭出售了 2 個網站。一個是我們賣給相鄰土地所有者的一塊土地，該土地所有者正在開發一個大型配送工業中心。而且我認為這將在創造就業機會和那些希望住在布里奇蘭附近的人方面有所幫助。另一方面是對於公司所在地的用戶而言，它將帶來有意義的工作和有意義的活動，我們認為，這將成為巨大的催化劑。除此之外，我很樂意告訴您更多信息，但我現在必須就該用戶的身份保密。但是一旦我們能夠談論它，相信我，我會從高層開始談論它。

Okay. Is this something that will start to get built on or start to move ahead fairly soon? Or is this something like years out?

好的。這是將開始建立或很快開始前進的東西嗎？或者這是幾年後的事情？

No. This was a near-term need and I expect that they will -- they've done their design work and they're getting through their final entitlement and approval process, and we're hopeful that they'll start construction this year.

不，這是近期的需求，我希望他們會——他們已經完成了設計工作，並且正在完成最終的授權和審批流程，我們希望他們能在今年開始建設.

Okay. And then second question on West Phoenix. It looked like you changed pricing on those lots pretty dramatically from 4Q, and I mean there's some changes to the acreage. Just wondering what's happening there.

好的。然後是關於西鳳凰城的第二個問題。從第四季度開始，您似乎大幅改變了這些地塊的定價，我的意思是種植面積發生了一些變化。只是想知道那裡發生了什麼。

Yes, absolutely. So the residential price per acre that we previously reported, which was $302,000 for Foreo and $332,000 per Teravalis we're done basically with our original land model, which included non-saleable land, right of way for parks, open spaces. And as we finalize planning and land mapping and laying out streets and lots and parks and water retention. We're now revising our reported price per acre to account for the net land, which only includes the salable residential lots to be sold to builders in the calculation. Another factor in there, but it's modest relative to the other factors. Is just the amount of where we think we can sell these acres to builders. And I think that's gone up modestly even relative to last year despite the headwinds we saw in the fourth quarter. These new prices at $648,000 and $696,000 are representative of the net salable acres, not the gross acreage.

是的，一點沒錯。因此，我們之前報告的每英畝住宅價格，Foreo 為 302,000 美元，每個 Teravalis 為 332,000 美元，我們基本上已經完成了我們最初的土地模型，其中包括不可出售的土地、公園的通行權、開放空間。當我們完成規劃和土地測繪並佈置街道、地段、公園和蓄水設施時。我們現在正在修改我們報告的每英畝價格以計算淨土地，其中僅包括在計算中出售給建築商的可售住宅地塊。那裡的另一個因素，但相對於其他因素而言它是適度的。只是我們認為可以將這些英畝土地賣給建築商的地方的數量。而且我認為，儘管我們在第四季度看到了逆風，但與去年相比，這一數字還是略有上升。這些 648,000 美元和 696,000 美元的新價格代表淨可售英畝數，而不是總面積。

Okay. And so just adjusting for all that, just real simplistically, like was the change kind of no change up or down?

好的。所以只是針對所有這些進行調整，簡單地說，就像這種變化沒有向上或向下變化一樣？

I would say up a couple of percent the change in kind of our expectation of what homebuilders would pay is modestly, very modestly higher. The majority of that difference is driven by taking out the non-saleable acres.

我會說，我們對房屋建築商支付的費用的預期變化幅度很小，非常適度地高了幾個百分點。造成這種差異的主要原因是剔除了不可出售的英畝土地。

Okay. Got it. And then just last one. In the office portfolio, you did a bit of leasing in the quarter. Just trying to think through the rest of the year. Does occupancy still trend up? Or do expirations or move-outs kind of offset? Or what happens to office occupancy the rest of this year?

好的。知道了。然後就是最後一個。在辦公室投資組合中，您在本季度進行了一些租賃。只是想想想今年剩下的時間。入住率還會上升嗎？還是過期或搬遷有點抵消？或者今年剩餘時間的辦公室入住情況如何？

Well, look, you're going to test my crystal ball, Tony. Look, I think that I'm optimistic that we'll continue to see positive improvement. And specifically here in some of our trophy assets in the Woodlands at some of our better assets in Colombia and the new 1,700 property in Summerlin. And if everything else goes as expected, I feel very good that we'll see positive increases. With that said, it's very difficult to predict a bankruptcy or tenant default or something that would have a negative impact on that.

好吧，聽著，你要測試我的水晶球，托尼。看，我認為我對我們將繼續看到積極的改善感到樂觀。尤其是我們在 Woodlands 的一些獎杯資產，在我們在哥倫比亞的一些更好的資產和在 Summerlin 的 1,700 處新房產。如果其他一切都按預期進行，我很高興我們會看到積極的增長。話雖如此，很難預測破產或租戶違約或會對此產生負面影響的事情。

And that's part of what we saw despite the positive results it was kind of 2 steps forward 1 step back because last year, over the past several quarters, we had a decent-sized bankruptcy here in the Woodlands and other away from that bankruptcy, these results would have been much better.

這是我們看到的一部分，儘管取得了積極的成果，但它是向前邁進了 1 步，因為去年，在過去的幾個季度裡，我們在 Woodlands 和其他遠離破產的地方發生了相當規模的破產，這些結果會好得多。

And our next question will come from Alexander Goldfarb with Piper Sandler.

我們的下一個問題將來自 Alexander Goldfarb 和 Piper Sandler。

Yes. One, good to hear that you guys are continuing progress on 250, hopefully, that goes the right way. It would certainly be a good addition of more housing, which the city definitely needs. So David, my question is on the homebuilders in general. Not a surprise that existing home sales are down given legacy embedded mortgages. But curious, given that mortgages are up. Are you seeing that the builders are like literally adjusting the product that they build to make the price point work?

是的。第一，很高興聽到你們在 250 上繼續取得進展，希望這是正確的方式。這肯定會增加更多的住房，這是這座城市絕對需要的。所以大衛，我的問題是關於一般的房屋建築商。鑑於遺留的嵌入式抵押貸款，現房銷售下降也就不足為奇了。但奇怪的是，鑑於抵押貸款增加了。您是否看到建築商真的在調整他們建造的產品以使價格點起作用？

Or is it more of that combination of buyers are just accepting reality of today? And two, the incentives that the builders are offering is such that they're basically still building and offering the same product but it's just that you have buyers accepting the higher mortgages; and two, there's enough of an incentive there from the builders that they really don't have to change what they're offering to the customer.

還是更多的買家組合只是接受當今的現實？第二，建築商提供的激勵措施是，他們基本上仍在建造和提供相同的產品，但只是讓買家接受了更高的抵押貸款；第二，建築商有足夠的動力，他們真的不必改變他們提供給客戶的產品。

Yes. I would tell you that I haven't seen a dramatic shift in the product that the builders are buying Alex. What we have seen is a buyer acceptance of higher rates. What we've seen is some of the premiums that existed in before mortgage rates increase like view premiums, lot premiums upgrades to the homes, those are shrinking without a doubt or going away altogether. The incentives that the homebuilders are offering are helping spur demand. And sometimes those are rate buydowns for 1, 3 or even the term of the mortgage, depending on the homebuilder and the situation.

是的。我會告訴你，我還沒有看到建築商購買亞歷克斯的產品發生了巨大的變化。我們所看到的是買家接受了更高的利率。我們所看到的是抵押貸款利率上升之前存在的一些溢價，例如景觀溢價、房屋升級的地段溢價，這些溢價無疑正在縮減或完全消失。房屋建築商提供的激勵措施有助於刺激需求。有時這些是 1、3 甚至抵押貸款期限的利率回購，具體取決於房屋建築商和情況。

And builders have, albeit reluctantly, in certain instances, even lower prices of the homes. I think all in all, it's incredibly positive, especially over the past 90 days as the resale inventory has dried up, new production homes are those that are the only game in town and, therefore, getting gobbled up. The spec inventory that built up in the fourth quarter due to the high cancellation rate fell so dramatically that buyer that's coming in that wants to close right away, gobbled up those specs.

在某些情況下，儘管不情願，建築商甚至會降低房屋的價格。我認為總而言之，這是非常積極的，尤其是在過去 90 天裡，隨著轉售庫存枯竭，新的生產房屋是鎮上唯一的遊戲，因此被吞噬了。由於取消率高而在第四季度積累的規格庫存急劇下降，以至於想要立即關閉的買家吞噬了這些規格。

And therefore, our homebuilders are down to a pretty meaningful decrease in their standing inventory. And that has brought them back like we saw in Bridgeland with some land sales, and I think we've seen a great interest in our superpads in Summerlin and I feel good that we'll hit our numbers, and we're leaving our guidance intact despite what has been a pretty challenging fourth quarter and a modest rebound here in the first quarter.

因此，我們的房屋建築商的常備庫存大幅減少。這讓他們回來了，就像我們在布里奇蘭看到的一些土地銷售一樣，我認為我們已經看到人們對我們在薩默林的超級墊很感興趣，我很高興我們會達到我們的數字，我們正在離開我們的指導儘管第四季度相當具有挑戰性並且第一季度這裡出現適度反彈，但仍完好無損。

Okay. The second question is on the Oakland A's. Obviously, you guys do a great job with the aviators but saw recently that the Oaklands A's have, in fact, bought land. I'm sure this is probably well known within the market. What does this mean to you guys and the aviators. I know years ago, there was a view that if a Major League Baseball comes in, they'd have to buy out the minor leagues. But my understanding is that contract has since changed. What do you think the net impact to the aviators and the profitability of Downtown Summerlin if the As are coming to town?

好的。第二個問題是關於奧克蘭 A 隊的。顯然，你們在飛行員方面做得很好，但最近看到奧克蘭 A 隊實際上已經購買了土地。我相信這在市場上可能是眾所周知的。這對你們和飛行員意味著什麼。我知道幾年前，有一種觀點認為，如果美國職業棒球大聯盟加入，他們就必須買斷小聯盟。但我的理解是合同已經改變了。如果 As 來到城鎮，您認為對飛行員的淨影響和薩默林市中心的盈利能力是什麼？

From our perspective, Alex, we think it's usually beneficial not just for the aviators. For the Las Vegas Valley for Southern Nevada, and for Summerlin, the Oakland Athletics moving their entire organization to Las Vegas is nothing short of an incredible positive for the entire Valley. We have an agreement in place with the athletics where we've agreed to let both teams operate side-by-side in Southern Nevada. And this is going to be pretty similar to the way the Vegas Golden Knights work with their Minor League team, the Henderson Silver knights. It's really set up to be beneficial to both organizations where you have a family-friendly, lower-priced option to see tomorrow's MLB players today in our ballpark.

從我們的角度來看，亞歷克斯，我們認為這通常不僅對飛行員有益。對於內華達州南部的拉斯維加斯山谷和薩默林來說，奧克蘭田徑隊將他們的整個組織搬到拉斯維加斯對於整個山谷來說都是一個令人難以置信的積極因素。我們與田徑運動達成了一項協議，我們同意讓兩支球隊在內華達州南部並肩作戰。這與維加斯金騎士隊與他們的小聯盟球隊亨德森銀騎士隊的合作方式非常相似。它的設置確實對兩個組織都有好處，您可以在我們的球場上以家庭友好、價格較低的方式觀看明天的 MLB 球員。

And we'll see, I think, a greater tourism population at a much higher price point to go see the A's down by the strip. Like there's a lot of minor league teams in baseball that have this in place and whether it's the Minnesota trends and the St. Pauls sank, the Astros and the Sugar Land Space Cowboys or there's Seattle Mariners and the Tacoma Rainiers, where the AAA team being right down the street has not only proven to be beneficial for the Major League team because they get access to their players very quickly. But for the Minor League team because it increases the interest in that team and actually drives more ticket purchases.

我認為，我們會看到更多的旅遊人口以更高的價格去拉斯維加斯大道旁看 A。就像有很多棒球隊的小聯盟球隊一樣，無論是明尼蘇達州的趨勢和聖保羅沉沒，太空人隊和舒格蘭太空牛仔隊，還是西雅圖水手隊和塔科馬雷尼爾隊，AAA 球隊都在就在街上不僅被證明對大聯盟球隊有利，因為他們可以很快接觸到他們的球員。但對於小聯盟球隊來說，因為它增加了對該球隊的興趣，實際上推動了更多的門票購買。

Okay. And just final question. Down to Seaport feels a little like your revert in the restaurant business. Labor seems to be a perennial issue and it doesn't seem to be getting better. As you guys look at your business plan with Jean-Georges and your F&B offering down there, what you guys originally modeled versus what you're experiencing now? Is it still lining up or is labor more of an issue or maybe it's something else, but it seems to be labor is always the talked about issue? Or is that more of an issue that could push out the profitability time line that you guys versus what you originally penciled?

好的。最後一個問題。前往海港感覺有點像回到餐飲業。勞動力似乎是一個長期存在的問題，而且似乎並沒有好轉。當你們與 Jean-Georges 一起審視你們的商業計劃以及你們在那裡的餐飲產品時，你們最初的模式與你們現在的體驗相比如何？是否仍在排隊，或者勞動力問題更多，或者可能是其他原因，但似乎勞動力總是被談論的問題？或者這更多的是一個問題，可能會推遲你們的盈利時間線，而不是你最初用鉛筆劃的時間線？

Yes. So I'm going to break that question down into 2 components: one, between the more stabilized restaurant operations on the peer and then the [Tin building]. And for the stabilized restaurants on the peer like the Fulton, the gross sales and net profitability of those restaurants are performing incredibly well. And if you did kind of what's the implied rent that we earned from the Fulton I think it's better than any retail lease that we would sign today. In fact, I know it was because I'd sign those leases, if I could. And yes, labor is impacting margins, and it's coming in a point or 2 as a result of higher labor costs.

是的。所以我要把這個問題分解成兩個部分：第一，在同行上更穩定的餐廳運營和 [Tin building] 之間。而對於像富爾頓這樣的同行中穩定的餐廳，這些餐廳的總銷售額和淨利潤表現得非常好。如果你做了某種我們從 Fulton 賺取的隱含租金，我認為它比我們今天簽署的任何零售租約都要好。事實上，我知道這是因為如果可以的話，我會簽署這些租約。是的，勞動力正在影響利潤率，而且由於勞動力成本上升，利潤率會下降一兩點。

But we're still very profitable and those restaurants are driving not only good cash flow to Howard use, but great traffic to the peer and a great activation for Lower Manhattan. Now the Tin Building on the other hand, we're still in the ramp-up period. We're still finalizing menus, get them recipes correct. Overstaffing a bit to make sure that customer experience is incredible as we ramp up our customer base and build that customer loyalty that wants to come back over and over again.

但我們仍然非常有利可圖，這些餐廳不僅為霍華德帶來了良好的現金流，而且為同行帶來了巨大的流量，並為曼哈頓下城帶來了巨大的活力。另一方面，現在 Tin Building，我們仍處於啟動階段。我們仍在敲定菜單，讓它們的食譜正確。在我們擴大客戶群並建立希望一次又一次回來的客戶忠誠度時，人員編制有點過剩以確保客戶體驗令人難以置信。

Over the coming months and coming quarters, we'll start to dial back that labor and get it to a more rationalized level that will drive hopefully a better cash flow result for the Tin Building throughout the remainder of this year. And labor is challenging, you're accurate as you highlight that, Alex. But we're talking about a point or 2 on margin. And I would tell you that the pendulum from 6 months ago feels like it swung back a little bit in the kind of employers side of the ledger versus the employees.

在接下來的幾個月和接下來的幾個季度裡，我們將開始減少勞動力並將其提高到更加合理的水平，這有望在今年剩餘時間內為錫大廈帶來更好的現金流結果。分娩具有挑戰性，亞歷克斯，你強調這一點是準確的。但我們談論的是利潤率的一兩點。我會告訴你，6 個月前的鐘擺感覺它在分類賬的雇主方面與員工方面有點向後擺動。

Our next question will come from John Kim with BMO Capital Markets.

我們的下一個問題將來自 BMO Capital Markets 的 John Kim。

Just on MPC sales, David, you talked about homebuilders looking to build back inventory. I was wondering when you think that would be as far as when that translates into higher sales? And any commentary on price per acre going forward?

就 MPC 銷售而言，大衛，你談到了希望重建庫存的房屋建築商。我想知道您認為什麼時候會轉化為更高的銷售額？對未來每英畝價格有何評論？

Yes. So look, what we've always said is that home sales within our MPCs are the best leading indicator for future home buying. And as you saw kind of on a quarter-over-quarter basis, we had meaningful increases in our master planned communities from a home sale perspective. And we think that, that bodes well for future land sales. Do I think that the price breaker is going to continue to go up dramatically. I think that's a tough assumption to make. I think that we'll see, like we saw this past quarter, strong price per acres.

是的。所以看，我們一直說的是我們的 MPC 內的房屋銷售是未來購房的最佳領先指標。正如你看到的那樣，從房屋銷售的角度來看，我們的總體規劃社區在季度環比上有了有意義的增長。我們認為，這預示著未來的土地銷售。我是否認為價格破壞者將繼續大幅上漲。我認為這是一個很難做出的假設。我認為我們會看到，就像我們在上個季度看到的那樣，每英畝價格強勁。

Do we see -- envision double-digit growth. No, because mortgage rates are higher affordability is compressed, and we need to make sure we maintain velocity in building out these communities. So pricing one lot at the absolute maximum price does more harm than good if we can price a meaningful number of lots, a meaningful number of acres with a meaningful number of new residents at an appropriate price per acre like we saw this past quarter. So we're really optimistic. We think home sales as this leading indicator will drive strong land sales for the remainder of the year. And hopefully, those price per acres will continue to stay at this level or increase modestly.

我們看到了嗎 - 設想兩位數的增長。不，因為抵押貸款利率較高，負擔能力受到壓縮，我們需要確保在建設這些社區時保持速度。因此，如果我們能夠像上個季度那樣以適當的每英畝價格對有意義數量的地塊、有意義數量的土地和有意義數量的新居民進行定價，那麼以絕對最高價格定價一個地塊弊大於利。所以我們真的很樂觀。我們認為，作為這一領先指標的房屋銷售將在今年剩餘時間推動強勁的土地銷售。希望每英畝的價格將繼續保持在這個水平或適度上漲。

Now I will also highlight, John, and for all of our listeners that the average price per acre in our community that we reported this quarter, is impacted by a couple of custom lot sales that we had on Aria Isle in the Woodlands for $2.8 million per acre. And that takes the average of the overall for the company up higher. If you exclude those custom lot sales, the residential price per acre was up 14%, which is a bit less than kind of the headline number, if you will. And even that percentage is very strong. I don't imagine seeing that continue in 2, 3 and 4Q.

約翰，現在我還要強調，對於我們所有的聽眾，我們本季度報告的社區每英畝平均價格受到我們在伍德蘭茲的阿里亞島以 280 萬美元的價格進行的一些定制地塊銷售的影響每英畝。這使公司的整體平均水平更高。如果你排除那些定制地塊的銷售，每英畝的住宅價格上漲了 14%，如果你願意的話，這比標題數字要低一些。甚至這個百分比也非常高。我不認為這種情況會在第二、第三和第四季度繼續。

Okay. That's helpful. Just switching off to Ward Village. Condo sales trended up to 79.6% this quarter. But compared to the fourth quarter last quarter at 73%. Can you just provide any commentary on what seems like deceleration on sales there? Is that because the luxury end is getting softer? Or are you pushing prices higher?

好的。這很有幫助。剛轉到沃德村。本季度公寓銷售額增長了 79.6%。但與上季度第四季度相比為73%。你能就那裡的銷售似乎減速提供任何評論嗎？是因為奢侈品端越來越軟了嗎？還是你在推高價格？

Look, I would love to be 100% sold out, but we haven't even started construction yet. I think going from the low to mid-70s to almost 80% over a quarter when we're into tempo sales on a building we're not delivering for 24 to 30 months is exceptional. John, we also have the great news that we only have a handful of units left. And as your inventory dwindles, it becomes harder and harder to sell that, there's very de less units to sell.

看，我很想 100% 賣完，但我們還沒有開始建設呢。我認為，當我們在 24 到 30 個月內沒有交付的建築物上進行節奏銷售時，在一個季度內從 70 年代中期到近 80% 是非常不同尋常的。約翰，我們還有一個好消息，我們只剩下少數單位了。隨著您的庫存減少，銷售變得越來越難，可以銷售的單位越來越少。

So I think that if we clip away at 6% quarter-over-quarter between now and when we complete the building, we'll be out of units long before we finish. So we're excited by that. Look, not every quarter, you're going to sell 60% of the building. We do that on a launch. And then after that launches over the subsequent quarters, we just chip away a little by little so that we try to get to a spot where we're almost entirely sold out by the time we complete.

所以我認為，如果我們從現在到完工大樓之間的季度環比減少 6%，那麼我們將在完工之前很久就沒有單位了。所以我們對此感到興奮。看，不是每個季度，你都會賣掉大樓的 60%。我們在發佈時這樣做。然後在接下來的幾個季度推出之後，我們會一點一點地減少，以便我們嘗試到達一個位置，在我們完成時幾乎完全售罄。

And can you remind us, do you typically sell the highest price point units towards the end of the cycle? Or is it kind of in between.

您能否提醒我們，您通常會在周期結束時出售價格最高的單位嗎？或者是介於兩者之間。

You know I would tell you that our percentage of units sold and a percentage of revenue are tracking very, very closely on all of these towers. And I would tell you that -- and as part of what we had our Investor Day down in Hawaii, you met the sales team with Doug and who runs the region and Bonnie, who runs our sales operations nationally, they highlighted how they like to get a full diversity of units at launch, different stacks, different heights across the building because it establishes prices for all pieces of the building.

你知道我會告訴你，我們的銷售單位百分比和收入百分比在所有這些塔上都非常非常接近地跟踪。我會告訴你——作為我們在夏威夷舉行的投資者日活動的一部分，你會見了銷售團隊的負責人 Doug 負責該地區，Bonnie 負責我們的全國銷售業務，他們強調了他們喜歡在發射時獲得完全不同的單元，不同的堆棧，整個建築物的不同高度，因為它為建築物的所有部分確定了價格。

And from there, we can start to drive prices higher where we see the greatest demand. So I would say the percentage of units, a percentage of revenue tend to track within a couple of points up or down, higher or lower per quarter, but it's usually very tight.

從那裡開始，我們可以開始在需求最大的地方推高價格。所以我想說單位的百分比，收入的百分比往往在每個季度上升或下降幾個點，更高或更低，但通常非常緊張。

Okay. Final question is on operating assets. Can you provide any commentary on the improvement in same-store growth, particularly in office and multifamily, where the occupancy went down year-over-year. So I was just wondering if you could add any commentary on that.

好的。最後一個問題是關於經營資產。您能否對同店增長的改善發表任何評論，特別是在辦公室和多戶家庭中，入住率同比下降。所以我只是想知道你是否可以對此添加任何評論。

The leases we signed were at higher rates. We managed our operating expenses well, and we drove more cash flow to the bottom line. And it's something that we take a ton of pride in what we do. We may operate across Three different segments, 3 different asset classes, but we'd like to think that we do them all really, really well.

我們籤的租約利率更高。我們很好地管理了我們的運營費用，並且我們將更多的現金流推向了底線。這是我們對自己所做的事情感到非常自豪的事情。我們可能在三個不同的細分市場、三種不同的資產類別中運營，但我們認為我們在所有方面都做得非常非常好。

And I think this quarter is a great representation to that, and it's a huge amount of kudos and thanks to our entire operating team that I know comes into work every day in grinds like heck to cut our operating expenses, deliver great tenant experiences and it's a complement to our leasing team that is driving higher leasing rates every day at these assets that have been in the most desirable communities across this country, and that's showing in our results.

而且我認為本季度很好地代表了這一點，這是一個巨大的榮譽，感謝我們的整個運營團隊，我知道他們每天都在努力工作，以削減我們的運營費用，提供出色的租戶體驗，這是對我們租賃團隊的補充，每天都在推動這些位於全國最理想社區的資產的更高租賃率，這在我們的結果中得到了體現。

Was there anything onetime in terms of expenses or revenue that drove that same-store number higher?

曾經有什麼費用或收入推動同店數量增加嗎？

We had some modest real estate tax refunds this quarter. It's not -- there wasn't a major termination fee buried in there that's going to drive everything. We had I think we'll see slightly higher insurance costs throughout the remainder of the year that will continue to impact. And look, you never know, sometimes a year ago, we had a deep freeze, which impacted the operating expenses. We didn't experience it again this year. I think that there's a number of small things. But overall, it's just about managing assets and managing them really well.

本季度我們獲得了一些適度的房地產退稅。它不是 - 沒有埋藏在其中的主要終止費會推動一切。我認為我們會在今年剩餘時間內看到略高的保險成本，這將繼續產生影響。看，你永遠不知道，有時一年前，我們遭遇了深度凍結，這影響了運營費用。今年我們沒有再體驗過。我認為有很多小事情。但總的來說，這只是關於管理資產並真正管理好它們。

Our next question will come from Hamed Khorsand with BWS Financial.

我們的下一個問題將來自 BWS Financial 的 Hamed Khorsand。

So first question was, you moved a few more office properties into stabilized NOI. So I'm just trying to understand if going forward, what does the operating efficiency look like from the company? I mean it was only about 8% operating margin. If you're looking at a stabilized operating structure. So I'm just trying to understand how do you find efficiencies in your operating expenses when more and more properties are reaching a stabilized rate?

所以第一個問題是，你將更多的辦公物業轉移到穩定的 NOI 中。所以我只是想了解如果繼續前進，公司的運營效率如何？我的意思是營業利潤率只有 8% 左右。如果您正在尋找穩定的運營結構。所以我只是想了解當越來越多的物業達到穩定費率時，您如何找到運營費用的效率？

I think the more and more properties that we introduced into a market, the better we can drive efficiencies. And the best example that I can give you is when we talk about our multifamily asset. As we build more and more assets in the Woodlands and Colombia and Summerlin, that are immediately adjacent to each other, we have the ability to use the same staff cover multiple properties. We have the ability to extend our property management organization over a greater square -- amount of square footage. And I think by having a concentration of assets in tight submarkets really drives better operating results in terms of our efficiency.

我認為我們引入市場的資產越多，我們就越能提高效率。我能給你的最好例子就是當我們談論我們的多戶家庭資產時。隨著我們在彼此緊鄰的 Woodlands、Colombia 和 Summerlin 建造越來越多的資產，我們有能力使用相同的員工覆蓋多個物業。我們有能力將我們的物業管理組織擴展到更大的面積——平方英尺的數量。而且我認為，通過將資產集中在狹窄的子市場中，確實可以在我們的效率方面推動更好的運營結果。

Correct. But I mean it just didn't seem like it was showing up in this quarter. Does it start to show up in Q2.

正確的。但我的意思是它似乎並沒有出現在本季度。它會在第二季度開始出現嗎？

I think over time, as buildings leased up, it will. I mean look, we have new -- as new buildings deliver new multifamily buildings deliver, they're going to be low occupied for a period of time. And then as they hit the maturity, that occupancy will increase to stabilize rate, which we'll see the real efficiency and the NOI margin fall to the bottom line. But during that lease-up period, it's a negative headwind that will behoove us to the long-term benefit as those properties stabilize. The same is true for retail and office as well.

我認為隨著時間的推移，隨著建築物的出租，它會的。我的意思是看，我們有新的——隨著新建築交付新的多戶住宅建築，它們將在一段時間內保持低佔用率。然後當他們達到成熟期時，入住率將增加以穩定利率，我們將看到實際效率和 NOI 利潤率降至底線。但在租賃期間，這是一個不利的逆風，隨著這些房產的穩定，我們應該從長期利益中獲益。零售和辦公室也是如此。

And during Q1, I mean New York didn't have much of a winter. So did the weather help you? And does that roll into Q2 as to any traffic momentum for you?

在第一季度，我的意思是紐約沒有多少冬天。那麼天氣對你有幫助嗎？這是否會影響到您的任何流量勢頭？

An easy winter is better than a hard winter, but spring/summer and fall is definitely better than even an easy winter. So there's definitely headwinds throughout the winter regardless of whether it's good or bad. I think we did a little bit better than we would have if it were a more difficult winter. And I think that helped attract more folks out to come experience a 10-building come experience the Seaport and Pier17. And we're hopeful that, that traffic that we saw continues throughout the remainder of the year and continues to grow. As more and more people find out just how amazing the lower is south of Manhattan and the Seaport District is.

輕鬆的冬天勝過艱難的冬天，但春季/夏季和秋季絕對勝過輕鬆的冬天。因此，無論是好是壞，整個冬天肯定會有逆風。我認為我們做得比在一個更艱難的冬天做得更好。我認為這有助於吸引更多人前來體驗 10 座大樓，體驗海港和 17 號碼頭。我們希望，我們看到的流量在今年餘下的時間裡繼續存在並繼續增長。隨著越來越多的人發現曼哈頓南部和海港區的下層有多神奇。

Last question. Is there any change here in your strategy given where interest rates are? I mean your interest expense is up 50% year-over-year. So I'm just trying to understand how you're going to manage the business given this kind of environment.

最後一個問題。考慮到利率，您的策略是否有任何變化？我的意思是你的利息支出同比增長了 50%。所以我只是想了解在這種環境下你將如何管理業務。

Look, higher interest rates increase our cost of capital and increase the required returns that we need on new developments and new investments. They set the bar higher. Part of the increase in our interest expense year-over-year is not just higher rates but also an increasing size of our company as we've added more and more assets to the top line and have financed them conservatively with debt on the bottom line. So yes, we continue to hedge cap and swap as much as we can and limit our exposure.

看，更高的利率增加了我們的資本成本，並增加了我們對新開發項目和新投資所需的回報。他們設定了更高的標準。我們利息支出同比增長的部分原因不僅是更高的利率，還有我們公司規模的擴大，因為我們增加了越來越多的資產，並通過債務為他們提供了保守的融資.所以是的，我們繼續盡可能多地對沖上限和互換，並限制我們的風險敞口。

Pardon me, ladies and gentlemen, it appears we have lost connection to our speaker line. (Operator Instructions) Thank you very much for your patience. on this is the operator again. We will actually conclude the question-and-answer session here, and we will also conclude today's call. We want to thank everyone for attending today's presentation, and we will see them all next quarter. Thank you very much for your participation. You may now disconnect your lines.

對不起，女士們先生們，我們的揚聲器線路好像斷線了。 （操作員說明）非常感謝您的耐心等待。再次是運營商。我們實際上將在這裡結束問答環節，我們也將結束今天的電話會議。我們要感謝大家參加今天的演講，我們將在下個季度見到他們。非常感謝您的參與。您現在可以斷開線路。