Howard Hughes Holdings Inc (HHH) 2023 Q2 法說會逐字稿

Good day, and welcome to The Howard Hughes Corporation Second Quarter 2023 Earnings Call. (Operator Instructions) This event is being recorded.

美好的一天，歡迎參加霍華德休斯公司 2023 年第二季度收益電話會議。 （操作員說明）正在記錄此事件。

Now I'd like to turn the call over to Mr. Eric Holcomb, Head of Investor Relations. Please go ahead.

現在我想把電話轉給投資者關係主管埃里克·霍爾科姆先生。請繼續。

Good morning, and welcome to The Howard Hughes Corporation's Second 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 second quarter earnings press release and our supplemental package.

早上好，歡迎參加霍華德休斯公司 2023 年第二季度收益電話會議。今天與我在一起的有首席執行官 David O'Reilly；傑·克羅斯，總裁；卡洛斯·奧萊亞，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二季度收益新聞稿和補充包。

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.

收益發布和補充方案包括非公認會計原則財務指標的調節，今天將討論與最直接可比的公認會計原則財務指標相關的問題。今天發表的某些非現在時或討論公司預期的聲明屬於聯邦證券法含義內的前瞻性聲明。

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 second 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 turn the call over to our CEO, David O'Reilly.

儘管該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，但我們不能保證這些預期將會實現。請參閱我們第二季度收益新聞稿中的前瞻性聲明免責聲明以及我們向 SEC 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。接下來，我會將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 second quarter earnings call. On our call today, I'll begin 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 Cross who will update our development projects in Ward Village. Finally, Carlos Olea will review our financial results and provide an update on our full year guidance.

謝謝你，埃里克。大家早上好，歡迎參加我們的第二季度財報電話會議。在今天的電話會議上，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，隨後由 Jay Cross 負責更新我們在沃德村的開發項目。最後，卡洛斯·奧萊亞將審查我們的財務業績並提供全年指導的最新信息。

For the second quarter, I am pleased to report that our company performed incredibly well and experienced improved underlying demand across our world-class portfolio of assets. Looking quickly around the segments, we delivered solid MPC EBT, which was highlighted by continued strong land sales at attractive prices in our Houston MPCs. We also saw a sharp increase in new homes sold, a leading indicator of future land sales, providing increased confidence for robust land sales activity in the coming quarters. Our operating assets delivered exceptional financial results with continued outperformance in office leasing and record quarterly results in multifamily.

對於第二季度，我很高興地報告，我們公司的表現非常出色，並且我們世界一流的資產組合的潛在需求有所改善。快速瀏覽各個細分市場，我們實現了可靠的 MPC EBT，其中休斯頓 MPC 以有吸引力的價格持續強勁的土地銷售凸顯了這一點。我們還看到新房銷售量急劇增加，這是未來土地銷售的領先指標，為未來幾個季度強勁的土地銷售活動增加了信心。我們的運營資產實現了卓越的財務業績，辦公樓租賃業務持續表現出色，多戶住宅季度業績創歷史新高。

At Ward Village, buyer interest for our premier condos remain strong. In the quarter, we contracted to sell 43 units, representing 27% of all available inventory, which now stands at only 116 units. Finally, at the Seaport, the start of our summer concert series on the rooftop, which has been a tremendous success thus far in the year, yielded significant sequential increases in foot traffic across the district and improved financial results. Overall, these favorable dynamics in each of our segments have provided a solid footing at the halfway point of the year, paving the way for a robust second half outlook and increased full year guidance expectation for our MPCs and operating assets.

在沃德村，買家對我們優質公寓的興趣依然強勁。本季度，我們簽訂了銷售 43 台的合同，佔所有可用庫存的 27%，而目前庫存量僅為 116 台。最後，在海港，我們在屋頂舉辦的夏季音樂會系列在今年迄今取得了巨大成功，使整個地區的人流量顯著連續增加，並改善了財務業績。總體而言，我們每個細分市場的這些有利動態為今年中點奠定了堅實的基礎，為強勁的下半年前景鋪平了道路，並提高了我們對 MPC 和運營資產的全年指導預期。

In our MPC segment, we experienced a 23% year-over-year decline in EBT primarily due to the timing of super pad land sales in Summerlin. Despite this reduction, we saw a significant increase in new homes sold in each of our MPCs, strong builder price participation and continued strength in price per acre. We also continued to experience strong homebuilder demand for new residential land, contracting on parcels at near record prices across our MPCs, much of which has not yet closed. All of this leads us to believe that the second half of 2023 will deliver excellent land sales.

在我們的 MPC 部門，我們的 EBT 同比下降了 23%，這主要是由於薩默林超級土地銷售的時機。儘管出現這種下降，但我們看到每個 MPC 中新房銷售量顯著增加，建築商價格參與度強勁，每英畝價格持續走強。我們還繼續感受到房屋建築商對新住宅用地的強勁需求，我們的 MPC 以接近創紀錄的價格承包了地塊，其中大部分尚未成交。所有這些讓我們相信 2023 年下半年將帶來出色的土地銷售。

Big picture, the resurgence in new home sales that began in the first quarter continued with a total of 605 homes sold in our MPCs. This represented a 39% increase compared to the prior year and was primarily related to Bridgeland, which nearly doubled its new home sales and is currently on pace to sell a record number of homes in 2023. In our other MPCs, our new home sales in the Woodland Hills increased by more than 50%. And Summerlin increased nearly 20% year-over-year.

總體來看，第一季度開始的新屋銷售持續復甦，我們的 MPC 共售出 605 套房屋。與上一年相比，這一數字增長了39%，主要與Bridgeland 有關，該公司的新房銷量幾乎翻了一番，目前有望在2023 年銷售創紀錄的房屋數量。在我們的其他MPC 中，我們的新房銷量Woodland Hills 的漲幅超過 50%。 Summerlin同比增長近20%。

With these strong sales results, Summerlin and Bridgeland both moved up in the midyear RCLCO top-selling MPC rankings, capturing the #5 and #6 spots respectively. Ultimately, this significant growth in new home sales, combined with strong underlying fundamentals, points to a strong second half of 2023. While increased mortgage rates have negatively impacted demand nationally, our MPCs have remained resilient, as evidenced by the strong uptick in our underlying home sales this year. While overall home affordability has undoubtedly been impacted by higher rates, what we've seen in our communities is that many homebuyers looking to purchase a home have simply adjusted the size of their purchase.

憑藉這些強勁的銷售業績，Summerlin 和 Bridgeland 在年中 RCLCO 最暢銷 MPC 排名中雙雙上升，分別排名第五和第六。最終，新房銷售的顯著增長，加上強勁的基本面，預示著2023 年下半年將強勁增長。儘管抵押貸款利率上升對全國需求產生了負面影響，但我們的MPC 仍然保持彈性，我們的基本面強勁上升就證明了這一點。今年的房屋銷售。雖然總體住房負擔能力無疑受到了較高利率的影響，但我們在社區中看到的是，許多想要購買房屋的購房者只是調整了購買規模。

With that, the average size of the homes sold has declined, but the price per square foot has actually increased modestly, helping to keep the value of our land intact. Just as importantly, the increased rate environment has meaningfully reduced resale inventory, as homeowners with below-market mortgage rates are reluctant to sell their homes.

這樣，所售房屋的平均面積有所下降，但每平方英尺的價格實際上略有上升，有助於保持我們土地的價值完好無損。同樣重要的是，加息環境顯著減少了轉售庫存，因為抵押貸款利率低於市場水平的房主不願出售房屋。

This has forced homebuyers to gravitate to the new home market, which now represents approximately 35% of all homes sold or a significant increase from the historical norms of 10% to 15%. Ultimately, this has translated into a significant boost for homebuilders and is driving demand for our land. Put more simply, the increase in interest rates has impacted both demand and supply, deepening equilibrium and land pricing and driving favorable demand for new land. As a result, we expect a material increase in land sales during the second half of the year. This will drive 2023 MPC EBT higher and gives us confidence to meaningfully increase our full year guidance expectations.

這迫使購房者轉向新房市場，目前新房市場約佔所有已售房屋的 35%，比歷史標準 10% 至 15% 顯著增加。最終，這極大地推動了住宅建築商的發展，並推動了對我們土地的需求。更簡單地說，利率上升影響了需求和供給，深化了均衡和土地定價，並推動了對新土地的有利需求。因此，我們預計下半年土地銷售將大幅增加。這將推動 2023 年 MPC EBT 更高，並使我們有信心大幅提高全年指導預期。

Carlos will provide some more detail on those new expectations in a few minutes.

卡洛斯將在幾分鐘內提供有關這些新期望的更多細節。

Quickly shifting over to the Seaport. revenues declined 19% year-over-year, primarily due to nonrecurring COVID recoveries and special events in 2022. This contributed to $2 million reduction in NOI before equity investments. Compared to the first quarter, our results improved materially as we experienced a significant 89% increase in foot traffic. This growth was led in part by our Summerlin concert series on the rooftop, which is off to its best start to date. We've sold over 170,000 tickets, representing over 85% of available ticket inventory.

迅速轉移到海港。收入同比下降 19%，主要是由於非經常性的新冠疫情恢復和 2022 年的特殊事件。這導致股權投資前的 NOI 減少了 200 萬美元。與第一季度相比，我們的業績顯著改善，人流量顯著增加了 89%。這一增長在一定程度上是由我們在屋頂舉行的薩默林音樂會系列帶動的，這是迄今為止最好的開端。我們已售出超過 170,000 張門票，佔可用門票庫存的 85% 以上。

Overall, revenue increased 92% compared to the first quarter, which contributed to a $3 million sequential improvement in total Seaport NOI. At the Tin Building, customer demand and foot traffic increased. We continue to implement operational improvements as we refine the marketplace's overall operating model, which resulted in elevated operating costs during the quarter.

總體而言，收入比第一季度增長了 92%，這使得 Seaport NOI 總額環比改善了 300 萬美元。在錫大廈，顧客需求和人流量有所增加。隨著我們完善市場的整體運營模式，我們繼續實施運營改進，這導致本季度運營成本上升。

The full-service signing has performed strong, but the retail fast casual dining and e-commerce have lagged expectations. We remain intently focused on driving this one-of-a-kind venue towards stabilization, and we are confident that we are on the right path to deliver meaningful financial improvements in the coming quarters. However, it now appears unlikely that we will be able to stabilize the Tin Building in 2023 and do not expect it to be profitable this calendar year.

全服務簽約表現強勁，但零售快速休閒餐飲和電商表現落後於預期。我們仍然專注於推動這一獨一無二的場所走向穩定，我們相信我們正走在正確的道路上，在未來幾個季度實現有意義的財務改善。然而，現在看來我們不太可能在 2023 年穩定錫大廈，並且預計它今年不會盈利。

I'd now like to hand the call over to Dave Striph to review the performance of our operating assets.

我現在想將電話轉交給戴夫·斯特里夫（Dave Striph），以審查我們運營資產的績效。

Thank you, David, and good morning. In the second quarter, the strong momentum that has been building in our operating asset segment continued with the delivery of $68 million in net operating income, a 3% increase from the same quarter last year. On a same-store basis, NOI increased 4% year-over-year with meaningful growth in our office and multifamily portfolios. We also experienced strong leasing activity across the stabilized portfolio with year-over-year and sequential improvement in lease percentages in each of our 3 core property types.

謝謝你，大衛，早上好。第二季度，我們的運營資產部門繼續保持強勁勢頭，實現淨運營收入 6800 萬美元，比去年同期增長 3%。以同店計算，NOI 同比增長 4%，我們的辦公室和多戶住宅投資組合顯著增長。我們在穩定的投資組合中也經歷了強勁的租賃活動，我們的 3 種核心物業類型的租賃百分比逐年連續提高。

Most significant improvement was seen in our office portfolio, which generated second quarter NOI of $34 million. This reflected a $4 million or 13% year-over-year improvement and was primarily the result of a onetime lease termination fee, strong lease-up activity and rent abatement expirations in The Woodlands. These increases were partially offset by some lease expirations at some of our older assets in Downtown Columbia.

最顯著的改善是我們的辦公室投資組合，第二季度的 NOI 為 3,400 萬美元。這反映出 400 萬美元或同比增長 13%，這主要是由於 The Woodlands 的一次性租賃終止費、強勁的租賃活動和租金減免到期的結果。這些增長被我們位於哥倫比亞市中心的一些舊資產的租賃到期所部分抵消。

Similar to recent quarters, our premier Class A office assets continued to outperform the market as companies continue to prioritize highly amenitized workspaces in desirable locations. In the quarter, we executed new or expanded office leases totaling nearly 200,000 square feet, including 167,000 square feet just in The Woodlands. We also renewed over 180,000 square feet of office space during the quarter. This strong leasing performance brought our stabilized office portfolio to 89% leased at quarter end, substantially higher than market when compared to the surrounding metro regions of Houston, Las Vegas and Baltimore and Washington.

與最近幾個季度類似，我們的一流甲級辦公資產繼續跑贏市場，因為公司繼續優先考慮在理想地點提供高度便利的工作空間。本季度，我們執行了總計近 200,000 平方英尺的新辦公室或擴建辦公室租賃，其中僅在 The Woodlands 就有 167,000 平方英尺。本季度我們還更新了超過 180,000 平方英尺的辦公空間。強勁的租賃表現使我們穩定的寫字樓組合在季度末的租賃率達到 89%，與休斯敦、拉斯維加斯、巴爾的摩和華盛頓等周邊都會區相比，大大高於市場水平。

Multifamily portfolio delivered record quarterly NOI of $13 million, representing a 10% year-over-year improvement.

多戶型投資組合創造了創紀錄的季度 NOI 1,300 萬美元，同比增長 10%。

This growth was primarily driven by 6% average in-place rent growth and favorable contributions from Starling at Bridgeland and Marlow, our newest multifamily developments. Both of these properties, which were fully completed less than one quarter ago, are exceeding expectations with Starling already 80% leased and Marlow 47% leased.

這一增長主要得益於 6% 的平均就地租金增長以及我們最新的多戶住宅開發項目布里奇蘭 (Bridgeland) 和馬洛 (Marlow) 的 Starling 的有利貢獻。這兩處房產均在不到一個季度前全部完工，超出了預期，Starling 已出租 80%，Marlow 已出租 47%。

Overall, our stabilized multifamily properties finished the quarter at 98% leased with Downtown Columbia at 99%, Houston at 97% and Summerlin at 96%. In retail, second quarter NOI was just under $13 million, reflecting an 11% reduction compared to the prior year. This decline was primarily related to onetime COVID-related recoveries at Ward Village in the prior year as well as the closure of 2 Ward Village retail centers to make way for the Park and lana condominium projects. Despite this reduction, our retail portfolio performed well and was 96% leased at quarter end, representing a 3% year-over-year improvement.

總體而言，我們穩定的多戶住宅本季度的租賃率為 98%，其中哥倫比亞市中心為 99%，休斯頓為 97%，薩默林為 96%。在零售業，第二季度 NOI 略低於 1,300 萬美元，比去年同期下降 11%。這一下降主要與前一年沃德村因新冠疫情而恢復的情況以及關閉沃德村 2 個零售中心以便為 Park 和 Lana 公寓項目讓路有關。儘管有所減少，我們的零售投資組合表現良好，季度末出租率為 96%，同比提高 3%。

With that, I will now turn the call over to our President, Jay Cross.

現在，我將把電話轉給我們的總統傑伊·克羅斯。

Thanks, Dave, and good morning, everyone. I'll start this morning with an update on Ward Village in Hawaii, where we continue to see strong demand for our premium condos during the quarter. In the quarter, we contracted to sell 43 condos, leaving us with only 116 units remaining to sell at our current projects. First, looking at [AI] and Ko'ula, recent price reductions implemented to close our remaining inventory, which represent approximately 3% of the total units in these buildings have been very successful. While our sales initiatives have resulted in slightly reduced revenue and gross margins on units sold, overall gross margins achieved on the 2 projects have been minimally impacted. For the quarter, we contracted 22 units and sold 15 units and as of June 30, 'A'ali'i was 99% sold and Ko'ula was 98% sold.

謝謝戴夫，大家早上好。今天早上我將首先介紹夏威夷沃德村的最新情況，本季度我們繼續看到對那裡的優質公寓的強勁需求。本季度，我們簽訂了銷售 43 套公寓的合同，目前項目中只剩下 116 套可供出售。首先，看看 [AI] 和 Ko'ula，最近為關閉我們剩餘的庫存而實施的降價非常成功，這些庫存約佔這些建築總單元的 3%。雖然我們的銷售舉措導致所售產品的收入和毛利率略有下降，但這兩個項目的總體毛利率受到的影響微乎其微。本季度，我們簽約了 22 套並售出 15 套，截至 6 月 30 日，'A'ali'i 已售出 99%，Ko'ula 已售出 98%。

At our towers in development, construction of Victoria Place continues to progress nicely. This tower, which is already 100% presold, is expected to be completed next year. At the Park Ward Village and [eulana], which are underway and expected to be completed in 2025, we contracted a total of 10 units, bringing these towers to 93% and 99% presold, respectively.

在我們正在開發的塔樓中，維多利亞廣場的建設進展順利。該塔目前已100%預售，預計明年竣工。在正在建設中並預計將於 2025 年竣工的 Park Ward Village 和 [eulana]，我們總共簽約了 10 個單元，使這些塔樓的預售率分別達到 93% 和 99%。

And finally, at Hawaii, we contracted 11 condos, making this tower 83% presold. We expect to commence construction on this project later in the year.

最後，在夏威夷，我們簽訂了 11 套公寓合同，使這座塔樓的預售率為 83%。我們預計該項目將於今年晚些時候開始建設。

Incredibly, these 4 towers combined were 92% presold before construction had even begun. This is a strong testament to the strength of our ward sales and marketing team. Upon completion, these towers will represent more than $2.5 billion in future revenue, which will be recognized between 2024 and 2026. (technical difficulty) On the Mainland in Nevada, we completed the finishing touches at Tanger Echo, our new 294-unit luxury multifamily development in Downtown Summerlin. This project was substantially completed in early July, and we recently welcomed our first residents.

令人難以置信的是，這 4 座塔樓在施工開始前就已預售 92%。這有力地證明了我們病房銷售和營銷團隊的實力。竣工後，這些塔樓將帶來超過25 億美元的未來收入，並將在2024 年至2026 年期間確認。（技術難度）在內華達州大陸，我們完成了Tanger Echo 的收尾工作，這是我們新建的294 套豪華多戶住宅薩默林市中心的開發。該項目已於七月初基本完成，最近我們迎來了第一批居民。

We also continued construction efforts at the Summerlin South office, a 147,000 square foot, 3-story office complex. Pre-leasing efforts recently began, and we expect to complete the building early next year. In Bridgeland, we are making exceptional progress with the development of Wingspan, our single-family for rent development. This project is slated to welcome its first residents later this year.

我們還繼續建設薩默林南辦公室，這是一棟佔地 147,000 平方英尺的三層辦公大樓。預租工作最近開始，我們預計明年初竣工。在布里奇蘭，我們在 Wingspan 的開發方面取得了非凡的進展，Wingspan 是我們的出租單戶住宅開發項目。該項目預計將於今年晚些時候迎來第一批居民。

And finally, in Downtown Columbia, construction of South Lake Medical is moving along nicely. This 86,000 square foot medical office building has seen strong demand and is currently 21% leased with the balance of the building either in letter of intent or after negotiation. We expect to complete the project in early 2024. Overall, these 4 strategic development projects are expected to generate stabilized NOI of more than $18 million for our operating assets with a combined yield on cost of approximately 7%. While these new developments will be meaningful contributors to our recurring NOI and value creation for our shareholders, the market has shifted meaningfully over the past few quarters. increased construction costs and operating expenses have outpaced growth in rental rates meaningfully impacted anticipated returns on new developments. Combined with higher interest rates and a more challenging lending environment, it's possible that announcements of new developments could slow down in the near term. That is not to say we are pencils down. n fact, we are the exact opposite. Our development teams in each region are actively engaged in predevelopment so that once the market returns to a more normalized environment, we'll be ready to go. And with that, I would like to now turn the call over to our CFO, Carlos Olea.

最後，在哥倫比亞市中心，南湖醫療中心的建設進展順利。這座佔地 86,000 平方英尺的醫療辦公大樓需求強勁，目前已出租 21%，其餘部分已簽訂意向書或經過談判。我們預計該項目將於 2024 年初完成。總體而言，這 4 個戰略開發項目預計將為我們的運營資產帶來超過 1800 萬美元的穩定 NOI，綜合成本收益率約為 7%。雖然這些新發展將為我們的經常性 NOI 和為股東創造價值做出有意義的貢獻，但市場在過去幾個季度發生了有意義的變化。建築成本和運營費用的增加超過了租金的增長，對新開發項目的預期回報產生了重大影響。加上更高的利率和更具挑戰性的貸款環境，新開發項目的公告可能會在短期內放緩。這並不是說我們已經失敗了。事實上，我們恰恰相反。我們在每個地區的開發團隊都在積極進行前期開發，以便一旦市場恢復到更加正常化的環境，我們就可以做好準備。現在，我想將電話轉給我們的首席財務官卡洛斯·奧萊亞 (Carlos Olea)。

Thank you, Jay, and good morning. I'd like to start off today with a written announcement regarding our holding company reorganization. This new structure is expected to promote the growth of our business, provide the company with additional financial flexibility to fund future opportunities and segregate our real estate and non-real estate assets and related liabilities in separate subsidiaries. Effective this Friday, August 11, Howard Hills Holdings, Incorporated will become the new parent company and our stock will trade under the ticker symbol HHH on the New York Stock Exchange beginning next Monday, August 14. Each outstanding share of HEC common stock will automatically convert into one share of HHH common stock. However, our strategic plans, our Board and management team and our focus on long-term value creation remain the same.

謝謝你，傑伊，早上好。今天我想首先發布一份有關我們控股公司重組的書面公告。這種新結構預計將促進我們業務的增長，為公司提供額外的財務靈活性，為未來的機會提供資金，並將我們的房地產和非房地產資產及相關負債分離到單獨的子公司中。自8 月11 日星期五起，Howard Hills Holdings, Incorporated 將成為新的母公司，我們的股票將從8 月14 日下星期一開始在紐約證券交易所交易，股票代碼為HHH。每股已發行的HEC 普通股將自動轉換為一股 HHH 普通股。然而，我們的戰略計劃、董事會和管理團隊以及對長期價值創造的關注保持不變。

Turning to our full year guidance. Because of our robust year-to-date results as well as our favorable outlook for the second half of the year, we have increased our expectations for MPC EBT and operating assets in OI. In MPCs, anticipated increases in residential land sales, particularly in the fourth quarter, are expected to drive significant improvement in EBT for the full year. As a result, we now expect EBIT to be flat to down 10% year-on-year. This compares favorably to our prior guidance of down 25% to 35% and represents an increase at the midpoint of approximately $70 million.

轉向我們的全年指導。由於我們今年迄今的強勁業績以及對下半年的樂觀前景，我們提高了對 MPC EBT 和 OI 運營資產的預期。在貨幣政策委員會中，預計住宅土地銷售的增長，特別是第四季度的增長，預計將推動全年息稅前利潤的顯著改善。因此，我們現在預計息稅前利潤將持平至同比下降 10%。這與我們之前下降 25% 至 35% 的指導相比是有利的，並且中值增加了約 7000 萬美元。

In operating assets, exceptional financial and leasing performance across our entire portfolio has resulted in increased NOI expectations for 2023. Excluding the prior year contribution from divested retail assets, operating assets NOI is now expected to be in a range of up 1% to 4% year-over-year. This is an improvement from our prior guidance of down 2% to up 2%. n Ward Village, as Jay mentioned, sales initiatives to close out the remaining condo inventory at 'A'ali'i and Ko'ula have been very successful. As a result of the reduced pricing, we now expect 2023 comp to sales to range between $40 million and $45 million, with gross margins of 10% to 13%.

在運營資產方面，我們整個投資組合出色的金融和租賃業績導致 2023 年 NOI 預期上升。除去上一年剝離的零售資產的貢獻，運營資產 NOI 目前預計將增長 1% 至 4%一年又一年。這比我們之前下降 2% 到上升 2% 的指導有所改善。正如傑伊提到的，在沃德村，出售“A'ali'i”和“Ko'ula”剩餘公寓庫存的銷售舉措非常成功。由於定價降低，我們現在預計 2023 年的銷售額將在 4000 萬至 4500 萬美元之間，毛利率為 10% 至 13%。

This reduced margins have only impacted 3% of all units in these towers and overall margins for these 2 projects remain aligned with our historical 25% to 30%. And finally, our cash G&A guidance remains unchanged at $80 million to $85 million. With respect to divestitures, subsequent to quarter end, we sold our 2 self-storage facilities in The Woodlands, for a combined price of approximately $30 million. This resulted in a sizable gain on sale totaling $16 million, which will be included in our third quarter results.

利潤率下降僅影響了這些塔樓所有單元的 3%，這兩個項目的總體利潤率仍與我們歷史上的 25% 至 30% 保持一致。最後，我們的現金 G&A 指導保持在 8000 萬至 8500 萬美元不變。關於資產剝離，季度末後，我們出售了位於 The Woodlands 的 2 個自助倉儲設施，總價約為 3000 萬美元。這導致銷售收入大幅增加，總計 1600 萬美元，這將計入我們第三季度的業績中。

Shifting to the balance sheet. We ended the quarter with $389 million of cash. Together with anticipated cash inflows for MPC landfills in the second half of the year, as well as the proceeds from the sale of our 2 self-storage facilities in the third quarter, we are well positioned to put capital into our development pipeline. At the end of the second quarter, the remaining equity contribution needed to fund our current projects was $223 million. From a debt perspective, we have $4.9 billion outstanding at the end of the quarter with only $273 million of maturities through 2024 and approximately 86% due in 2026 or later.

轉向資產負債表。本季度結束時，我們的現金為 3.89 億美元。加上下半年 MPC 垃圾填埋場的預期現金流入，以及第三季度出售 2 個自助倉儲設施的收益，我們已做好充分準備，將資金投入到我們的開發項目中。截至第二季度末，為我們當前項目提供資金所需的剩餘股權出資為 2.23 億美元。從債務角度來看，截至本季度末，我們的未償債務為 49 億美元，到 2024 年只有 2.73 億美元到期，約 86% 的債務將於 2026 年或更晚到期。

Additionally, 98% of our debt remains fixed, capped or swapped to a fixed rate. As Dave mentioned, that those markets for new developments are challenging. And in some cases, are delaying the start of certain development projects as we wait for loans to close before breaking ground. Despite these issues, we are having success closing new loans, including a $28 million construction loan for the development of the South Summerlin office. This loan bears interest at SOFR plus 2.35% and has an initial 4-year maturity.

此外，我們 98% 的債務保持固定、上限或轉換為固定利率。正如戴夫提到的，新開發項目的市場充滿挑戰。在某些情況下，我們會推遲某些開發項目的啟動，因為我們要等待貸款結束才能破土動工。儘管存在這些問題，我們仍成功結清新貸款，包括用於開發南薩默林辦事處的 2,800 萬美元建設貸款。該貸款的利息為 SOFR 加 2.35%，初始期限為 4 年。

Additionally, we are currently documenting a new multifamily construction loan for a project in our pipeline as well as some refinancing on existing properties, which we expect will close later this year. With that, I would like to turn the call over back to David for closing remarks.

此外，我們目前正在為正在籌備中的一個項目記錄一筆新的多戶建築貸款，以及對現有房產的一些再融資，我們預計該項目將於今年晚些時候完成。至此，我想將電話轉回給大衛，讓他發表結束語。

Thank you, Carlos. Before we open up the call for Q&A, just a couple of closing thoughts. First, the new home market is back, and we significantly increased our full year MPC EBT guidance to a level that is closely aligned within 2022's near-record results. The exceptional financial results and leasing performance of our operating assets are a testament to the quality of our world-class portfolio of mixed-use assets, which continued to outperform in their markets. This has resulted in increased 2023 NOI guidance and our strong lease-up, particularly in office will help to drive this segment closer to stabilization in the years ahead.

謝謝你，卡洛斯。在我們開始問答之前，我想談幾點結束語。首先，新房市場捲土重來，我們大幅提高了全年 MPC EBT 指引，使其達到與 2022 年接近創紀錄的業績緊密一致的水平。我們運營資產出色的財務業績和租賃業績證明了我們世界一流的混合用途資產組合的質量，該組合在其市場上繼續表現出色。這導致 2023 年 NOI 指引增加，而我們強勁的租賃（尤其是辦公室租賃）將有助於推動該細分市場在未來幾年更加趨於穩定。

And finally, we have several construction projects nearing completion as well as a robust development pipeline that will inevitably grow our stream of cash flow in the years ahead continuing the perpetual cycle of value creation that differentiates Howard use. Overall, we see a very positive future, and we are excited for the growth and value creation opportunities that lie ahead.

最後，我們有幾個即將完成的建設項目以及強大的開發管道，這將不可避免地在未來幾年增加我們的現金流，繼續實現霍華德使用差異化的價值創造的永久循環。總的來說，我們看到了一個非常積極的未來，我們對未來的增長和價值創造機會感到興奮。

With that, let's start the Q&A portion of the call. Operator, can you please open the line for our first question?

接下來，讓我們開始通話的問答部分。接線員，您可以接通我們的第一個問題嗎？

(Operator Instructions) First question will be from Alexander Goldfarb, Piper Sandler.

（操作員說明）第一個問題將由 Alexander Goldfarb、Piper Sandler 提出。

Just a few questions, David. The first is out in Hawaii, you guys discounted a few condo units, I think, sort of to clean up the remaining inventory. If you could just provide a bit more color on that. Usually, those condos sell like hot cakes. And I think except for the original Waiea, some of those uber priced units that sort of languished. I think all your other product out there has sold fairly quickly. So maybe if you could give just a bit more insight into the rationale to discount and then the impact to economics.

只是幾個問題，大衛。第一個是在夏威夷，我認為你們對一些公寓單位進行了折扣，以清理剩餘的庫存。如果你能提供更多的顏色就好了。通常，這些公寓賣得很熱。我認為除了原來的威亞 (Waiea) 之外，其中一些超級定價的單位已經陷入了困境。我認為你們所有其他產品都賣得相當快。因此，也許您可​​以更深入地了解折扣的基本原理以及對經濟的影響。

And also, you guys raised price along the way. So just curious, when you look at the whole sellout, given where you originally pro formed versus where you ended up, net of the cleanup units, what the math looks like?

而且，你們一路上提高了價格。所以只是好奇，當你看看整個銷售情況時，考慮到你最初的計劃與最終的結果，扣除清理單位，數學是什麼樣的？

Yes. No problem, Alex. It's a great question. And your memory serves you very well in that for the overwhelming majority of the towers we've delivered, we've delivered them almost entirely sold out when we've closed and completed construction. For 'A'ali'i and Ko'ula, which were incredibly successful for us, we had some standing inventory at the beginning of this year, and we really wanted to move it by the end of the year as we're getting to launch our next tower.

是的。沒問題，亞歷克斯。這是一個很好的問題。您記得很清楚，對於我們交付的絕大多數塔樓來說，當我們關閉並完成施工時，我們交付的塔樓幾乎全部售罄。對於對我們來說非常成功的 'A'ali'i 和 Ko'ula，我們在今年年初有一些常備庫存，我們真的希望在年底前將其轉移，因為我們即將啟動我們的下一座塔。

And the inventory that we had represented less than 3% of the units in those entire buildings. And once they're completed and up there and kind of standing inventory, we have continuing expenses in terms of HOA and real estate taxes, so from an NPV perspective and from a competition perspective when we launch a new tower, we thought it would be best to sell that standing inventory quickly. To do so, we put together a modest pricing discount relative to where they were previously. And those previous pricing, as you noted, had been increased multiple times along the way. And we thought it was prudent to move them and get it done.

我們的庫存量還不到整座建築的 3%。一旦它們完工並達到常備庫存，我們在 HOA 和房地產稅方面就會持續產生費用，因此，從淨現值 (NPV) 角度和競爭角度來看，當我們推出一座新塔時，我們認為這將是最好快速出售常備庫存。為此，我們相對於之前的價格提供了適度的折扣。正如您所指出的，之前的定價已經多次上漲。我們認為移動它們並完成它是謹慎的做法。

From an overall economic standpoint, it really doesn't move the needle. When you sell 97% of your units to 25% to 30% margins and the last 3% at half of that, you're still generating 25% to 30% margins for the entire building, and you're not sitting on any standing inventory. So for us, we thought it was a prudent decision and one that we moved on quickly, so that we could get those buildings completely closed out and turned over to unit owners and residents that are continuing to dine, shop and experience all the benefits that Ward Village has to offer.

從整體經濟角度來看，這確實沒有什麼推動作用。當你以25% 到30% 的利潤出售97% 的單位，最後3% 以一半的利潤出售時，你仍然可以為整棟大樓帶來25% 到30% 的利潤，而且你不會坐擁任何地位存貨。因此，對我們來說，我們認為這是一個謹慎的決定，我們會迅速採取行動，這樣我們就可以完全關閉這些建築物，並將其移交給單元業主和居民，讓他們繼續就餐、購物並體驗所有的好處。沃德村必須提供。

Okay. Next question is down at the Seaport. I appreciate your comments that taking a little longer. I don't think that really surprises. But my question is more on ESPN. You guys have a big studio there. Obviously, ESPN has been in the news for downsizing. I'm not -- I think their lease comes up soon. I think -- maybe I'm wrong, but maybe you could just give some comments and color around that. And then if you did have to backfill them where you think rents would be today versus what you're getting from them?

好的。下一個問題是在海港。感謝您的評論，這需要更長的時間。我認為這並不令人驚訝。但我的問題更多的是關於 ESPN。你們那裡有一個很大的工作室。顯然，ESPN 已經成為裁員的新聞焦點。我不是——我認為他們的租約很快就會到期。我想——也許我錯了，但也許你可以對此發表一些評論和意見。然後，如果您確實必須將它們回填到您認為今天的租金與您從它們那裡得到的租金之間的關係？

So the lease with ESPN goes through December of 2025. And we've been in ongoing discussions with them on potential extension shorter term in nature as they figure out their long-term plans, which I don't think they have a full grasp on sitting here today. With that said, we think studio space and completely built out studio space, is highly valuable. And we don't worry about backfilling that space given the incredible views its location and the energy and dynamic environment that we're seeing every day down Pier 17.

因此，與 ESPN 的租約將持續到 2025 年 12 月。我們一直在與他們就潛在的短期延期進行討論，因為他們正在製定長期計劃，我認為他們還沒有完全掌握這一計劃今天坐在這裡。話雖如此，我們認為工作室空間和完全建成的工作室空間非常有價值。考慮到該空間的位置以及我們每天在 17 號碼頭看到的令人難以置信的景觀以及充滿活力和動態的環境，我們並不擔心回填該空間。

From a mark-to-market rent perspective, it's kind of early for me to opine on that, considering we wouldn't be thinking about it until the earliest of December 2025. But given that it's fully built out studio space in its location, we're not open to taking a discount.

從按市場租金計算的角度來看，考慮到我們最早要到2025 年12 月才會考慮這個問題，所以我現在對此發表意見還為時過早。但考慮到它在其所在地已經完全建成了工作室空間，我們不接受折扣。

Okay. And then just finally, on the reorg, sorry to see the HHC ticker go away, we got used to it. But can you just give a bit more color? I mean, you guys have been public for well over a decade. Just sort of curious what drove this. And certainly, David, you've done a lot to simplify the company from what it was. So was this rating agencies? Was this the debt markets? What sort of drove this? Because usually, debt documents are pretty specific on the cash flows that are tied to it or if it's a corporate entity, it's from the whole. So just a bit more color. And then is there any additional cost to G&A that we should be modeling as a result of this reorg?

好的。最後，在重組時，很遺憾看到 HHC 股票消失了，我們已經習慣了。但你能多給一點顏色嗎？我的意思是，你們已經公開十多年了。只是有點好奇是什麼推動了這一點。當然，大衛，你已經做了很多工作來簡化公司的運作。那麼這是評級機構嗎？這是債務市場嗎？是什麼樣的驅動力？因為通常情況下，債務文件非常具體地說明與其相關的現金流量，或者如果它是一個公司實體，則它來自整體。所以顏色多一點就可以了。那麼，由於這次重組，我們應該對一般管理費用（G&A）產生任何額外的成本嗎？

I'll take that in reverse order because it's much easier. There's no incremental G&A. Everything that you know about Howard used yesterday will be the same as with Howard use tomorrow, next week and next month. The Board management strategy, nothing is changing.

我會以相反的順序進行操作，因為這樣要容易得多。沒有增量一般管理費用。你所知道的關於霍華德昨天使用的一切都將與明天、下周和下個月霍華德使用的情況相同。董事會的管理策略沒有任何改變。

This is really just a structural change in the company that allows us to segregate real estate assets from non-real estate assets and keep the results of non-real estate assets away from the covenants of our debt. And it's something that I've been thinking about personally since about 18 months ago when we made the investment in John George and the 25% passive investment in his restaurant business, and the results of that are impacting our bond covenants and some of our debt covenants.

這實際上只是公司的結構性變化，使我們能夠將房地產資產與非房地產資產分開，並使非房地產資產的結果遠離我們的債務契約。大約 18 個月前，當我們投資 John George 並對他的餐廳業務進行 25% 的被動投資時，我個人就一直在思考這一問題，其結果正在影響我們的債券契約和部分債務契約。

And it's just cleaner if we could figure out a way to put it separate and aside, and this structure allows us to do that and potentially think about other non-real estate assets like the baseball team and thinking of whether or not that would fit in HHH away from the traditional real estate assets of HHC. So it's really -- it's formal for substance. I wouldn't read into this. Please don't take the comments of us thinking about major acquisitions or things away from what we traditionally do. We have simplified the company. We take great pride in the simplification that we've done and the focus that we have, and that is not changing one bit.

如果我們能找到一種方法將其分開並放在一邊，那就更乾淨了，這種結構使我們能夠做到這一點，並可能考慮其他非房地產資產，例如棒球隊，並考慮它是否適合HHH遠離HHC的傳統​​房地產資產。所以這確實是——實質上是正式的。我不會讀到這個。請不要將我們對重大收購或事物的思考的評論與我們傳統的做法相悖。我們簡化了公司。我們對我們所做的簡化和我們所關注的焦點感到非常自豪，而且這一點沒有絲毫改變。

Our next question will be Anthony Paolone from JPMorgan.

我們的下一個問題是來自摩根大通的安東尼·保隆。

I guess follow-up on Alex's last question there on the Howard co structure. Is there anything imminent that prompted the decision to do this now? I know you guys have been in the press a bit with regards to potential studios in the Las Vegas market. I just didn't know if it's tied to that at all.

我想跟進亞歷克斯關於霍華德共同結構的最後一個問題。是否有任何迫在眉睫的事情促使我們現在決定這樣做？我知道你們已經在媒體上報導過有關拉斯維加斯市場潛在工作室的信息。我只是不知道這是否與此有關。

No. No, I think the press that's been out there and the work that we've done on trying to create studios in the Las Vegas market is very consistent with what we do. It's built real estate to meet the demand, increase the population in jobs within our community, and we think film production is an incredible way to do that in Summerlin.

不，不，我認為媒體的報導以及我們在拉斯維加斯市場創建工作室方面所做的工作與我們所做的非常一致。它建造了房地產來滿足需求，增加我們社區內的就業人口，我們認為電影製作是在薩默林實現這一目標的一種令人難以置信的方式。

Our role in that would be owner of the real estate, landlord. We are not getting into the production business. So this really had nothing to do with that, Anthony. And it's really just kind of as I answered it with Alex. It's just a structuring nuance where we can keep non-real estate assets away from real estate assets, I don't anticipate us bringing in any more non-real estate assets in the production business.

我們在其中的角色是房地產的所有者，房東。我們不會涉足生產業務。所以這確實與此無關，安東尼。這真的就像我和亞歷克斯一起回答的那樣。這只是一個結構上的細微差別，我們可以將非房地產資產遠離房地產資產，我預計我們不會在生產業務中引入更多的非房地產資產。

Okay. Got it. And then second question, with regards to the builder price participation, is -- is that coming from the super pad site largely that was done a little while ago in Summerlin or is it from other areas? And is just is there like sort of a backlog of builder price participation income that you're seeing that's helping drive the guidance here?

好的。知道了。然後，關於建築商價格參與的第二個問題是——這主要是來自不久前在薩默林完成的超級墊網站還是來自其他地區？您是否看到積壓的建築商價格參與收入有助於推動此處的指導？

I would say -- so to answer your first question, the builder price participation is largely coming from Summerlin. But there is some builder price participation in The Woodlands, Bridgeland and Woodland Hills. But the majority of it comes from Summerlin. And that, as you noted, comes from super pads that were sold in some instances, 12 to 18 months ago.

我想說——所以回答你的第一個問題，建築商的價格參與主要來自薩默林。但伍德蘭、布里奇蘭和伍德蘭山有一些建築商參與價格參與。但其中大部分來自薩默林。正如您所指出的，這來自於 12 至 18 個月前在某些情況下出售的超級護墊。

Our increased guidance is not necessarily the result of our expectation for future builder price participation because we tend not to model continued increases in home prices that would drive that in today's rate environment. That increase in guidance is largely driven by incremental land sales, more acres at higher price per acre than we expected a quarter ago. And that's driven by the incredible velocity of home sales that we've experienced throughout the first 6 months of this year that has candidly defied our expectations. And I think it's pointed to how incredible, the environment that we've created within these master planned communities are that we're continuing to see elevated new home sales in a more difficult market for buyers.

我們增加的指導不一定是我們對未來建築商價格參與的預期的結果，因為我們傾向於不模擬房價的持續​​上漲，這會在當今的利率環境下推動房價的上漲。指導意見的增加主要是由土地銷售增量推動的，土地銷售量增加，每英畝價格高於我們一個季度前的預期。這是由今年前 6 個月令人難以置信的房屋銷售速度推動的，這完全超出了我們的預期。我認為這表明我們在這些總體規劃社區中創造的環境是多麼令人難以置信，我們在買家更加困難的市場中繼續看到新房銷售的增長。

Okay. And just I can sneak one last one in. Just in office, you mentioned the termination fee there. Just can you tell us what the dollars were in square footage? And just trying to understand how much that helped on the guide.

好的。我可以偷偷地進來最後一張。就在辦公室裡，你提到了終止費。您能告訴我們美元是多少平方英尺嗎？只是想了解這對指南有多大幫助。

Yes. That -- the termination fee was less than $3 million. It wasn't huge. It was for a tenant that signed a lease, a 10-year lease that never moved in. It was about 27,000 square feet, great space in Hughes landing, and we're already negotiating a lease for the backfill.

是的。那——終止費不到 300 萬美元。它並不大。租客簽了一份租約，租期為 10 年，但從未入住。面積約為 27,000 平方英尺，休斯著陸區空間很大，我們已經在就回填土的租約進行談判。

Next question from John Kim, BMO Capital Markets.

下一個問題來自 BMO 資本市場部的 John Kim。

I'm a big fan of the HHH ticker. I had a question on the condo sales and in particular, the window of remediation costs that you had during the quarter. I know you're looking to realize or sorry, recover some of these costs -- but is this a onetime expense this quarter? Or is this something that could be recurring?

我是 HHH 股票的忠實粉絲。我對公寓銷售有疑問，特別是本季度的補救成本窗口。我知道您希望意識到或抱歉，收回其中一些成本 - 但這是本季度的一次性費用嗎？或者這種情況可能會反復出現？

No, this is it. So we had a meaningful expense around 2 years ago when we initially undertook these repairs. And these repairs were led by the homeowners of Waiea that we were funding. And we are jointly pursuing recovery of those funds. This last bit of it was the overages that came in as the result of over a year of remediation and repairs and the inflationary environment that drove costs higher than our original expectation. Those repairs have been closed out, and I'm knocking on wood. I do not expect any more -- definitely no more from Waiea and hopefully, no more from many of the other towers as we've haven't seen any recurrence of these type of problems.

不，就是這個。因此，大約兩年前，當我們最初進行這些維修時，我們花費了一筆相當可觀的費用。這些修復工作是由我們資助的威亞 (Waiea) 房主領導的。我們正在共同追回這些資金。最後一點是由於一年多的整治和維修以及通貨膨脹環境導致成本高於我們最初的預期而出現的超支。那些維修工作已經結束了，我正在敲木頭。我不再抱有任何希望——威埃亞絕對不會再有這樣的問題，希望其他許多塔也不會再有這樣的問題，因為我們還沒有看到此類問題再次出現。

Okay. At Seaport, what surprised you at Tin Building this year? I know up to this point, it's been mostly on the expense side, but I was wondering on the revenue side, that's disappointing as well.

好的。在海港，今年錫大廈有什麼讓您感到驚訝的？我知道到目前為止，主要是在費用方面，但我想知道收入方面，這也令人失望。

No. I'd say that on the revenue side, consistent with our prepared remarks, we've seen remarkable success in the sit-down restaurants and the full service restaurants, Rosary, House of the Red Pearl that have met and exceeded our expectations. I'd say where our expectations have not fully been met has been really associated with the quick service signing, the retail and the e-commerce that has been slow to be adopted.

不。我想說的是，在收入方面，與我們準備好的評論一致，我們在堂食餐廳和全方位服務餐廳、Rosary、House of the Red Pearl 中看到了顯著的成功，它們達到並超出了我們的預期。我想說的是，我們的期望沒有完全滿足的地方實際上與快速服務簽約、零售和電子商務的採用緩慢有關。

We are working real time with our partners and with John, George and his team to implement changes to bring those back to our expectations. It takes time, and sometimes those changes create some short-term costs that we saw flow through the P&L right now. And as those changes get fully implemented, we expect those operating expenses to come back down at the line and hopefully realize the revenue that we expected going in.

我們正在與我們的合作夥伴以及約翰、喬治和他的團隊實時合作，實施變革，使這些改變回到我們的期望。這需要時間，有時這些變化會產生一些短期成本，我們現在看到這些成本流經損益表。隨著這些變化的全面實施，我們預計這些運營費用將會回落，並有望實現我們預期的收入。

With all that said, the foot traffic has never been higher at the peer. The bodies coming through the Tin Building have been nothing short of exceptional in terms of the number of people and the overall excitement around the building. Given that -- given the excitement of the concert series, given how many people are coming to the Seaport every day, we know there's an incredibly successful outcome here. And it's just about modifying and maximizing the product mix and offering to drive the revenue and get to profitability.

話雖如此，同行中的人流量從未如此之高。就人數和建築物周圍的整體興奮程度而言，穿過錫大廈的屍體絕對是異常的。考慮到這一點，考慮到音樂會系列的激動人心，考慮到每天有多少人來到海港，我們知道這裡取得了令人難以置信的成功結果。這只是修改和最大化產品組合，並提供增加收入和實現盈利的服務。

On the [content] care, I know it's not a huge dollar amount, but last year, second and third quarter, it was profitable on an NOI basis, this quarter was slightly negative. Do you expect that to turn around in the third quarter this year?

關於[內容]護理，我知道這不是一個巨大的金額，但去年第二季度和第三季度，它在NOI基礎上實現了盈利，本季度略有負值。您預計這種情況會在今年第三季度扭轉嗎？

Yes. I mean last year, in the second quarter, we had [AST,] which was a 4-day buyout by the Board [Bock] Club that was incredibly profitable for us. That didn't happen again this year, maybe that's a result of the slowdown in the NFT market, I don't know. We've had some -- a lot of other events and a lot of other buyouts, but we haven't been able to recreate the amount of money that we made in those 4 days. I expect in the third quarter, we'll see similar results to this quarter and perhaps slightly higher as the number of events pick up in 3Q compared to 2Q.

是的。我的意思是去年第二季度，我們有 [AST]，這是董事會 [Bock] 俱樂部為期 4 天的收購，這為我們帶來了難以置信的利潤。今年沒有再發生這種情況，也許這是 NFT 市場放緩的結果，我不知道。我們舉辦了一些——很多其他活動和很多其他買斷，但我們無法重現那四天裡賺的錢。我預計在第三季度，我們將看到與本季度類似的結果，並且隨著第三季度事件數量比第二季度有所增加，結果可能會略高。

Okay. And just 1 final question on Teravalis. Just wanted to get an update on whether or not you expect any settlements this year.

好的。最後還有一個關於 Teravalis 的問題。只是想了解您是否預計今年會得到任何和解的最新消息。

Yes, we do. We do think that we'll see probably 500-ish lots by the end of this year. It's slightly down from our initial projections, but that's really the delay of a quarter or 2, which has really been driven by supply chain delays and delivering the infrastructure. The buyer appetite is strong. We have a lot of the same builders that we've talked to in Summerlin every day that want to buy lots from us in Teravalis, and those negotiations are ongoing. As soon as we can get the infrastructure in place to deliver those lots, we expect to announce those contracts.

是的，我們願意。我們確實認為到今年年底我們將看到大約 500 塊地塊。這比我們最初的預測略有下降，但這實際上是四分之一或兩個季度的延遲，這實際上是由供應鏈延遲和基礎設施交付造成的。買家興趣濃厚。我們有很多與薩默林每天交談過的建築商想要從我們這裡購買特拉瓦利斯的土地，這些談判正在進行中。一旦我們能夠建立交付這些批次的基礎設施，我們預計就會宣布這些合同。

Next question will be from Peter Abramowitz of Jefferies.

下一個問題將由傑富瑞 (Jefferies) 的彼得·阿布拉莫維茨 (Peter Abramowitz) 提出。

I was wondering, could you just dive in a little bit more on kind of the breakout between your expectations for pricing and volume associated with the guidance raise in MPCs. It seems like the pricing has been pretty strong. So -- just kind of wondering how you would quantify the pickup in volume that you're expecting in the second half?

我想知道，您能否進一步深入了解一下您對定價和與 MPC 指導上調相關的交易量的預期之間的突破。看來定價已經相當強勁了。那麼 - 只是想知道如何量化您預計下半年銷量的回升？

I would say that our expectations in terms of pricing per acre would be largely consistent with what we've experienced in the first half of the year. And that the delta and the increase in midpoint of guidance of about $70 million is going to be driven by increased the number of acres at a similar price to what we've experienced.

我想說，我們對每英畝定價的預期將與我們今年上半年的經歷基本一致。三角洲和指導中點的約 7000 萬美元的增長將由英畝數的增加推動，價格與我們經歷的價格相似。

Got it. That's helpful. And then could you just touch on -- you called out in the earnings release or reduction in sponsorship revenues at the ballpark in Vegas. Can you just touch on what drove that?

知道了。這很有幫助。然後你能談談嗎——你在財報中呼籲減少拉斯維加斯球場的讚助收入。您能談談是什麼推動了這一點嗎？

Yes. I think that when we first opened the ballpark in -- about 2019, we were the only professional sports team in Las Vegas. And now we have the Golden Knights, the Aces, the Raiders and soon to be the Oakland A's. And I think that increased competition has created some temporary headwinds.

是的。我認為，當我們在 2019 年左右首次開放棒球場時，我們是拉斯維加斯唯一的職業運動隊。現在我們有金騎士隊、王牌隊、突襲者隊，很快就會成為奧克蘭運動家隊。我認為競爭的加劇造成了一些暫時的阻力。

I do see that business coming back strong, and we've seen some increased activity there over the past 60 days. So I think we can close that gap pretty quickly. We are still leading Minor League Baseball in attendance and ticket pricing and we couldn't be more happy with the performance of the Aviators and what they've done, not just within the stadium, but what they've done to the overall community, what they do to the Downtown Summerlin shopping, dining and experience for the 70-plus nights that they're there. So we think they're performing very well. They continue to drive great outcomes across the entire community of Summerlin. And as a result, I think that we'll be able to pick up that gap and hopefully see that revenue come back on the sponsorship side.

我確實看到業務強勁復甦，而且過去 60 天內我們看到那裡的活動有所增加。所以我認為我們可以很快縮小這一差距。我們在上座率和門票價格方面仍然領先小聯盟棒球，我們對飛行員隊的表現和他們所做的事情感到非常滿意，不僅僅是在體育場內，而且他們對整個社區所做的事情，他們在那裡度過了70 多個夜晚，對薩默林市中心的購物、餐飲和體驗做了什麼。所以我們認為他們的表現非常好。他們繼續在整個薩默林社區取得巨大成果。因此，我認為我們將能夠彌補這一差距，並希望看到贊助方面的收入回來。

Got it. And then 1 last one. Any large expirations coming up in either office or retail? And could you give an update on where do you stand with those and expected move-outs? Or where do you stand in the renewal process?

知道了。然後是最後一張。辦公室或零售店是否會出現大面積到期？您能否介紹一下您對這些和預期搬遷的立場的最新情況？或者說您在更新過程中處於什麼位置？

Well, I think the expiration chart that we have in the supplemental shows pretty modest expirations across both office and retail. I would say the one area of focus for us, and it's honestly an area of opportunity more than anything else is Downtown Summerlin. In Downtown Summerlin, which as you know, is about 1 million square feet of retail, we're coming up on our 10-year anniversary of developing that asset.

嗯，我認為我們在補充材料中的到期圖表顯示，辦公樓和零售店的到期日期都相當溫和。我想說，薩默林市中心是我們關注的一個領域，老實說，這是一個比其他任何地方都更有機會的領域。如您所知，薩默林市中心擁有約 100 萬平方英尺的零售空間，我們即將迎來開發該資產的 10 週年紀念日。

And as a result, in 2024, but more so in 2025, we're seeing some meaningful expirations there, and it's allowed us to think very strategically about which tenants we want to renew and which tenants we're going to pursue better performing retailers. And with every time we've had a vacancy in that property, and I think we're still [90%] or 93% leased right now, we've been able to backfill it with better credit, better quality, higher traffic, higher sales per foot, and we don't think the expirations in '24 and '25 will be any different than what we've done over the past 2 years.

因此，在 2024 年，但在 2025 年，我們會看到一些有意義的到期，這使我們能夠非常戰略性地思考我們想要續約哪些租戶以及我們將尋求哪些表現更好的零售商。每當我們該房產出現空置時，我認為我們現在仍然 [90%] 或 93% 已出租，我們就能夠用更好的信用、更好的質量、更高的流量來填補它，每英尺銷售額更高，而且我們認為24​​ 年和25 年的到期期限與我們過去兩年的做法不會有任何不同。

Next question will be from Alex Barron, Housing Research Center.

下一個問題將由住房研究中心的 Alex Barron 提出。

Yes. I wanted to ask on the -- given the discounts in the condo tower units this quarter, is that (inaudible) affect the expected gross margins for the future towers?

是的。我想問的是——鑑於本季度公寓塔樓單位的折扣，這（聽不清）是否會影響未來塔樓的預期毛利率？

Absolutely not. In fact, we've continued to increase pricing on those towers that are in presales or under construction and the only discounting we did was in Ko'ula and 'A'ali'i, which were buildings that we've completed and turned over and had standing inventory. Those new towers, we haven't increased prices in Victoria Place that sold out, I can't -- but on the other towers, we absolutely have.

絕對不。事實上，我們繼續提高預售或在建的塔樓的定價，唯一的折扣是 Ko'ula 和 'A'ali'i，這些是我們已經完工並移交的建築並有常備庫存。那些新塔樓，我們沒有提高已售完的維多利亞廣場的價格，我不能——但在其他塔樓上，我們絕對有。

So are those gross margins still expected to be in the mid- to high 20s.

預計毛利率仍將在 20 多歲左右。

25% to 30% is what we've publicly said, and we don't expect those towers to be any different.

25% 到 30% 是我們公開說過的，我們預計這些塔不會有任何不同。

Got it. And then can you explain what's going on in Teravalis. I saw this other Floreo. Is that a new piece of land? Or is that just a subdivision of the expected -- of the existing land? And if so, is that the plan to just subdivide it in -- because I saw in that one, it seems like you guys own 50%, whereas I thought you owned a higher percentage of Teravalis. So can you just give us more details on that?

知道了。然後你能解釋一下泰拉瓦利斯發生了什麼嗎？我看到了另一個弗洛雷奧。那是一塊新土地嗎？或者這只是現有土地的預期細分？如果是這樣的話，就是將其細分的計劃嗎？因為我在那個計劃中看到，你們似乎擁有 50% 的股份，而我認為你們擁有 Teravalis 的比例更高。您能否向我們提供更多詳細信息？

Yes, absolutely. So nothing's changed, first of all. So this is very consistent with when we initially bought the property, the property of Teravalis has -- in our expectation, will have multiple villages as all of our master planned communities do. And Floreo is the first 3,000 acres, the first village of the 37,000 acres of Teravalis. And that first village of 3,000 acres does have a different ownership percentage, and that's been consistent from the day that we acquired it. And there's really nothing new there other than that's the first village that we're building and -- we're looking forward to contracting our first lots later this year.

是的，一點沒錯。所以首先什麼都沒有改變。因此，這與我們最初購買該房產時非常一致，按照我們的預期，Teravalis 的房產將擁有多個村莊，就像我們所有總體規劃社區一樣。而Floreo是第一個3000英畝的土地，是37000英畝Teravalis的第一個村莊。第一個佔地 3,000 英畝的村莊的所有權比例確實不同，從我們收購它之日起就一直如此。除了我們正在建設的第一個村莊之外，那裡確實沒有什麼新鮮事——我們期待著今年晚些時候承包我們的第一批地塊。

So to do the math, basically whatever 500 lots or whatever you guys sell there this year, those revenues we should just divide them in half, and that's your share?

所以，算一下，基本上，無論你們今年在那裡出售什麼 500 件拍品或任何東西，我們應該將這些收入分成兩半，這就是你們的份額？

Yes.

是的。

And for future villages, are they going to be going on simultaneously Will they necessarily be at similar economics or will there just be kind of sequentially, like after this one is done, then the next 1 starts.

對於未來的村莊，它們是否會同時進行？它們是否一定具有相似的經濟狀況，或者只是按順序進行，就像這個完成後，然後下一個開始。

Well, look, we tend to go sequentially. But as you can see -- like Bridgeland is a great example where we have 4 villages, and our HHC quarterly spotlight video that Jim Carman walks through Bridgeland, we talk about the 4 villages that we have. We're actively selling in 3 of the 4 right now, and the fourth one is sold out. So we don't wait until 1 is completely sold out to start the next. We kind of stagger them in. So as we see the time line for one winding down, we're ramping up the next village. And each 1 of those villages has slightly different characteristics, a slightly different personality, if you will, different village centers, different community centers. and it allows us to adjust home sizes, pricing and styles to maximize absorption and meets a greater number of consumers out there looking to buy a new home.

嗯，看，我們傾向於按順序進行。但正如您所看到的，布里奇蘭就是一個很好的例子，我們有4 個村莊，在我們的HHC 季度聚焦視頻中，吉姆·卡曼走過布里奇蘭，我們談論了我們擁有的4 個村莊。我們目前正在積極銷售 4 件中的 3 件，第四件已售罄。所以我們不會等到一件完全售完才開始下一件。我們讓他們錯開。所以當我們看到一個村莊的時間線逐漸結束時，我們正在加速下一個村莊。這些村莊中的每一個都有稍微不同的特徵，稍微不同的個性，如果你願意的話，不同的村莊中心，不同的社區中心。它使我們能夠調整房屋的尺寸、價格和風格，以最大限度地吸收並滿足更多想要購買新房的消費者的需求。

Okay. Very good. I appreciate the explanation and good luck.

好的。非常好。我很欣賞你的解釋，祝你好運。

Next question will be from Hamed Khorsand, BWS Financial.

下一個問題將由 BWS Financial 的 Hamed Khorsand 提出。

So first question I had was, how are you adjusting planning and development, given the interest rate environment? And can you self-fund the big portion of this? And if so, how much does that slow down your development plans?

所以我的第一個問題是，考慮到利率環境，你們如何調整規劃和開發？你能自籌其中的大部分資金嗎？如果是這樣，這會在多大程度上減緩您的開發計劃？

Yes. I would tell you that both Carlos and Jay mentioned this in their prepared remarks. And clearly, the lending environment is very challenged right now and even more so in the construction area. We've been lucky that we've been able to secure some good loans that were in the process of closing right now. And when we do, we'd be happy to talk about them and provide more detail on those.

是的。我想告訴大家，卡洛斯和傑伊在他們準備好的發言中都提到了這一點。顯然，目前的貸款環境面臨很大的挑戰，在建築領域更是如此。我們很幸運，能夠獲得一些目前正在結清的良好貸款。當我們這樣做時，我們很樂意談論它們並提供更多細節。

I don't see us pushing forward a development deal or a pipeline completely unlevered and 100% of our equity into those deals. It just won't generate the returns that we need, and it puts a little -- in some instances, too many eggs in one basket. So we're going to be thoughtful. We're not going to start construction on projects until we have those loans closed and done, as Carlos mentioned. And as Jay said, would this potentially slow down or temper our development pipeline, sure.

我不認為我們會在完全無槓桿的情況下推進開發交易或管道，並將我們 100% 的股權投入到這些交易中。它只是不會產生我們需要的回報，而且它在某些情況下在一個籃子裡放了太多雞蛋。所以我們要深思熟慮。正如卡洛斯提到的，在我們關閉並完成這些貸款之前，我們不會開始項目建設。正如傑伊所說，這肯定會減緩或緩和我們的開發流程。

But we are not pencils down. Our teams are working around the clock on predevelopment plans of lots of new multifamily, some office, some retail, even some studios so that we're ready to go. The moment that we're able to get that construction loan, the moment we're able to see economics that provide an outsized risk-adjusted return for our shareholders. And we're not waiting for the market to come back to start planning. We're planning and we're going to have those things waiting on the starting line. And as soon as that gun is pulled, we're off. So I think right now, while the lending environment is challenged, yes, our new development starts will slow down, but I think that just means that we'll see a lot of activity as that market comes back.

但我們並沒有停下來。我們的團隊正在夜以繼日地制定許多新的多戶住宅、一些辦公室、一些零售店、甚至一些工作室的預開發計劃，以便我們做好準備。當我們能夠獲得建設貸款的那一刻，當我們能夠看到經濟為我們的股東提供超額的風險調整回報時。我們不會等待市場回來才開始規劃。我們正在計劃，我們將把這些東西放在起跑線上等待。一旦拔出槍，我們就出發。因此，我認為現在，雖然貸款環境面臨挑戰，是的，我們的新開發項目將會放緩，但我認為這只是意味著隨著市場的複蘇，我們將看到大量活動。

And to your earlier comments about operating asset NOI going up, is that purely because you're raising prices? Or are you seeing natural demand continue as you've commented in the past years?

至於您之前關於運營資產 NOI 上升的評論，這純粹是因為您提高了價格嗎？或者您是否看到自然需求會像您過去幾年所評論的那樣持續下去？

So we're seeing a number of different factors impact the improvement in operating asset NOI -- within office, we're seeing lease-up of vacant space, specifically in The Woodlands and a tower we bought completely vacant at [9950] (inaudible) Forest for us, which is now 91% leased and all the remaining vacancy under NOI.

因此，我們看到許多不同的因素影響運營資產NOI 的改善- 在辦公室內，我們看到空置空間的租賃，特別是在伍德蘭茲和我們以[9950] 購買的完全空置的塔樓（聽不清） ）我們的森林，目前 91% 已出租，所有剩餘空置均由 NOI 管理。

So the office has been a story of absorption and a migration of companies into our communities because they're chasing well-educated employees that have relocated to the Woodlands to Summerlin. In multifamily, it's been the lease-up of new developments and the continued improvement in same-store results and increased lease rates across the portfolio.

因此，該辦公室一直是公司吸收和遷移到我們社區的故事，因為他們正在追逐那些搬遷到伍德蘭和薩默林的受過良好教育的員工。在多戶住宅方面，主要是新開發項目的租賃、同店業績的持續改善以及整個投資組合的租賃率的提高。

And in retail, while this quarter was down year-over-year as a result of COVID payments the previous year in Ward Village, the continued absorption and turnover of tenants like I talked about in Downtown Summerlin from weaker performing tenants to better performing tenants and signing more luxury brands are continuing to drive those NOIs higher. So it's not a one-size-fits-all. I think it's unique to each property type within our master plan communities.

在零售業，雖然本季度由於沃德村前一年的新冠肺炎付款而同比下降，但像我在薩默林市中心談到的那樣，租戶的持續吸收和流動，從表現較差的租戶轉向表現較好的租戶，簽約更多奢侈品牌將繼續推高這些 NOI。所以它不是一刀切的。我認為它對於我們總體規劃社區中的每種房產類型來說都是獨一無二的。

The overarching theme has been that our communities have performed incredibly well coming out of the pandemic. The momentum that we saw continues. More residents are moving in, more companies want to be there, more retailers want to be there, more tenants want to be in our multifamily building, these are the quality of life that we can offer. And that's materializing in our recurring NOI, and we expect that theme to continue.

最重要的主題是我們的社區在疫情結束後表現得非常好。我們看到的勢頭仍在繼續。更多的居民正在搬入，更多的公司希望入駐，更多的零售商希望入駐，更多的租戶希望入住我們的多戶住宅大樓，這些都是我們可以提供的生活質量。這在我們反復出現的 NOI 中得到了體現，我們希望這個主題能夠繼續下去。

So just going back to my original question, why not just harvest all this cash flow that your properties generate and pay down debt and just wait out the current cycle on the debt market.

那麼回到我最初的問題，為什麼不直接收穫你的房產產生的所有現金流並償還債務，然後等待債務市場當前的周期結束。

Well, look, we very much enjoy the competitive advantage that we have by being the dominant owner of office and multifamily in our communities. And if I sold those buildings, when I go to build the next one, I have competition. I don't like competition. I like having that dominant market share because it drives better results of our developments and better results of our owned assets. And while selling assets could provide a short-term pop, a little bit of cash, I think it would materially impact in a negative way our competitive advantage of being that dominant landlord and controlling the environment within our communities, something that we think is paramount to their success.

好吧，看，我們非常享受作為我們社區中辦公室和多戶住宅的主要所有者所擁有的競爭優勢。如果我賣掉這些建築，當我去建造下一棟建築時，我就會面臨競爭。我不喜歡競爭。我喜歡擁有主導市場份額，因為它可以推動我們的發展取得更好的成果，並讓我們擁有的資產取得更好的成果。雖然出售資產可以提供短期的流行，一點點現金，但我認為這會對我們作為主導房東和控制社區內環境的競爭優勢產生重大負面影響，而我們認為這是最重要的他們的成功。

(Operator Instructions)

（操作員說明）

Next, we have a follow-up question from Alexander Goldfarb of Piper Sandler.

接下來，我們有 Piper Sandler 的 Alexander Goldfarb 提出的後續問題。

Well, obviously, there are a lot of people on the call that I have a lot of questions for you. So just following up on [Tony Pillones] question on the studio in Vegas. Maybe you could just -- I'm sure that you haven't spec-ed out everything, but just big picture, it's you and Mark Wahlberg, so I guess 2 Bostonian guys.

嗯，顯然，電話裡有很多人，我有很多問題要問你們。因此，我們只是跟進 [Tony Pillones] 關於維加斯工作室的問題。也許你可以——我確信你還沒有詳細說明一切，但只是大局，是你和馬克·沃爾伯格，所以我猜是兩個波士頓人。

But if you could just lay out -- are you -- is Howard Hughes just doing the land and Mark's entity is doing the studio operation? Or is there a joint investment in land? I'm just trying to figure out how the economics are if you guys are just tasked with doing funding everything related to building the structure in the real estate, and then his entity is funding the operations. Just want to figure that out.

但如果你可以簡單地規劃一下——是嗎——霍華德·休斯只是負責土地建設，而馬克的實體負責工作室運營嗎？或者是聯合投資土地？我只是想弄清楚，如果你們的任務是為與房地產結構建設相關的一切提供資金，然後他的實體為運營提供資金，那麼經濟情況如何。只是想弄清楚這一點。

And then two, just going back to the Seaport. Obviously, you guys have a good port with Hudson Pacific. They're doing the peer with Vornado in -- on the East side, going back to your to the Seaport, does that open the plan if ESPN leaves and you still have vacant office space, does that change the calculus there that maybe you could do sort of a mini studio in Seaport. So sort of a 2-parter, but again, piggybacking off of Tony's question.

然後兩點，就回到海港。顯然，你們與哈德遜太平洋公司有一個很好的港口。他們正在與沃納多（Vornado）同行，在東邊，回到你的海港，如果 ESPN 離開而你仍然有空置的辦公空間，這是否會打開計劃，這是否會改變那裡的計算，也許你可以在海港做一個迷你工作室。有點像兩人合作，但還是順應了托尼的問題。

Let's see, how do I answer this? We haven't formalized any agreement because we are not at the point where we should be doing that in terms of studios in Las Vegas and in Summerlin. We are still working with the elected officials in the Senate and the assembly and the governor to try to find a tax bill that works for the development of studios.

讓我們看看，我該如何回答這個問題？我們還沒有正式達成任何協議，因為就拉斯維加斯和薩默林的工作室而言，我們還沒有達到應該這樣做的地步。我們仍在與參議院和議會的民選官員以及州長合作，試圖找到一項有利於工作室發展的稅收法案。

And we're working very closely not just with Mark and his team, and he's been an incredible spokesperson -- unofficial spokesperson for Summerlin and for moving from coastal cities into better quality of life communities, but we partner closely with Sony, and Sony Pictures in terms of trying to advance the bill that works and now working with them on designing a studio layout on our land that works. My expectation is that we would be the real estate developer and owner of the studios, the landlord of the studios, and Sony and Mark in their various production companies, among others would be the tenants within those facilities paying rent to us as a landlord.

我們不僅與馬克和他的團隊密切合作，他是一位令人難以置信的代言人——薩默林的非官方代言人，以及從沿海城市搬到生活質量更高的社區的非官方代言人，但我們與索尼和索尼影業密切合作。努力推進有效的法案，現在與他們合作，在我們的土地上設計一個有效的工作室佈局。我的期望是，我們將成為房地產開發商和工作室的所有者、工作室的房東，而索尼和馬克在他們的各個製作公司中，以及其他人將成為這些設施內的租戶，以房東的身份向我們支付租金。

We are a long way to go. And this is highly speculative. So let's not model anything just yet. We'll provide all those details if and when it comes to fruition, and we're able to talk about it in greater detail. In terms of the Seaport, again, look, it's tough to speculate in terms of what are the opportunities for studios there beyond ESPN. We are actively looking at finding tenants for the remaining vacancy at the Seaport. And as we have something to announce, trust me, we'll announce it soon and quickly. We won't wait.

我們還有很長的路要走。這是高度推測性的。所以我們暫時不要建模任何東西。如果實現的話，我們將提供所有這些細節，並且我們能夠更詳細地討論它。就海港而言，除了 ESPN 之外，很難推測那裡的工作室還有哪些機會。我們正在積極尋找租戶來填補海港的剩餘空置。當我們有一些事情要宣佈時，相信我，我們會盡快宣布。我們不會等待。

This concludes our question-and-answer session. Now I'd like to turn the conference back over to Mr. David O'Reilly for closing remarks.

我們的問答環節到此結束。現在我想將會議轉回由戴維·奧萊利先生致閉幕詞。

Thanks, everyone. Appreciate you joining our call today. Look forward to seeing you at our upcoming investor events, including our Investor Day at the Seaport in September in our next earnings call. Thank you again.

感謝大家。感謝您今天加入我們的通話。期待在我們即將舉行的投資者活動中見到您，包括 9 月份在海港舉辦的下一次財報電話會議的投資者日。再次感謝你。

Conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。