Howard Hughes Holdings Inc (HHH) 2024 Q3 法說會逐字稿

(technical difficulty) (Operator Instructions).

（技術難度）（操作員指示）。

Please be advised that today's conference is being recorded.

請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Eric Holcomb, SVP of Investor Relations.

現在，我想將會議交給今天的發言人、投資者關係高級副總裁 Eric Holcomb。

Please go ahead.

請繼續。

Aloha from Honolulu, and welcome to Howard Hughes Holdings third quarter 2024 earnings call.

檀香山嚮您問好，歡迎參加霍華休斯控股 2024 年第三季財報電話會議。

With me today are David O'Reilly, Chief Executive Officer; Jay Cross, President; Carlos Olea, Chief Financial Officer; Dave Striph, President of Asset Management and Operations; and Joe Valane, General Counsel.

今天與我在一起的有執行長 David O'Reilly；傑伊·克羅斯（Jay Cross）總裁；奧萊亞 (Carlos Olea)，財務長；資產管理與營運總裁 Dave Striph；以及總法律顧問喬·瓦蘭 (Joe Valane)。

Before we begin, I would like to direct you to our website, howardhughes.com, where you can download both our third quarter earnings press release and our supplemental package.

在我們開始之前，我想先引導您訪問我們的網站 howardhughes.com，您可以在那裡下載我們的第三季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.

收益報告和補充資料包括非 GAAP 財務指標的對帳表，將於今天討論其與最直接可比較的 GAAP 財務指標的關係。

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.

今天所做的某些非現在時態或討論公司預期的陳述屬於聯邦證券法所定義的前瞻性陳述。

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.

儘管公司認為此類前瞻性陳述所反映的預期是基於合理假設的，但我們無法保證這些預期將會實現。

Please see the forward-looking statement disclaimer in our third 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.

請參閱我們第三季財報新聞稿中的前瞻性聲明免責聲明以及我們向美國證券交易委員會提交的文件中的風險因素，以了解可能導致前瞻性聲明與實際結果之間出現重大差異的因素。

We are not under any duty to update forward-looking statements unless required by law.

除非法律要求，我們沒有義務更新前瞻性聲明。

I will now turn the call over to our CEO, David O'Reilly.

現在我將電話轉給我們的執行長 David O'Reilly。

Thank you, Eric.

謝謝你，埃里克。

Hello, everyone, and welcome to our third quarter earnings call.

大家好，歡迎參加我們的第三季財報電話會議。

On our call today, I'm going to begin with a recap of the quarter and cover the segment highlights for our master planned communities.

在今天的電話會議上，我將首先回顧本季並介紹我們總體規劃社區的細分亮點。

Dave Striph will cover the performance of our operating assets, followed by remarks from Jay who will provide updates on our strategic development projects.

Dave Striph 將介紹我們營運資產的表現，隨後 Jay 將介紹我們策略發展專案的最新進展。

Finally, Carlos is going to review our updated full year guidance and the balance sheet before we open up the lines for Q&A.

最後，在我們開始問答環節之前，卡洛斯將回顧我們更新的全年指引和資產負債表。

For the third quarter, we reported exceptional results across our entire portfolio, further exemplifying the resilience of our unique business model and our continued ability to defy the narrative for the national real estate market.

第三季度，我們報告了整個投資組合的出色業績，進一步證明了我們獨特商業模式的韌性以及我們持續挑戰全國房地產市場的能力。

Turning to our segment results.

談到我們的分部表現。

In MPCs, we continue to experience elevated homebuilder demand for new acreage, which contributed to a significant increase in residential land sales revenue.

在多方競爭領域，我們持續看到住宅建築商對新土地的需求上升，這導致住宅土地銷售收入大幅增加。

These land sales, which were achieved at a near record price per acre led to a record quarterly MPC EBT.

這些土地銷售額以接近每英畝創紀錄的價格出售，推動季度 MPC EBT 創下新高。

Our operating assets delivered a strong 8% year-over-year NOI growth with meaningful increases for each property type, most notably in office and multifamily and strategic development demand for our premier condos and Ward Village in the Woodlands continued at a solid pace with 29 units contracted, representing more than $57 million of future revenue.

我們的經營資產實現了同比 8% 的強勁淨營運收入增長，每種物業類型均有顯著增長，最明顯的是辦公室和多戶住宅，而對我們優質公寓和伍德蘭茲沃德村 (Ward Village) 的戰略開發需求繼續保持強勁增長，已簽約 29 套單位，代表著超過 5,700 萬美元的未來收入。

Here in Hawaii, we completed Victoria Place just last week.

在夏威夷，我們上週剛完成了維多利亞廣場的建造。

Closings are expected to commence tomorrow, which we now expect to generate $760 million of revenue with 27% to 28% gross margins in the fourth quarter.

預計交易將於明天開始，我們目前預計第四季將產生 7.6 億美元的收入，毛利率為 27% 至 28%。

With all of these incredible results, we are raising our full year guidance in each segment.

憑藉這些令人難以置信的成績，我們提高了每個部門的全年業績預期。

Looking deeper at our MPC segment results.

深入了解我們的 MPC 部分結果。

We reported record MPC EBT of $145 million in the third quarter, which included the sale of 191 acres of residential land across our communities at an impressive average price per acre of $1 million.

我們報告稱，第三季的 MPC EBT 達到創紀錄的 1.45 億美元，其中包括以每英畝 100 萬美元的平均價格出售我們社區的 191 英畝住宅用地。

Land sales were again led by Summerlin, where we closed on the sale of 129 acres of super pads for an average price of $1.3 million per acre.

土地銷售再次由 Summerlin 領先，我們在那裡以平均每英畝 130 萬美元的價格成交了 129 英畝的超級地塊。

Land sales in Houston were also strong with 62 acres sold in Bridgeland and the Woodland Hills, representing a 41% year-over-year increase.

休士頓的土地銷售也表現強勁，布里奇蘭和伍德蘭山共售出 62 英畝土地，較去年同期成長 41%。

Overall, land sale revenues totaled $198 million in the quarter, or 163% increase year-over-year with our average residential price per acre increasing 13%.

整體而言，本季土地銷售收入總計 1.98 億美元，年增 163%，每英畝平均住宅價格上漲 13%。

New home sales across our MPCs remained solid in the third quarter with nearly 500 homes sold, although this represented a 19% year-over-year decline, the reduction was almost entirely related to reduced inventory of finished homes available for sale in Summerlin.

我們 MPC 的新房銷售在第三季度保持穩健，售出近 500 套房屋，儘管這比去年同期下降了 19%，但這一降幅幾乎完全與 Summerlin 可供出售的成品房屋庫存減少有關。

As evidenced in the second quarter, several neighborhoods were closed out.

從第二季的情況來看，多個社區已關閉。

But these were not offset with new inventory.

但這些並沒有被新庫存抵銷。

In fact, at the end of the third quarter, our homebuilders in Summerlin had 30% fewer floor plans available for sale as compared to the prior year.

事實上，截至第三季末，我們位於 Summerlin 的房屋建築商可供出售的房屋平面圖比去年減少了 30%。

The reduction in inventory is temporary; however, as we expect several new Summerlin neighborhoods with additional housing inventory will come online in the fourth quarter and a record number of new neighborhoods will open in 2025.

庫存減少是暫時的；然而，我們預計，第四季度將有幾處擁有額外房屋庫存的 Summerlin 新社區投入使用，2025 年將有創紀錄數量的新社區開放。

It's important to note that we do consider this temporary reduction in home sales to be an indicator of declining demand for future land sales.

值得注意的是，我們確實認為房屋銷售的暫時下降是未來土地銷售需求下降的指標。

Instead, we remain very bullish on the outlook as homebuilder demand for our land has not abated, and many of our partners continue to report strong results, healthy home buyer interest and increases in new orders.

相反，我們仍然對前景非常樂觀，因為房屋建築商對我們土地的需求並未減弱，而且我們的許多合作夥伴繼續報告強勁的業績、健康的購房者興趣和新訂單的增加。

Within our communities, our homebuilder partners are working hard to meet the elevated demand, but the inventories of finished new homes and vacant lots remain significantly undersupplied.

在我們的社區內，我們的房屋建築商合作夥伴正在努力滿足不斷增長的需求，但已建成的新房屋和空置土地的庫存仍然嚴重供應不足。

Since the end of last year, new home inventories in Bridgeland and Summerlin have been in decline and are currently one month or less in both MPCs, well below the national average of approximately two months.

自去年年底以來，布里奇蘭和薩默林的新房庫存一直在下降，目前兩個 MPC 中的庫存均為一個月或更短，遠低於約兩個月的全國平均水平。

Vacant developed lots or VDLs remain well below equilibrium, which we believe is approximately 20 months of supply.

空置開發地塊或 VDL 仍遠低於平衡水平，我們認為這大約相當於 20 個月的供應量。

At the end of the third quarter, Summerlin VDLs were 11 months, and Bridgeland VDLs were 12 months.

第三季末，Summerlin VDL 為 11 個月，Bridgeland VDL 為 12 個月。

Overall, with these dynamics at play and mortgage rates on the decline, we expect continued positive momentum within our MPCs.

總體而言，隨著這些動態的發揮作用以及抵押貸款利率的下降，我們預計貨幣政策委員會將繼續保持積極的勢頭。

As a result, for the near term, we have raised the midpoint of our 2024 full year MPC EBT guidance by 10% headline by what we expect will be record residential land sales achieved at a record price per acre.

因此，就短期而言，我們將 2024 年全年 MPC EBT 指引的中點上調了 10%，因為我們預計住宅土地銷售額將以每英畝創紀錄的價格實現。

Carlos will discuss this in more details in a few moments.

卡洛斯稍後將更詳細地討論這一點。

With that, I'm going to turn the call over to Dave Striph for a review of our operating assets.

說到這裡，我將把電話轉給 Dave Striph，讓他審查我們的營運資產。

Thank you, David, and good morning.

謝謝你，大衛，早安。

Our operating assets segment continued to experience heightened demand during the third quarter, delivering strong year-over-year growth across each asset type.

我們的經營資產部門在第三季繼續經歷高漲的需求，每種資產類型都實現了強勁的年成長。

In total, we delivered $65 million of net operating income, which represented an 8% improvement compared to the prior year.

整體而言，我們實現了 6,500 萬美元的淨營業收入，比上年增長了 8%。

Our strong performance was once a again led by office, which reported solid NOI of $32 million or a 9% year-over-year increase.

我們的強勁表現再次由辦公室引領，辦公室報告的淨營業利潤穩定達到 3,200 萬美元，較去年同期成長 9%。

This growth was primarily driven by continued abatement expirations in the Woodlands and Summerlin, most notably at 9950 Woodloch Forest and 1700 Pavilion.

這一增長主要得益於 Woodlands 和 Summerlin 的減排措施持續到期，最明顯的是 9950 Woodloch Forest 和 1700 Pavilion。

This is the result of our successful leasing performance over the last couple of years.

這是我們過去幾年成功租賃業績的結果。

These gains were partly offset by lower occupancy at 1725 Hughes Landing in the Woodlands.

但這些增長被位於伍德蘭茲的休斯登陸點 1725 號的入住率下降部分抵消。

During the quarter, we executed 114,000 square feet of new or expanded office leases across all of our markets, making our stabilized office portfolio 88% leased at quarter end.

本季度，我們在所有市場簽訂了 114,000 平方英尺的新建或擴建辦公室租約，使我們穩定的辦公室組合在季度末的租賃率達到 88%。

We expect to further benefit from this leasing momentum in 2025 as office build-outs are completed and free rent periods burn off.

隨著辦公室建設的完成和免租期的結束，我們預計到 2025 年我們將進一步受益於這種租賃勢頭。

Our multifamily portfolio also performed well, delivering a second consecutive quarter of record NOI totaling $16 million or an impressive 15% year-over-year increase.

我們的多戶型投資組合也表現良好，連續第二季創下 NOI 紀錄，總額達 1,600 萬美元，較去年同期成長 15%。

This growth was primarily driven by increased rental revenue associated with the lease up of our newest properties, including Marlow in Downtown Columbia, Tanager Echo in Summerlin and Starling at Bridgeland.

這項成長主要得益於我們最新物業租賃帶來的租金收入成長，包括哥倫比亞市中心的 Marlow、薩默林的 Tanager Echo 和布里奇蘭的 Starling。

These properties have seen impressive leasing success with Marlow now 75% leased, Tanager Echo, 74% leased and Starling at Bridgeland, 93% leased.

這些物業的租賃業績令人矚目，其中 Marlow 的出租率為 75%，Tanager Echo 的出租率為 74%，Starling at Bridgeland 的出租率為 93%。

These improvements were partially offset by initial operating losses from Wingspan, the latest addition to our multifamily portfolio in Bridgeland, which was fully completed in June and was 49% leased at quarter end.

這些改進被 Wingspan 的初始營運虧損部分抵消，Wingspan 是我們在 Bridgeland 的多戶型住宅組合中的最新成員，該項目於 6 月份全面竣工，季度末的出租率為 49%。

Our stabilized portfolio continued to perform extremely well and ended the quarter at 95% leased with Downtown Columbia and Summerlin both at 96% and Houston at 95%.

我們穩定的投資組合持續表現優異，本季末租賃率為 95%，其中哥倫比亞市中心和薩默林的租賃率為 96%，休士頓的租賃率為 95%。

In retail, NOI was $13 million in the third quarter or an increase of 2% year-over-year.

在零售業，第三季的淨營業利潤為 1,300 萬美元，年增 2%。

This growth was primarily driven by improved performance from the ground floor retail at Juniper and Marlow in Downtown Columbia, which ended the quarter at 86% leased.

這一成長主要得益於哥倫比亞市中心 Juniper 和 Marlow 底層零售業績的改善，該商場本季末的出租率為 86%。

Overall, our stabilized retail portfolio was 94% leased at the end of the third quarter.

整體而言，截至第三季末，我們穩定的零售投資組合的租賃率為 94%。

Overall, with these strong results, we are further increasing our full year guidance for which Carlos will provide more details in a few moments.

總體而言，憑藉這些強勁的業績，我們將進一步提高全年業績預期，卡洛斯將在稍後提供更多細節。

I'll now turn the call over to our President, Jay Cross.

現在我將電話轉給我們的總裁傑伊·克羅斯。

Thanks, Dave, and good morning, everyone.

謝謝，戴夫，大家早安。

In the strategic developments, we had another good quarter and recently achieved several important milestones with our projects under construction.

在策略發展方面，我們又度過了一個良好的季度，並且最近在建項目中實現了幾個重要的里程碑。

Starting in Hawaii, as David mentioned, we had another strong quarter of presales contracting to sell 24 condos.

正如 David 所提到的，從夏威夷開始，我們迎來了一個強勁的預售季度，共銷售了 24 套公寓。

The majority of these presales related to The Launiu, our 11th condo project in Ward Village, which continues to see steady demand.

其中大部分預售與 The Launiu 有關，這是我們在 Ward Village 的第 11 個公寓項目，該項目的需求持續穩定。

As of quarter end, 55% of this project was already presold.

截至季末，該項目已預售55%。

At this pace, we hope to start construction of The Launiu sometime next year.

照這個速度，我們希望明年某個時候開始動工興建 The Launiu。

We also sold a handful of units at Park Ward Village and Kalae with these projects now 96% and 92% presold, respectively, with 45 units remaining to sell.

我們也在 Park Ward Village 和 Kalae 銷售了少量單位，這兩個項目目前的預售率分別達到 96% 和 92%，仍有 45 套單位出售。

At Ulana, our final workforce Tower in Ward Village, construction continued to progress nicely, and we celebrated this topping off ceremony in late September.

烏拉納（Ulana）是我們位於沃德村的最後一座勞動力大樓，施工進展順利，我們於 9 月底舉行了封頂儀式。

This tower is fully presold and is expected to be in the fourth quarter of next year.

該塔目前已全部預售，預計明年第四季開售。

As David mentioned earlier, we completed Victoria Place just last week and will commence bulk condo closings tomorrow.

正如 David 之前提到的，我們上週剛完成了維多利亞廣場的建設，明天將開始批量公寓的交割。

This project represents our seventh completed tower to date and is expected to contribute record condo revenue and gross profit in the fourth quarter.

該項目是我們迄今為止竣工的第七座塔樓，預計在第四季度貢獻創紀錄的公寓收入和毛利。

Congratulations to the entire Ward Village team on this amazing achievement, which is a beautiful addition to the Honolulu skyline.

恭喜整個沃德村團隊取得這一驚人成就，它為檀香山的天際線增添了一道美麗的風景。

In Texas, we sold an additional five condos at the Ricolton residence of the Woodlands, making this 111-unit luxury project 69% pre-sold at quarter end.

在德州，我們又售出了位於 Woodlands 的 Ricolton 住宅區的五套公寓，使得這個擁有 111 個單元的豪華項目在季度末的預售率達到 69%。

In early October, we broke ground on this exciting project, which we expect to complete in 2027.

十月初，我們破土動工，啟動這個令人興奮的項目，預計於 2027 年完工。

As we've discussed on prior calls, in an effort to maximize returns on this project, we continue to hold back the majority of the remaining units with plans to market and for sale closer to the project's completion.

正如我們在先前的電話會議中討論的那樣，為了最大限度地提高該專案的回報，我們繼續保留大部分剩餘單元，並計劃在專案竣工前進行行銷和銷售。

Overall, at quarter end, projects under construction or in predevelopment were remarkably 88% presold and collectively represented $3.4 billion of future revenue, which will be recognized through now and 2027 as each project is delivered.

總體而言，截至季末，在建或前期開發專案的預售率高達 88%，共代表 34 億美元的未來收入，這些收入將在每個專案交付後確認到現在和 2027 年。

With respect to our newest operating asset development, we continue to advance construction on several projects, including the Summerlin Whole Foods anchored Grocery Center and Village Green at Prison Central, which will both be substantially completed in the fourth quarter.

關於我們最新的營運資產開發，我們繼續推動多個項目的建設，包括以 Summerlin Whole Foods 為中心的雜貨中心和位於監獄中心的 Village Green，這兩個項目都將於第四季度基本完工。

These projects are now approximately 75% leased with more negotiation.

目前這些項目的租賃率約為 75%，且談判更加順利。

In late September, we also celebrated a topping off ceremony at 1 Riva Row in the Woodlands.

9 月底，我們也在 Woodlands 的 1 Riva Row 舉行了封頂儀式。

This luxurious 13-story multifamily project on the Waterway is expected to be completed in the second half of 2025.

這座位於水道上的 13 層豪華多戶型項目預計將於 2025 年下半年竣工。

And with that, I would now like to hand the call over to our CFO, Carlos Olea, who will review our guidance and the balance sheet.

現在，我想將電話交給我們的財務長卡洛斯·奧萊亞 (Carlos Olea)，他將審查我們的指引和資產負債表。

Thank you, Dave, and good morning, everyone.

謝謝你，戴夫，大家早安。

With our incredibly successful third quarter in the books, we remain very confident that 2024 will be a strong record-setting year.

隨著我們第三季取得巨大成功，我們仍然非常有信心 2024 年將是創紀錄的強勁一年。

Today, we raised our MPC EBT, operating asset NOI and condo sales guidance expectations and we tightened our cash G&A expectations for the year.

今天，我們提高了 MPC EBT、營運資產 NOI 和公寓銷售指導預期，並收緊了今年的現金 G&A 預期。

In MPCs, with the record EBT results in the third quarter, we now expect to deliver enhanced results for the full year.

在 MPC 方面，由於第三季 EBT 業績創下了歷史新高，我們預計全年業績將會更加出色。

In the fourth quarter, we anticipate continued momentum in Texas with incremental landfills in Bridgeland and the Woodlands Hills.

在第四季度，我們預計德州將繼續保持這一勢頭，布里奇蘭和伍德蘭茲山的垃圾掩埋場將持續增加。

In Summerlin, following the very successful sale of 217 acres of superpads year-to-date, we do not anticipate additional closings in the fourth quarter, but we do see very strong prospects for additional sales in 2025.

在薩默林，繼今年迄今成功銷售 217 英畝超級土地之後，我們預計第四季度不會有更多的土地成交，但我們確實看到 2025 年有更多的銷售前景非常強勁。

Overall, for 2024, we now expect MPC EBT will be down 1% to 6%, which will imply a midpoint of $330 million and represents an improvement over the original guidance of $30 million at the midpoint.

總體而言，對於 2024 年，我們現在預計 MPC EBT 將下降 1% 至 6%，這意味著中間值為 3.3 億美元，並且比最初預期的中間值 3,000 萬美元有所改善。

This guidance contemplates record residential line sales revenue, including record acre sold at a record average price per acre, which actually offset reduced commercial landfills and builder price participation as well as limited inventory of custom lot sales due to a significant past success through are out of the Woodlands and the (inaudible) Summerlin.

該指引考慮了創紀錄的住宅線銷售收入，包括以創紀錄的每英畝平均價格售出的創紀錄英畝數，這實際上抵消了減少的商業垃圾掩埋場和建築商價格參與，以及由於過去在 Woodlands 和（聽不清）Summerlin 取得的巨大成功而導致的定制地塊銷售庫存有限。

In operating assets with the strong performance of our portfolio year-to-date, we now expect record full year NOI of approximately $257 million at the midpoint with growth in all property types.

在營運資產方面，由於我們今年迄今的投資組合表現強勁，我們現在預計全年淨營運收入將達到創紀錄的約 2.57 億美元，所有類型的房地產都將實現成長。

Our guidance contemplates some seasonality and modest cost increases in the fourth quarter, but overall represents a solid 5% to 8% year-over-year increase.

我們的預期是，第四季會受到一些季節性因素和適度成本上漲的影響，但總體而言，年增 5% 至 8%。

This compares favorably to our previous guidance range of up 3% to 6%, including $3 million of NOI in the Las Vegas Ballpark in the prior year and represents an increase of $2 million at the midpoint.

這與我們之前預計的 3% 至 6% 的增幅範圍相比表現良好，其中包括上一年拉斯維加斯棒球場 300 萬美元的淨營運收入，中間值增加了 200 萬美元。

Condo sales revenues, which was previously expected to range between $730 million and $750 million are now expected to range between $755 million and $765 million.

公寓銷售收入之前預計在 7.3 億美元至 7.5 億美元之間，現在預計在 7.55 億美元至 7.65 億美元之間。

Gross margin expectations are now expected to be between 27% and 28%.

目前預計毛利率在27%至28%之間。

This guidance is driven by the completion of Victoria Place, with more residences closing in the fourth quarter than we originally expected and only $10 million to $20 million of condo sales revenues delaying into the first quarter of 2025.

該指引受維多利亞廣場 (Victoria Place) 竣工的影響，第四季度成交的住宅數量超出我們最初的預期，僅有 1000 萬至 2000 萬美元的公寓銷售收入推遲到 2025 年第一季。

And finally, we now expect cash G&A to range between $83 million and $88 million for the full year, which compares to our prior guidance of $80 million to $90 million.

最後，我們現在預計全年現金 G&A 將在 8300 萬美元至 8800 萬美元之間，而我們之前的預期是 8000 萬美元至 9000 萬美元。

This guidance excludes $33 million of expenses incurred to complete the spinoff of Seaport Entertainment, which are now reflected in discontinued operations as well proximately $9 million of noncash stock compensation.

該指引不包括完成 Seaport Entertainment 分拆所產生的 3,300 萬美元費用，這些費用目前反映在已停止的營運業務中，以及約 900 萬美元的非現金股票補償。

During the quarter, we recognized $90 million of other income related to the final settlement of our dispute at Waiea in Ward Village.

在本季度，我們確認了 9000 萬美元的其他收入，與沃德村 Waiea 爭端的最終解決有關。

Over the last few years, we expensed $158 million to remediate construction defect, including the replacement of all the windows in the tower while pursuing the reimbursement from general contractors, other responsible parties and various insurance gates.

在過去幾年裡，我們花了 1.58 億美元來修復建築缺陷，包括更換大樓的所有窗戶，同時向總承包商、其他責任方和各種保險公司尋求報銷。

This $90 million payment represents a full payout of the related insurance policy and the release of any further claims.

這筆 9000 萬美元的賠款代表著相關保險單的全部賠償金以及任何進一步索賠的解除。

In continuation with the settlement, we also reached to pay general contractor $22 million, which settled final project costs that they incurred during Waiea's construction.

在達成和解後，我們還向總承包商支付了 2,200 萬美元，以解決他們在 Waiea 建設期間產生的最終專案成本。

Approximately $10 million of this was previously accrued.

其中約 1000 萬美元是之前已累計的。

Therefore, we recognized $12 million of incremental condominium rights and unit cost of sales during the quarter.

因此，我們在本季度確認了 1200 萬美元的增量公寓權利和單位銷售成本。

With these disputes now settled, the overall gross margin achieved on Waiea was approximately 25%.

現在這些爭議已經解決，Waiea 的整體毛利率約為 25%。

Turning to our balance sheet.

轉向我們的資產負債表。

We had $401 million of cash at the end of the quarter, leaving us well positioned to deploy capital as necessary in the future.

截至本季末，我們擁有 4.01 億美元現金，這使我們能夠在未來根據需要部署資本。

At the end of September, the remaining equity contribution needed to fund our current projects was approximately $242 million.

截至九月底，我們目前專案所需的剩餘股權出資約為 2.42 億美元。

From a debt perspective, we had $5.3 billion outstanding at the end of the third quarter with [$308] million of maturities during 2024.

從債務角度來看，截至第三季末，我們有 53 億美元未償還債務，其中 3.08 億美元將於 2024 年到期。

Approximately $304 million of these near-term maturities are related to the construction loan on Victoria Place, which will be repaid as units closed this quarter, leaving us to approximately $30 million of principal amortization payments during the remainder of 2024.

這些近期到期的款項中約有 3.04 億美元與維多利亞廣場的建設貸款有關，這筆貸款將在本季度單位關閉時償還，這意味著我們在 2024 年剩餘時間內需支付約 3000 萬美元的本金攤銷費用。

For 2025, we have approximately $461 million maturity, which includes the office construction loans for 6,100 Merriweather and 1,700 Pavillion, both of which are more than 90% leased.

到 2025 年，我們有大約 4.61 億美元的債務到期，其中包括 6,100 Merriweather 和 1,700 Pavillion 的辦公室建設貸款，這兩座大樓的出租率均超過 90%。

It also includes our multifamily construction loans for Marlow, Tanager Echo and Wingspan.

它還包括我們為 Marlow、Tanager Echo 和 Wingspan 提供的多戶住宅建設貸款。

Refinancing discussions for many of these assets are already underway, and we will have more to share with you in the coming quarters.

許多資產的再融資討論已經在進行中，我們將在未來幾季與您分享更多資訊。

And finally, during the third quarter, we closed on the sale of $193 million of existing lot receivables through the issuance of third-party tax-exempt bonds from which we received cash proceeds of $152 million after construction costs.

最後，在第三季度，我們透過發行第三方免稅債券完成了 1.93 億美元現有地塊應收款的出售，扣除建設成本後，我們獲得了 1.52 億美元的現金收益。

The third-party bonds will be fully serviced by MUD reimbursement cash flows.

第三方債券將完全由 MUD 償還現金流償還。

As part of this transaction, we also sold $33 million of future month receivables for additional cash proceeds of $24 million.

作為這筆交易的一部分，我們還出售了 3,300 萬美元的未來月份應收帳款，以獲得 2,400 萬美元的額外現金收益。

If the MUD reimbursement cash flows are consistent with our expectations, the future MUD receivables could either be returned to Bridgeland or sold in a future transaction.

如果 MUD 償還現金流量與我們的預期一致，未來 MUD 應收帳款可以退還給 Bridgeland 或在未來的交易中出售。

However, if a delay or other event cuts us a shortfall to bondholders, the cash flows from the future MUD receivables would then be used to serve as the bonds.

但是，如果出現延遲或其他事件導致我們無法向債券持有人償還債務，那麼未來 MUD 應收帳款的現金流量將被用來作為債券。

However, there are no obligations for Howard Hughes to service the bond or provide any additional collateral.

不過，霍華休斯沒有義務為該債券提供服務或提供任何額外的抵押品。

Although this transaction generated a GAAP loss on sale of $52 million after considering relevant accounting adjustments, it significantly accelerated the time to recapture this cash while creating a new liquidity mechanism which further enhances our self-funding model with $33 million of the loss being excess security available to score future MUD sales.

儘管在考慮相關會計調整後，這筆交易產生了 5,200 萬美元的 GAAP 銷售損失，但它大大加快了收回這筆現金的時間，同時創造了一種新的流動性機制，進一步增強了我們的自籌資金模式，其中 3,300 萬美元的損失是可用於未來 MUD 銷售的超額擔保。

We used the cash proceeds from this transaction to significantly pay down Bridgeland's line of credit by $192 million in the quarter.

我們利用此交易的現金收益在本季大幅償還了Bridgeland的信用額度1.92億美元。

Subsequent to quarter end, we also successfully expanded this line of credit borrowing capacity from $475 million to $600 million and extended its maturity by three years to 2029, providing additional optionality to fund MPC development in the coming years.

季度末之後，我們也成功地將此信貸借款能力從 4.75 億美元擴大到 6 億美元，並將其期限延長三年至 2029 年，為未來幾年的 MPC 發展提供額外的資助選擇。

I would now like to turn the call back over to David for closing remarks.

現在我想將電話轉回給戴維，請他作最後發言。

Thank you, Carlos.

謝謝你，卡洛斯。

In closing, our third quarter results were simply outstanding across the portfolio and further solidified our bullish outlook, which includes record residential land sales with robust MPC EBT well above historical averages, record operating asset NOI and nearly $210 million of gross profit from condo sales for the full year.

最後，我們第三季的業績在整個投資組合中都非常出色，並進一步鞏固了我們的看漲前景，其中包括創紀錄的住宅土地銷售額和遠高於歷史平均水平的強勁 MPC EBT、創紀錄的經營資產 NOI 以及全年公寓銷售近 2.1 億美元的毛利。

We look forward to sharing more details on our record setting within our favorable outlook at our upcoming Investor Day, which will be held in Summerlin in less than 2 weeks on Monday, November 18.

我們期待在即將到來的投資者日上分享更多有關我們創紀錄的樂觀前景的細節，投資者日將於不到兩週後的 11 月 18 日星期一在 Summerlin 舉行。

For everyone who plan to attend, we look forward to seeing you soon and showing you why Summerlin is consistently ranked one of the top-selling MPCs in the country.

對於計劃參加的每個人，我們期待很快見到您，並向您展示為什麼 Summerlin 一直被評為全國最暢銷的 MPC 之一。

If you can't attend in person, please mark your calendars to join the live webcast which will be accessible from our Investor Relations website.

如果您無法親自參加，請在您的日曆上標記以加入可透過我們的投資者關係網站存取的現場網路直播。

With that, let's start the Q&A portion of the call.

現在，讓我們開始本次通話的問答部分。

Operator, can you please open the line for the first question?

接線員，您能接通第一個問題的電話嗎？

(Operator Instructions) Anthony Paolone, JPMorgan.

（操作員指示）摩根大通 (JPMorgan) 的 Anthony Paolone。

First question is, if I look at slide 26, where you give a rough value for the MPCs.

第一個問題是，如果我看投影片 26，您給了 MPC 的粗略值。

Can you maybe spend a minute, just giving us a little background as to how you're getting the $3.9 billion, whether it's just kind of applying recent acreage prices to what you have on the balance sheet?

您能否花一點時間向我們簡單介紹一下您獲得這 39 億美元資金的具體方式，是否只是將最近的土地價格應用到您的資產負債表上？

Or is there also like an included cost that you'd have to incur to achieve the $3.9 billion?

還是還需要承擔一些額外成本才能達到 39 億美元？

Just any color there would be great.

任何顏色都可以。

Good morning, Tony.

早安，托尼。

Good to hear from you.

很高興收到你的來信。

Real quick, what we're doing here is similar to what we do in our Annual Investor Day when we provide an NAV update.

很快，我們在這裡做的事情與我們在年度投資者日提供資產淨值更新時所做的事情類似。

We take the remaining acres times of price per acre against the margin that we used to sell it and discount it back to today.

我們將剩餘英畝數乘以每英畝的價格，減去我們出售該英畝時的利潤，然後將其折算到今天的價格。

It's the same methodology that we've used in each one of the appendices of the NAV analysis that we provided.

我們在提供的每一個 NAV 分析附錄中都採用了相同的方法。

It's illustrative.

它很有說明性。

And we're trying to use very similar metrics and margins participating the revised price per acre showing the increase that's been achieved over the past seven years.

我們正嘗試使用非常相似的指標和利潤率來參與修訂後的每英畝價格，以顯示過去七年中實現的成長。

Okay.

好的。

So that does include margin and just the cost and disparate and timing and all those sorts of variables?

那麼這是否包括利潤、成本、差異、時間以及所有這些變數？

Yes, it does.

是的。

And as you know, there are certain communities where the margins are higher and some where they're lower.

如你所知，有些社區的利潤率較高，有些社區的利潤率較低。

Some of it has to do with the topography and the grading that has to occur in Summerlin, which is why there's a slightly lower margin there.

部分原因與薩默林的地形和分級有關，這就是為什麼那裡的利潤率略低。

And some of them has to do with the relative maturity of the community, like Woodland Hills earlier on is going to show lower cash margin today, higher cash margin later and a consistent GAAP margin growth.

其中一些與社區的相對成熟度有關，例如 Woodland Hills 早些時候的現金利潤率會較低，之後會較高，並且 GAAP 利潤率會持續增長。

Okay.

好的。

Got it.

知道了。

And then I don't know if you'd be able to comment, but any thinking around the time line for the Board's special committee around the process that Bill Ackman and Pershing Square is running?

然後我不知道您是否可以發表評論，但您對董事會特別委員會圍繞比爾·阿克曼和潘興廣場運行的流程的時間表有什麼看法嗎？

I really can't have any comment on that process.

我確實無法對這個過程發表任何評論。

That is something that, as you know, has been filed publicly.

如你所知，這是已經公開提交的事情。

And if there are any updates, we'll file it publicly as well for all shareholders to see.

如果有任何更新，我們也會公開發布，供所有股東查看。

Okay.

好的。

And last question just for me.

最後一個問題，只針對我。

Looking at the operating portfolio, still looking at areas like Summerlin retail where the NOI is off from kind of 22 levels.

查看營運組合，仍然專注於 Summerlin 零售等領域，其中 NOI 偏離了 22 個級別。

And then just the upside with that you think might exist in some of the office assets and Merriweather.

然後，您認為一些辦公資產和 Merriweather 可能會有好處。

Like any just context around in line for some of those projects where there's a big NOI gap that could be achieved?

就像對於那些存在巨大 NOI 差距的項目來說，是否存在任何公正的背景？

Yeah.

是的。

I can kind of hit those one at a time.

我可以一次擊中一個。

The retail portfolio in Summerlin, we're hitting our 10-year anniversary right now, Tony, of Downtown Summerlin.

薩默林的零售組合，我們現在正迎來 10 週年紀念日，薩默林市中心的東尼。

So we're seeing a meaningful number of expirations that are highlighted in our supplemental.

因此，我們看到了大量在補充資料中重點強調的到期事項。

And we're taking that opportunity to thoughtfully renew those tenants that are performing well.

我們正在藉此機會周到地與那些表現良好的租戶進行續約。

And take advantage of the market environment where we have incredible demand for our retail there to upgrade some of the tenancy across the board.

我們利用市場環境，在那裡我們對零售有著巨大的需求，全面升級一些租賃業務。

And we've signed recent leases with Lego and Chanel that will continue to drive the credit quality and the sales per foot of that center higher.

我們最近與樂高和香奈兒簽署了租約，這將繼續提高該中心的信貸品質和每平方英尺的銷售額。

In the meantime, for the next 18 to 24 months as we have meaningful expirations and some downtime turnover and tenant build-out, that NOI will probably lag behind what we saw a couple of years ago when it was -- as it is today, a very high 90s-percent leased, but without the kind of downtime and turnover that we've seen recently.

與此同時，在接下來的 18 到 24 個月裡，由於我們有有意義的到期和一些停機時間的周轉和租戶的擴建，NOI 可能會落後於我們幾年前看到的水平——就像今天一樣，租賃率非常高，達到了 90%，但沒有我們最近看到的那種停機時間和周轉率。

I think over time, that gap will close pretty quickly as those new tenants open and we see them performing the way we expect.

我認為隨著時間的推移，隨著新租戶的開業以及他們的表現符合我們的預期，這一差距將很快縮小。

The Merriweather road portfolio in Colombia is a little bit more of a challenge.

哥倫比亞的梅里韋瑟公路投資組合面臨的挑戰更大一些。

It is the older vintage assets within the portfolio, and there's, as you know, considerable pressure on office.

這是投資組合中較老的資產，而且如你所知，辦公室面臨相當大的壓力。

Right before the pandemic hit, we invested meaningfully in upgrading the amenity base of conference centers, fitness facilities, [life path], landscaping, et cetera.

在疫情爆發之前，我們投入了大量資金來升級會議中心、健身設施、[生活路徑]、景觀美化等便利設施基礎。

And we're starting to see the benefit of that capital expenditure from a couple of years ago materialize as we're seeing a kind of turn in leasing momentum.

隨著租賃動能的轉變，我們開始看到幾年前的資本支出帶來的好處。

For the past year or so, we've seen a modest degradation in the occupancy.

在過去一年左右的時間裡，我們發現入住率略有下降。

And I think we've really hit an inflection point now where instead of one step forward, two steps back, it's two steps forward, one step back, and we're seeing a little bit more momentum in the leasing of that space.

我認為我們現在確實已經到達了一個轉折點，不再是前進一步，後退兩步，而是前進兩步，後退一步，而且我們看到該空間租賃的勢頭有所增強。

So look forward to speaking to that in a lot more detail in the Investor Day.

因此，期待在投資者日更詳細地討論這個問題。

We have a handful of slides pulled out to talk specifically about those assets.

我們拿出一些幻燈片來專門討論這些資產。

And I think that we see some positive momentum there for the first time in a little bit.

我認為，這是我們第一次看到一些正面的動力。

Alexander Goldfarb, Piper Sandler.

亞歷山大·戈德法布，派珀·桑德勒。

So a few questions here.

這裡有幾個問題。

David, maybe you could just go back to -- you routed off some numbers early on, on land and home inventory in your communities versus national.

大衛，也許您可以回過頭來——您早先就已經列出了一些數字，關於您所在社區與全國範圍內的土地和房屋庫存。

And one, if you could just go back over those, but two, more importantly, mortgage rates certainly haven't driven as much as people thought, there's still a pretty wide -- still sort of high relative to the past where they were a number of years ago.

第一，如果你可以回顧一下這些，但第二，更重要的是，抵押貸款利率肯定沒有人們想像的那麼高，與幾年前相比，利率仍然處於相當高的水平。

And the economy is what it is, and yet, your land sales and home sales just would almost suggest like a really strong economy.

經濟就是如此，然而，你的土地銷售和房屋銷售幾乎表明經濟非常強勁。

So two parts to this.

因此這分為兩個部分。

One is, if you could just run back through so we can catch the numbers on how your communities are positioned for land and homes versus sort of national dynamics.

一是，如果您可以回顧一下，這樣我們就可以了解您社區在土地和住房方面的定位以及國家動態。

And then two, the performance of your communities on home and land versus the general economy overall.

其次，您所在社區在住房和土地方面的表現與整體經濟相比如何。

Yeah.

是的。

There's a lot there, Alex.

那裡有很多東西，亞歷克斯。

So forgive me if this answer takes a few minutes.

所以如果我需要花幾分鐘來回答這個問題的話請原諒我。

In Bridgeland and Summerlin, which as you know, are the communities where we sell the most land to homebuilders, our communities there have one month or less of new home supply.

如您所知，在布里奇蘭和薩默林，我們向房屋建築商出售最多土地的社區，我們在那裡的社區新建住房供應量只有一個月或更少。

And the national average is about two months or slightly higher.

全國平均約為兩個月或略高一些。

So we are -- we're pretty tight.

所以我們的聯繫非常緊密。

And if you think about vacant developed lots are those kind of lots that are available for new homes, I would argue that equilibrium is about a 20-month supply because it takes that long to get the model home up run, take an order and then build the home to complete that order.

如果您認為空置的已開發地塊就是可以建造新房的地塊，那麼我認為均衡供應量大約是 20 個月，因為需要這麼長時間才能建成樣品房，接受訂單，然後建造房屋以完成該訂單。

Right now, we're sitting at -- Summerlin is at 11 months, and Bridgeland is at 12.

目前，Summerlin 已經 11 個月大，Bridgeland 已經 12 個月大。

I think compounding that and what has led to the modest decline in underlying home sales this quarter is that our community count and the actual number of floor plans available in Summerlin is close to a record low right now because we've seen such incredible home sales over the past several quarters that we're kind of low.

我認為，加劇這一情況並導致本季度基礎房屋銷售量小幅下降的原因是，我們的社區數量和 Summerlin 的實際可用平面圖數量目前接近歷史最低水平，因為過去幾個季度的房屋銷售量如此驚人，以至於我們的水平有點低。

And homebuilders paused momentarily buying new land and new communities when we saw mortgage rates increase over a year ago, and that's what's caused a little bit of the bottleneck now.

當我們看到一年前抵押貸款利率上升時，房屋建築商暫時停止購買新土地和新社區，這就是現在造成一點瓶頸的原因。

The good news is that as those home sales continued strong when mortgage rates increase, those homebuilders came right back to us to buy land.

好消息是，隨著抵押貸款利率上升，這些房屋銷售繼續強勁，那些房屋建築商就回來找我們購買土地。

And those new communities will be coming online, a few in the fourth quarter, but really meaningfully in the first half of 2025.

這些新社區將會陸續上線，有些將在第四季度出現，但真正有意義的將在 2025 年上半年出現。

Our community count will be back up where it belongs, if not a little bit higher than we long-term average is at.

我們的社區數量將恢復到原來的水平，甚至會比長期平均略高一些。

The number of floor plans available to buyers will increase dramatically.

可供買家選擇的平面圖數量將大幅增加。

The price points will increase dramatically, and we'll be able to meet that demand that we see right now that we just don't have the diversity of product to meet today.

價格點將大幅上漲，我們將能夠滿足目前我們所看到的、但我們目前還沒有足夠的產品多樣性來滿足這一需求。

Look, I would argue that if you pulled the public homebuilder results, they continue to demonstrate good numbers.

看，我想說，如果你看一下公共房屋建築商的業績，你會發現它們繼續表現出良好的數字。

Number of orders are off, backlog is strong.

訂單數量減少，積壓訂單較多。

Cancellations are down, margins are high.

取消率下降，利潤率提高。

I think the new home market has continued to be very resilient despite the national headlines that overall housing sales are down.

我認為，儘管全國新聞頭條報道整體房屋銷售下滑，但新房市場仍保持著強烈的彈性。

If you pull apart those high-level numbers of total sales into what's a new construction versus a resale, the new construction market has increased pretty meaningfully.

如果將總銷售額的這些高數字分為新建房屋銷售額和轉售房屋銷售額，就會發現新建房屋市場的成長相當顯著。

And I think that's the dynamic that we see taking hold in our portfolio that has increased the demand for our raw materials, our land that the homebuilders desperately need to effectuate their business plan.

我認為這是我們投資組合中出現的動態，它增加了對我們的原材料和土地的需求，而房屋建築商迫切需要這些來實現他們的商業計劃。

And we're able to sell that land at increasing values per acre to meet the underlying demand of those that continue to migrate and look for a better quality of life that we offer in Howard Hughes communities.

我們能夠以更高的每英畝價格出售這些土地，以滿足那些不斷遷移並尋求我們在霍華休斯社區提供的更高生活品質的人們的潛在需求。

Okay.

好的。

And then second question is I realize you're not giving '25 guidance but still, when we look at this year, your business is heavy transactional.

第二個問題是，我知道您沒有給出 25 年的指導，但是，當我們回顧今年時，我們發現您的業務交易量很大。

Clearly, it's been a better year than you anticipated.

顯然，今年的情況比你預期的還要好。

But as we, the analyst community, think about where you're going to be for '25, is there some sort of ballpark where you'd say, hey, look, this year route size take 20% off the numbers and use that as a run rate.

但是，當我們分析師群體思考 25 年的情況時，是否有一個大概的估計，你會說，嘿，看，今年的路線規模從數字中減去 20%，並將其用作運行率。

Like how do we sort of gauge the best way to try and look for where you're going to be, just given the heavy transactional nature and the fact that this year certainly well exceeded where you originally started out?

例如，考慮到繁忙的交易性質以及今年的業績肯定遠遠超出了您最初的起點，我們如何判斷尋找您所在位置的最佳方式？

Look, I think it's really difficult for us even when we do provide guidance on the forward year to anticipate a record year and to say that next year is going to be better than we've ever experienced in the history of the company, which is what we're seeing here today because our residential land sale number has never been so high.

聽著，我認為，即使我們確實為未來一年提供了指導，我們也很難預測今年將創下紀錄，也很難說明年將比公司歷史上任何時候都更好，而這正是我們今天所看到的情況，因為我們的住宅土地銷售數量從未如此高。

I don't see -- and overall change in the dynamic today sitting here, that demand for housing is going to decline.

我沒有看到——從目前的整體動態來看，住房需求將會下降。

We're still short millions of units of housing across the country.

全國仍然缺少數百萬套住房。

And I think it's going to take a year to that to resolve itself.

我認為這個問題需要一年的時間才能解決。

And as a result, I think we're going to continue to see strong demand.

因此，我認為我們將繼續看到強勁的需求。

We're not providing '25 guidance today, so it's very difficult for me to give you a lot more color than that.

我們今天不提供 25 個指導，因此我很難給您更多資訊。

We feel great about our communities.

我們對我們的社區感到非常高興。

We feel great about the number of folks that want to live in a higher quality of life community like Bridgeland and Summerlin and Woodland Hills.

我們很高興看到這麼多人希望住在像布里奇蘭 (Bridgeland)、薩默林 (Summerlin) 和伍德蘭希爾斯 (Woodland Hills) 這樣生活品質更高的社區。

And I think that's going to continue to translate into strong land sales to homebuilders.

我認為這將繼續轉化為對房屋建築商的強勁土地銷售。

How much next year?

明年多少錢？

It's way early to tell, and we'll look forward to providing guidance on our fourth quarter call early next year.

現在說這個還為時過早，我們期待在明年年初的第四季度電話會議上提供指導。

Okay.

好的。

And just final question, Carlos.

最後一個問題，卡洛斯。

On the MUDs sale, you guys generated a tremendous amount of liquidity through the land sales.

在 MUD 銷售中，你們透過土地銷售產生了大量的流動性。

So just curious what prompted you to monetize the MUDs.

所以我很好奇是什麼促使你將 MUD 貨幣化。

And by doing so, does that necessarily -- not necessarily restrict, is there an offset to that?

而這樣做是否必然 - 不一定會限制，是否有抵銷作用？

Or is this like sort of free -- I'm just trying to understand if this is free money and then what drove that decision just given all the liquidity you generate out of your land sales.

或者這是一種免費的——我只是想知道這是否是免費的錢，以及考慮到你從土地銷售中產生的所有流動性，是什麼促使你做出這個決定。

Yes, Alex.

是的，亞歷克斯。

Well, as you know, the MUDs are an asset that sits in our balance sheet and has liquidity anytime between three to five years, depending on where exactly is, in this case it was in Bridgeland but there's an administrative process that can take up to five years.

嗯，如您所知，MUD 是我們資產負債表中的一項資產，其流動性在 3 到 5 年之間，具體取決於具體位置，在本例中是在 Bridgeland，但有一個行政程序可能需要長達五年的時間。

So the opportunity to see if there was a liquidity mechanism for that asset was very enticing, and this is the first time that we do this.

因此，了解該資產是否存在流動性機制的機會非常誘人，這是我們第一次這樣做。

We proved that it can be done.

我們證明這是可以做到的。

And so the impetus was to see if we can take what can be a largely illiquid asset for up to five years and turn it into a liquid asset with attractive proceeds that then allowed us to turn around and deleverage by paying down the Bridgeland line of credit.

因此，我們的動力在於看看我們能否將長達五年的流動性很差的資產轉變為具有可觀收益的流動資產，然後使我們能夠通過償還 Bridgeland 信用額度來扭轉局面並去槓桿化。

And then subsequent to that, by having created liquidity for an illiquid asset, we were even able to expand the line of credit that we have in Bridgeland by $125 million.

隨後，透過為非流動資產創造流動性，我們甚至能夠將 Bridgeland 的信用額度擴大 1.25 億美元。

So it was really a positive all around that helped us understand that we have a lot more optionality than we thought before, now that we can take this illiquid asset and turn it into liquid.

所以這確實是一個積極的方面，它幫助我們了解到，我們現在擁有比以前想像的更多的選擇，因為我們可以將這種非流動資產轉化為流動資產。

Thank you.

謝謝。

John Kim, BMO Capital Markets.

BMO 資本市場部的 John Kim 說。

It's Eric Borden on for John Kim.

埃里克·博登 (Eric Borden) 代替約翰·金 (John Kim) 上場。

Maybe just starting with, now that the drag from the Seaport has gone and you're going to receive a large infusion of capital from condo sales, which is coming online next quarter.

也許只是開始，現在海港的拖累已經消失，你將從公寓銷售中獲得大量資金注入，這筆資金將於下個季度上線。

I guess, how are you thinking about allocating capital to new development starts?

我想問一下，您是如何考慮為新開發案分配資金的？

And what operating asset segment is the most attractive in terms of return profile across your multifamily retail and office segments?

在您的多戶型零售和辦公部門中，從回報狀況來看，哪個經營資產部門最具吸引力？

That's a great question, Eric, and I appreciate you asking.

這是一個很好的問題，艾瑞克，我很感謝你提出這個問題。

Look, I love the fact that we have more liquidity rather than less monetizing muds selling condos, selling land that generates free cash flow to our balance sheet, and it perpetuates our self-funding business model, all paramount to how we operate.

聽著，我喜歡我們擁有更多的流動性，而不是透過出售公寓、出售土地來減少貨幣化，這些可以為我們的資產負債表帶來自由現金流，並且它延續了我們的自籌資金商業模式，這些都對我們的營運至關重要。

The most important decisions that we'll make as a management team in conjunction with our Board is how we allocate that capital.

我們作為管理團隊與董事會共同做出的最重要的決定是如何分配資本。

And we're always trying to chase those highest risk-adjusted return, those highest opportunities to create value.

我們始終致力於追求最高的風險調整回報和創造價值的最高機會。

Sometimes that is in great condo developments like we have here in Hawaii with the closing of Victoria Place this week.

有時這會出現在大型公寓開發案中，例如本週夏威夷的維多利亞廣場 (Victoria Place) 的落成。

Sometimes that is in share buybacks.

有時這就是股票回購。

So we're always looking at where we're going to drive the highest risk-adjusted returns, whether that's purchasing our own shares and owning more of a company that we love and we see the underlying value in or sometimes it's in new developments.

因此，我們始終在尋找能夠實現最高風險調整回報的方法，無論是購買自己的股票，還是持有更多我們喜愛的、具有潛在價值的公司的股份，或者有時持有新的發展成果。

As we think about prioritizing those new developments, it's very market specific.

當我們考慮優先考慮這些新發展時，它是針對特定市場的。

It's very demand specific.

它非常針對特定需求。

So it's hard to generalize and say that x property type is the highest and best use today.

因此，很難概括並說 x 屬性類型是當今最高和最佳的用途。

As we sit here today, if we have the opportunity to do another condominium tower here in Hawaii, or another tower in the Woodlands or Summerlin like we did with the Ritz-Carlton Residences in the Woodlands, we'll absolutely continue to execute on that where we can sell it at 25% to 30% margin and generate a lot of free cash flow for the company.

今天，如果我們有機會在夏威夷建造另一棟公寓大樓，或者在伍德蘭茲或薩默林建造另一棟大樓，就像我們在伍德蘭茲建造麗思卡爾頓公寓一樣，我們絕對會繼續執行，我們可以以 25% 到 30% 的利潤率出售它，並為公司創造大量的自由現金流。

The next highest and best use today is probably in multifamily, where we've seen strong same-store results.

如今，下一個最高和最佳用途可能是多戶型住宅，我們在該領域看到了強勁的同店業績。

We are full across our portfolio.

我們的投資組合十分完整。

And when we're full and we see incremental demand, sometimes we're able to build new products that will generate a lot of value for our shareholders, and we see those opportunities will move.

當我們的產能滿足並且看到需求增加時，有時我們就能打造出新產品，為股東創造大量價值，我們看到這些機會就會轉移。

Given that we do have some vacancy remaining in our office portfolio, I think it's unlikely that we'll do more office development in the very near term.

鑑於我們的辦公室組合中確實仍有一些空置，我認為我們不太可能在短期內進行更多的辦公室開發。

And then retail is really a great amenity and if we can build it at an outsized return and create a lot of value in a market that is tight and full, and we see incremental demand.

零售確實是一項很棒的便利設施，如果我們能夠以超額的回報建造它，並在緊張而充實的市場中創造大量價值，我們就會看到增量需求。

We'll continue to do that.

我們將繼續這樣做。

And you've seen that in kind of small targeted instance like Whole Foods in Summerlin and the retail center that we're building around [ACV] in Bridgeland.

您可以在小型目標實例中看到這一點，例如薩默林的 Whole Foods 和我們在布里奇蘭的 [ACV] 周圍建造的零售中心。

Maybe one on the retail leasing demand environment.

也許一個是關於零售租賃需求環境。

Just curious if you could comment on the strength there.

我只是好奇您是否可以評論那裡的實力。

And with the 15% of leasing next year, I was hoping you could provide some brackets around your expectations for cash re-leasing spreads.

由於明年的租賃利率為 15%，我希望您能對現金轉租利差的預期提供一些範圍。

Yes.

是的。

And I think largely, that question is going to focus around Downtown Summerlin, which is where we see the majority of the expirations.

我認為，很大程度上，這個問題將集中在薩默林市中心，那裡是我們看到大多數到期合約的地方。

I think we have a great opportunity here to see a positive mark-to-market.

我認為，我們現在有很好的機會看到正面的市價。

How wide that will be it'll depend, right?

這要看範圍有多廣，對嗎？

It's very difficult to predict today because of some of those expirations.

由於一些條款已經到期，所以今天很難進行預測。

We're just in the very early stages of negotiating right now.

我們現在正處於談判的早期階段。

I think we do see a positive spread.

我認為我們確實看到了積極的蔓延。

It's going to be in the mid-single digits, kind of all in, including kind of rent mark-to-market as well as kind of fixed CAM adjustments to keep up with the increasing operating expenses.

它將處於中等個位數，包括按市價計算的租金以及固定的 CAM 調整，以跟上不斷增長的營運費用。

And it's positive, it's strong.

它是積極的，它是強大的。

Its demand like we haven't seen in a long time for retail, but I don't expect to see double-digit mark-to-market increases.

我們很久沒有見過零售業對它的需求了，但我預計不會有兩位數的市價成長。

It's John Kim.

我是約翰金。

I just wanted to squeeze one last question, and if that's okay.

我只想問最後一個問題，如果可以的話。

On your G&A, it's up 15% year-over-year.

您的 G&A 費用年增了 15%。

I know some of that is a non-cash stock comp.

我知道其中一些是非現金股票補償。

But outside of that, the cash today is up year-over-year as well.

但除此之外，今天的現金也比去年同期增加。

I would have thought that MUD have come down a bit or moderated with the Seaport spin-off.

我原本以為隨著 Seaport 的衍生，MUD 會減弱或緩和。

And I'm wondering if you expect going forward G&A to moderate?

我想知道您是否預計未來的 G&A 將會放緩？

Yeah.

是的。

I think over the next year or so, you'll continue to see G&A moderate.

我認為在接下來的一年左右，你將繼續看到 G&A 的放緩。

I think that making knee-jerk reactions in the immediate aftermath of the spin-off is very difficult to do and to see kind of an overnight change.

我認為，在分拆後立即做出下意識的反應是非常困難的，很難看到一夜之間發生的變化。

It's still, as you know, a more complicated business than a lot of our public real estate brethren, we're not just one product type.

如你所知，這仍然是一個比許多公共房地產同行更複雜的業務，我們不只是一種產品類型。

We're multiple, and we're also in land development, condo development.

我們擁有多家企業，也從事土地開發和公寓開發。

It takes a meaningful amount of capital, not just monitor capital but human capital to execute on that business plan.

執行該商業計劃需要大量的資本，不僅是監控資本，還有人力資本。

And we're thoughtful on our G&A.

我們對 G&A 非常認真。

We've come a long way from the $140 million that we were five years ago and down to a run rate in the mid-80s that I think is very sustainable, and we can continue to grow our portfolio meaningfully without adding to our G&A.

我們的營業額已經從五年前的 1.4 億美元一路下滑到 80 年代中期的營業額，我認為這是非常可持續的，而且我們可以在不增加一般行政費用的情況下繼續大幅增加我們的投資組合。

Are some of those costs success-based -- based on land sales or condo sales?

這些成本是否基於成功——基於土地銷售或公寓銷售？

I'm sorry, some of those costs, what, John?

抱歉，其中一些費用是什麼，約翰？

Success-based like on the closing of land sales like the

成功取決於土地銷售的完成情況，例如

--?

--？

No.

不。

No, the success-based fees are all around condo closings and condo sales, and those are in the cost of sales of the underlying project, not within G&A.

不，基於成功的費用都是圍繞著公寓成交和公寓銷售而收取的，這些費用包含在基礎項目的銷售成本中，而不是一般及行政費用 (G&A) 內。

[Dara Hiwat, Black Oak].

[達拉·希瓦特，黑橡木]。

Good morning, everyone, and congrats on another solid quarter and thanks for taking our call.

大家早安，恭喜您又一個穩健的季度，感謝您接聽我們的電話。

It's a general call.

這是一次普遍的呼籲。

But I mean, as we look across your business and we're obviously seeing your increasing NOI in the operating assets and Victoria Place has been delivered just now, which is great, big wins on the land sale side, Seaport behind us.

但我的意思是，當我們回顧您的業務時，我們顯然看到您的營運資產中的淨運營收入不斷增加，而且維多利亞廣場剛剛交付，這是件好事，在土地出售方面取得了巨大的勝利，海港也緊隨其後。

I mean, your business is really hitting on all cylinders right now, and it's showing up in the form of rising liquidity and net worth in the financials.

我的意思是，您的業務現在真的是全速發展，並以財務流動性和淨值的上升形式表現出來。

And you've already kind of touched on this a little bit.

您已經稍微談到了這一點。

But against that backdrop, success and looking forward, we're really focused on that, how you all are comparing the relatively low new development returns against what at least to us, seems to be a continuing very conservative valuation of your stock.

但在這樣的背景下，成功和展望未來，我們真正關注的是，你們如何將相對較低的新開發回報與至少在我們看來持續非常保守的股票估值進行比較。

And as looking ahead in the fourth quarter and beyond, even higher liquidity from condo sales and other liquidity drivers.

展望第四季及以後，公寓銷售和其他流動性驅動因素將帶來更高的流動性。

So I guess could you just -- any more particulars you could give around your latest thinking on capital allocation over the next few quarters?

所以我想您能否提供有關未來幾季資本配置的最新想法的更多細節？

And is it possible that we sit on this much liquidity in your mind for a year or more and -- I guess as I ask all that, I know you have a Capital Markets Day.

我們是否有可能在一年或更長時間內佔據如此多的流動性——我想，當我問所有這些問題時，我知道您有一個資本市場日。

So maybe if you plan on addressing it more then, maybe just punt us to that.

因此，如果您打算進一步解決這個問題，那麼也許只需把我們推到這個問題上即可。

But congrats again on the quarter and look forward to anything you have on that topic.

但再次恭喜本季取得的成績，並期待您就該主題發表任何評論。

Well, I appreciate it.

嗯，我很感激。

Thank you for the comments, and I'm happy to answer the question as nice as it would be just a punt on every question for a couple of weeks, should be answered.

感謝您的評論，我很高興回答這個問題，儘管這只是對每個問題進行幾週的討論，都應該得到答案。

Look, I think your question comes back to whether or not we should just develop and continue to develop a tighter spreads, sit on liquidity or use that capital to buy back our own shares.

看，我認為你的問題又回到了我們是否應該發展並繼續發展更緊密的利差，坐擁流動性或利用這些資本回購我們自己的股票。

And I think that those are decisions that we try to make every day, it's tough to say that at any one point in time, it should be 100% one or the other.

我認為這些都是我們每天都要做的決定，很難說在任何時間點應該 100% 選擇其中一個。

And we have to be thoughtful about how we allocate our capital, not just in the very short term, but thinking long term.

我們必須認真考慮如何分配我們的資本，不只是從短期考慮，還要從長遠考慮。

And if we took all of our excess liquidity, for example, and put it into share buybacks, we wouldn't be spending any capital improving our communities.

例如，如果我們將所有過剩流動資金用於回購股票，我們就不會花費任何資金來改善我們的社區。

And the more we improve our communities, the more people want to live there, the more we can drive higher land values, the more we can create great communities that people want to be in and continue to drive to these incredible results.

我們越是改善社區，越多的人想在那裡生活，我們就越能提高土地價值，我們就越能創造人們願意居住的偉大社區，並繼續推動這些令人難以置信的成果。

So I think we have to be thoughtful not just for the short term and for next quarter, but over the long term to make sure that we are balanced between creating value on a per share basis by reducing our share count and continuing to improve our communities but improve those communities by allocating capital to developments that generate value creation.

因此，我認為我們不僅要為短期和下個季度深思熟慮，還要從長遠考慮，確保我們在透過減少股份數量來創造每股價值與繼續改善社區之間取得平衡，但透過將資本分配給產生價值創造的發展來改善這些社區。

And that balance is what I think you'll continue to see us do.

我認為你們會繼續看到我們保持這種平衡。

Sometimes, those development yields are tight and a great example of that is the Whole Foods in Summerlin.

有時，這些開發收益很緊張，一個很好的例子就是薩默林的全食超市。

But we've seen in every single one of our communities, even here in Hawaii, we're adding a Whole Foods amenity to that community can do.

但我們已經看到，在我們每一個社區，即使在夏威夷，我們也在為該社區增添全食超市的便利設施。

And how it can change the price of condos and positively impact the value of all of your remaining land that's adjacent to those developments.

以及它如何改變公寓的價格並對這些開發項目附近的所有剩餘土地的價值產生積極影響。

So I don't think it's a one-size-fits-all answer.

所以我不認為這是一個放諸四海皆準的答案。

It's a balance.

這是一種平衡。

And it's a balancing act that we try to tackle every day, every quarter, every year.

我們每天、每季、每年都在努力解決這個平衡問題。

With that said, I think the results have been outstanding.

話雖如此，我認為結果非常出色。

Thank you for highlighting it.

感謝您強調這一點。

I think it shows the resiliency of our business plan and the underlying value in our company.

我認為這體現了我們的商業計劃的彈性和我們公司的潛在價值。

And it shows the disconnect between underlying value in our current share price today and makes the opportunity to buy back shares more attractive.

它顯示了我們目前股價與潛在價值之間的脫節，使得回購股票的機會更具吸引力。

I think it's likely to see a shift to capital allocation to fewer developments and to potentially into more share buybacks, depending on how we're trading and what the underlying market dynamics are as the as we get through the election of Fed meeting and see the housing market sits over the next several months.

我認為，資本配置可能會轉向更少的開發項目，並可能更多地回購股票，這取決於我們的交易方式、聯準會會議選舉結束後潛在的市場動態以及未來幾個月房地產市場的狀況。

Great.

偉大的。

I appreciate that.

我很感激。

Yeah.

是的。

And yeah -- obviously, your Summerlin project is great, and I appreciate that -- just additional context.

是的 - 顯然，您的 Summerlin 專案很棒，我很欣賞這一點 - 只是補充一下背景。

So congrats again.

再次恭喜。

Great quarter.

非常棒的一個季度。

(Operator Instructions) At this time, I would now like to turn the conference -- one moment for our next question.

（操作員指示）現在，我想讓會議繼續進行——請稍候，以便我們提出下一個問題。

Amanda Schiavo, Commercial Observer.

阿曼達‧夏沃，商業觀察家。

I was just wondering if you could go into a little bit more detail about your office leasing, particularly in the Hawaii market and the success you guys have had there?

我只是想知道您是否可以更詳細地介紹一下您的辦公室租賃情況，特別是在夏威夷市場以及您在那裡取得的成功？

Well, we really don't have an office portfolio in Hawaii, Amanda, to speak of.

嗯，阿曼達，我們確實沒有在夏威夷的辦公室投資組合。

We're sitting here in the IBM building, which is kind of an iconic building within Ward Village that we almost predominantly occupy with the 80 or so employees that work here in Ward Village as well as the sales galleries and sales center that support the condo sales.

我們現在位於 IBM 大樓內，這是沃德村內的一座標誌性建築，我們的主要辦公室幾乎都是在沃德村工作的 80 多名員工，以及支援公寓銷售的銷售廊和銷售中心。

So it's tough to speak to, and I don't have a tremendous amount of color on the Hawaii office market.

所以這很難說，而且我對夏威夷辦公大樓市場也不太了解。

Thank you.

謝謝。

At this time, I would now like to turn the conference back over to David O'Reilly for closing remarks.

現在，我想將會議交還給戴維·奧萊利，請他致最後總結。

Thank you again for everyone for joining us.

再次感謝大家的加入我們。

I think our third quarter results were nothing short of outstanding.

我認為我們第三季的業績非常出色。

And we look forward to hopefully seeing a lot of you in a couple of weeks out in Summerlin.

我們期待著幾週後在薩默林見到你們。

It is showing off what is one of the best communities in the country that offers an outstanding quality of life and talking a lot more about what we see ahead for Howard Hughes.

它展示了該國最好的社區之一，提供了卓越的生活質量，並更多地談論了我們對霍華休斯未來的展望。

Thank you again.

再次感謝您。

Look forward to seeing you soon.

期待很快見到您。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。