Howard Hughes Holdings Inc (HHH) 2024 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to Howard Hughes fourth quarter 2024 earnings conference call. (Operator Instructions) Please note that today's conference is being recorded.

您好，感謝您的支持。歡迎參加霍華休斯 2024 年第四季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would like to send a conference over to Eric Holcomb, SVP of Investor Relations. Please go ahead.

我想將會議轉交給投資者關係資深副總裁 Eric Holcomb。請繼續。

Good morning and welcome to Howard Hughes Holdings fourth quarter 2024 earnings call. 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.

早安，歡迎參加霍華休斯控股 2024 年第四季財報電話會議。今天和我一起的還有執行長 David O'Reilly；傑伊·克羅斯（Jay Cross），總裁；卡洛斯·奧萊亞 (Carlos Olea)，財務長；資產管理和營運總裁 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 fourth quarter earnings press release and our supplemental package. The earnings release and supplemental package include reconciliations of non-GAAP financial measures that will be discussed today in relation to their most directly comparable GAAP financial measures.

在我們開始之前，我想引導您訪問我們的網站 howardhughes.com，您可以在那裡下載我們的第四季度收益新聞稿和補充包。收益報告和補充資料包括非公認會計準則 (GAAP) 財務指標的對賬，將於今天討論這些對帳與最直接可比較的 GAAP 財務指標之間的關係。

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. 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.

今天所做的某些非現在時態的陳述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。儘管公司認為此類前瞻性陳述所反映的預期是基於合理的假設，但我們無法保證這些預期將會實現。

Please see the forward-looking statement disclaimer in our fourth 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. I will now turn the call over to our CEO, David O'Reilly.

請參閱我們第四季度收益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。除非法律要求，我們沒有義務更新前瞻性聲明。現在我將電話轉給我們的執行長大衛·奧萊利 (David O'Reilly)。

Thank you, Eric. Good morning, everyone. Welcome to our fourth quarter earnings call. On our call today, I'm going to begin with a recap of our incredible year and cover the segment highlights for our master plan communities. Dave Striph will cover the performance of our operating assets followed by remarks from Jay Cross, who will provide updates on our strategic development projects.

謝謝你，埃里克。大家早安。歡迎參加我們的第四季財報電話會議。在今天的電話會議上，我將首先回顧我們不可思議的一年，並介紹我們總體規劃社區的部分亮點。Dave Striph 將介紹我們營運資產的表現，隨後 Jay Cross 將發表評論，介紹我們策略發展專案的最新進展。

Finally, Carlos Olea will provide a review of our 2025 guidance and the balance sheet before we open up the lines for Q&A. In the fourth quarter, we delivered strong financial performance across Howard Hughes, contributing to record full year results in each segment which met or exceeded our latest guidance expectations.

最後，在我們開始問答環節之前，卡洛斯·奧萊亞 (Carlos Olea) 將對我們的 2025 年指引和資產負債表進行回顧。第四季度，霍華休斯的財務表現強勁，各部門全年業績均創歷史新高，達到或超過了我們最新的指導預期。

Highlights of the year including Record MPC EBT of $349 million resulting from record residential land sales revenue and average price per acre. Operating assets delivered record NOI of $257 million a 6% increase year over year with solid growth in each core asset type.

本年度的亮點包括創紀錄的 3.49 億美元 MPC EBT，這得益於創紀錄的住宅土地銷售收入和每英畝平均價格。經營資產的淨利潤達到創紀錄的 2.57 億美元，年增 6%，每種核心資產類型均實現穩健成長。

In strategic developments, we delivered and sold out every unit of at Victoria Place in Ward Village, generating record condo revenue and gross marginal. In addition, with strong pre-sales at our four towers under construction in Hawaii and Texas, we finished the year with 96% of their combined units under contract.

在策略發展方面，我們交付並銷售了沃德村維多利亞廣場的所有單元，創造了創紀錄的公寓收入和毛利率。此外，由於我們在夏威夷和德克薩斯州正在建設的四座大樓的預售情況強勁，我們在年底已簽訂了 96% 的合併單元合約。

Although credit markets remained tight during 2024, we executed over $860 million of financing, including more than $300 million in the fourth quarter alone.

儘管 2024 年信貸市場依然緊張，但我們仍執行了超過 8.6 億美元的融資，其中僅第四季就超過 3 億美元。

These transactions included two significant condo construction loans totaling $680 million, enabling the start of construction to collide and the Ritz Carlton residences of the Woodlands as well as several important refinancing for loan nearing maturity.

這些交易包括兩筆總額達 6.8 億美元的重大公寓建設貸款，用於啟動伍德蘭茲麗思卡爾頓公寓的建設，以及幾筆即將到期的重要貸款再融資。

We also greatly improved our liquidity through an innovative sale of current and future Summerlin receivables and Bridgeland, significantly accelerating their collection timeline. This transaction also enabled a paydown of nearly $200 million of NPC debt while expanding our MPC line of credit and extending its maturity.

我們也透過創新方式出售現有和未來的 Summerlin 應收帳款和 Bridgeland，大大提高了我們的流動性，大大加快了他們的收款時間。這項交易也使我們得以償還近 2 億美元的 NPC 債務，同時擴大了我們的 MPC 信貸額度並延長了其期限。

Looking deeper into the results of our MPC segment. EBT was $57 million in the fourth quarter, driven primarily by the sale of 60 residential acres across our NPCs at an average price of $909,000 per acre.

深入了解我們的 MPC 部分的結果。第四季的息稅前利潤為 5700 萬美元，主要由於我們的 NPC 以平均每英畝 909,000 美元的價格出售了 60 英畝住宅用地。

This included strong home builder demand in Texas, where we sold a total of 56 residential acres in Bridgeland and the Woodland Hills, as well as the first sales of custom locks in Astra, our newest luxury gated community on the mountainside in Summerlin.

其中包括德克薩斯州強勁的住宅建築商需求，我們在布里奇蘭和伍德蘭山共售出了 56 英畝的住宅用地，以及在薩默林山腰上我們最新的豪華封閉式社區 Astra 首次銷售定制鎖。

Offering sweeping views of the red Rocks in the Las Vegas Valley, Astrid is not disappoint. In the quarter, we closed on the sale of 6 custom lots are approximately 4 acres at an incredible average price of $6 million per acre, clearly demonstrating Summerlin's appeal to ultra-luxury home buyers.

從阿斯特麗德 (Astrid) 可以一覽拉斯維加斯山谷紅岩的壯麗景色，絕對不會讓您失望。本季度，我們完成了 6 塊客製化地塊的銷售，面積約為 4 英畝，平均價格高達每英畝 600 萬美元，這清楚地表明了 Summerlin 對超豪華住宅買家的吸引力。

In Teravalis, we sold an additional 34 acres in Florio during the fourth quarter. Bringing total sales to 115 acres, or approximately 800 lots at an impressive average price of $777,000 per acre. With seven home builders acquiring land thus far, we expect construction on model homes will begin soon with a four-wheel grand opening later this year.

在特拉瓦利斯，我們在第四季又出售了位於弗洛里奧的 34 英畝土地。總銷售面積達 115 英畝，或約 800 個地塊，平均價格高達每英畝 777,000 美元。目前已有 7 家房屋建築商獲得土地，我們預計樣品屋的建造將很快開始，並於今年稍後舉行盛大的開幕式。

The strong results of the quarter contributed to a full-year record MPC EBT of $349 million exceeding the midpoint of our most recent guidance by $19 million and outpacing 2023's record results by 2%.

本季的強勁業績推動全年 MPC EBT 達到創紀錄的 3.49 億美元，超過我們最新指引的中點 1,900 萬美元，並比 2023 年的創紀錄業績高出 2%。

This remarkable result, which was achieved despite a difficult market backdrop and a $34 million year-on-year decline in commercial land sales, was driven by strong residential land sales, building 445 acres across our NPCs at a record average price of $990,000 per acre.

儘管市場環境艱難，商業用地銷售額同比下降 3,400 萬美元，我們仍取得了這一驕人的成績，這得益於強勁的住宅用地銷售，我們在 NPC 上建造了 445 英畝土地，平均售價達到每英畝 990,000 美元，創下了歷史新高。

Turning to new home sales, our NPC sold 510 residences in the fourth quarter, bringing the total for the year to 2,234 homes. As a result, Summerlin and Brisbane were ranked as the number five and number seven top-selling NPCs in the nation respectively, in RCLO's 2024 report. Further exemplifying the significant appeal of Howard Hugh's award-winning master plan communities and setting the stage for continued growth in 2025.

談到新房屋銷售，我們的 NPC 在第四季度售出了 510 套住宅，使全年住宅總數達到 2,234 套。因此，在 RCLO 的 2024 年報告中，薩默林和布里斯班分別被評為全國最暢銷的第五大 NPC 和第七大 NPC。進一步體現了霍華德休屢獲殊榮的總體規劃社區的巨大吸引力，並為 2025 年的持續成長奠定了基礎。

From a housing market perspective, although mortgage rates have climbed back into the 7% range in recent months, we anticipate another strong year for new home construction in 2025, driven by several key factors.

從房地產市場的角度來看，儘管近幾個月抵押貸款利率已回升至 7% 左右，但在幾個關鍵因素的推動下，我們預計 2025 年新房建設將再次強勁增長。

First, the resale market continues to be locked up by high interest rates with more than 50% of existing mortgages under 4%. This is limiting inventory of existing homes and driving resale prices higher.

首先，轉售市場繼續受到高利率的束縛，超過 50% 的現有抵押貸款利率低於 4%。這限制了現有房屋的庫存並推高了轉售價格。

As a result, the average new home premium or the additional cost of a new home compared to a resale home was at historical lows and only 4% on average in 2024. This is making new homes very attractive in today's market.

因此，與轉售房屋相比，新房平均保費或新房額外成本處於歷史低位，到 2024 年平均僅 4%。這使得新房在當今市場上非常有吸引力。

Also, with the median age of existing homes in the US now over 40 years, new homes offer superior build quality, better efficiency, and modern amenities.

此外，美國現有房屋的平均使用年限已超過 40 年，而新房屋的建築品質更佳、效率更高，並配備現代化設施。

And finally, builder incentives, including mortgage rate buy downs, allowances, and comprehensive warranties, as well as lower insurance costs, simply make new homes more affordable. With these market dynamics, we expect to see continued strong consumer demand for new homes in 2025.

最後，建築商的激勵措施，包括抵押貸款利率降低、補貼和全面保修，以及更低的保險成本，使得新房屋更實惠。鑑於這些市場動態，我們預計 2025 年新房屋消費需求將持續強勁。

When combined with a continued lack of finished inventory and an undersupply of vacant developed blocks in Las Vegas and Houston, we anticipate increased home builder demand for new residential acreage throughout the year. Particularly in Summerlin and Brisbane. Additionally, with strong demand for custom locks in Summerlin, we also expect to see increased sales in Astra, our new 170-acre luxury gated community on the mountainside.

再加上拉斯維加斯和休士頓的成品庫存持續短缺以及空置開發地塊供應不足，我們預計全年住宅建築商對新住宅用地的需求將會增加。特別是在薩默林和布里斯班。此外，由於 Summerlin 對客製化鎖的需求強勁，我們也預計位於山腰的佔地 170 英畝的全新豪華封閉式社區 Astra 的銷售將會成長。

With the first six lot sales in the fourth quarter commanding an impressive average price of $6 million per acre. We expect a strong contribution from this new community going forward.

第四季前六塊土地的銷售平均價格高達每英畝 600 萬美元。我們期待這個新社區在未來做出巨大貢獻。

Overall, we expect another strong year in our NPC segment during 2025 which will most likely set new full year EBT records. Carlos will provide more details on our guidance in a few moments. I'm now going to turn the call over to Dave Striph for a review of our operating assets.

總體而言，我們預計 2025 年 NPC 部門將再創強勁成長，並很可能創下新的全年 EBT 記錄。卡洛斯稍後將提供有關我們指導的更多詳細資訊。我現在將把電話轉給 Dave Striph，讓他審查我們的營運資產。

Thank you, David.

謝謝你，大衛。

In the fourth quarter, our operating assets delivered $61 million of NOI, including the contribution from unconsolidated ventures which reflected strong growth of 9% year over year. For the full year, we generated a record NOI of $257 million, which was in line with the midpoint of our most recent guidance and a 6% increase relative to 2023. Starting in office, we produced fourth quarter NOI of $29 million and record full year NOI of $125 million both of which were up 5% year over year.

第四季度，我們的經營資產實現了 6,100 萬美元的淨利潤，其中包括來自非合併企業的貢獻，年增 9%。全年，我們的淨營業利潤達到創紀錄的 2.57 億美元，與我們最新指引的中位數一致，比 2023 年成長 6%。自上任以來，我們第四季的淨利潤為 2,900 萬美元，全年淨利創歷史新高，達到 1.25 億美元，均比去年同期成長了 5%。

The increases were primarily due to improved occupancy and abatement expirations related to our strong lease of activity in recent periods, most notably in the Woodlands and Summerlin.

成長的主要原因是近期我們租賃活動強勁，入住率提高，減免到期，尤其是在伍德蘭茲和薩默林。

These gains were partially offset by some tenant vacancies at various properties in the Woodlands in downtown Columbia, as well as initial operating losses at Meridian and 10285 Lakefront, which were both completed last summer.

這些收益被哥倫比亞市中心伍德蘭茲地區多處物業的部分租戶空置情況以及去年夏天竣工的 Meridian 和 10285 Lakefront 的初始營運損失部分抵消。

In 2024, the company continued its impressive leasing performance, executing 473,000 square feet of new or expanded office leases. Including 323,000 square feet in the woodlands, 91,000 square feet in downtown Columbia and 59,000 square feet in summer. At the end of the year, our stabilized office portfolio was 89% leased with the Woodlands and Summerlin at 91% and 95% leased respectively.

2024年，該公司延續了令人印象深刻的租賃業績，執行了473,000平方英尺的新建或擴建辦公室租賃。其中包括林地 323,000 平方英尺、哥倫比亞市中心 91,000 平方英尺和夏季 59,000 平方英尺。截至年底，我們穩定的辦公大樓組合的出租率為 89%，其中 Woodlands 和 Summerlin 的出租率分別為 91% 和 95%。

With this solid performance, we expect incremental NOI improvement in 2026 as office buildouts are completed and free rent periods burn off. In our multi-family portfolio, we generated $15 million of NOI in the fourth quarter, representing a 13% improvement over the prior year and contributing to record full-year NOI of $59 million.

憑藉這一穩健的表現，我們預計隨著辦公室建設的完成和免租期的結束，2026 年的淨營業利潤將逐步改善。在我們的多戶型投資組合中，我們在第四季度產生了 1500 萬美元的 NOI，比去年增長了 13%，並為全年創紀錄的 5900 萬美元 NOI 做出了貢獻。

The strong performance reflected 11% year-over-year growth, which was primarily driven by the continued successful lease up of our un-stabilized properties, as well as improved overall leasing at our stabilized properties, which ended the year at 96% leased.

強勁的業績反映了 11% 的同比增長，這主要得益於我們不穩定物業的持續成功租賃，以及穩定物業的整體租賃改善，年底租賃率為 96%。

Looking closer at our un-stabilized assets, including Marlow in downtown Columbia, Canada Echo in Summerlin, and Wingspan in Bridgeland, we finished the year with these communities 69% leased on average. This is a considerable improvement from the prior year when these properties were 36% leased in aggregate.

仔細觀察我們的非穩定資產，包括哥倫比亞市中心的 Marlow、薩默林的 Canada Echo 和布里奇蘭的 Wingspan，今年社區的平均租賃率為 69%。與前一年相比，這是一個顯著的進步，當時這些房產的總出租率為 36%。

Overall, we continue to see solid demand for these new assets, with each property experiencing significant growth during 2024. At the end of the year, Tanager Echo was 79% lead, Marlow was 72% lead, and Wingspan was 52%.

總體而言，我們繼續看到對這些新資產的強勁需求，每項資產在 2024 年都將經歷顯著成長。截至年底，Tanager Echo 領先 79%，Marlow 領先 72%，Wingspan 領先 52%。

With our consistent leasing performance as well as the anticipated completion of one reef of row in the Woodlands during 2025, we expect continued incremental NOI growth in the coming years.

憑藉我們穩定的租賃業績以及預計在 2025 年完成的伍德蘭茲一排珊瑚礁項目，我們預計未來幾年 NOI 將繼續成長。

In retail, NOI was $13 million in the fourth quarter, which reflected a 15% increase compared to the prior year. This improvement primarily related to non-recurring prior year reserves for various tenants in Hawaii, as well as the opening of new ground floor retail at Koula in Ward village.

在零售業，第四季的淨利潤為 1,300 萬美元，比上年增長了 15%。這項改善主要與夏威夷各租戶的非經常性上年儲備金以及在沃德村 Koula 開設新的底層零售店有關。

These factors also had a significant impact to our full year results with retail and improving 8% year over year to $54 million. Overall, at the end of 2024, our stabilized retail portfolio was 96% leased.

這些因素也對我們的全年零售業績產生了重大影響，零售業務年增 8%，達到 5,400 萬美元。整體而言，截至 2024 年底，我們穩定的零售投資組合的租賃率為 96%。

Before I turn the call over to Jay, I would like to provide an update on our retail leasing progress in downtown Summerlin, which is celebrating its tenth anniversary in 2025.

在將電話轉給傑伊之前，我想先介紹一下我們在薩默林市中心的零售租賃進度，該中心將於 2025 年迎來十週年紀念。

Looking back to June of last year, we had more than 35 tenants or 150,000 square feet of risk embedded in leases maturing in 2025. As we've discussed in the past, we elected to not renew many of these leases in an effort to upgrade the tenant mix to provide for better long-term financial performance and value enhancement.

回顧去年 6 月，我們有超過 35 個租戶或 150,000 平方英尺的風險存在於 2025 年到期的租約中。正如我們過去所討論過的，我們選擇不再續簽許多租約，以便升級租戶組合，從而實現更好的長期財務表現和價值提升。

To date, our efforts have been very successful, with only seven spaces or approximately 15,000 square feet of space remaining at least this year. Nearly all of which are in negotiations.

到目前為止，我們的努力非常成功，今年只剩下至少 7 個空間或約 15,000 平方英尺的空間。幾乎所有這些都在談判中。

More importantly, we have greatly improved downtown Sumerlin's retail offering with new names including Chanel, Municipal Gym, Roche Dubois, Ello, and [Wal-Mart], all of which will undoubtedly have a positive impact on downtown Sumerlin's appeal, vibrancy, and financial performance.

更重要的是，我們大大改善了薩默林市中心的零售服務，引入了香奈兒、市政健身房、Roche Dubois、Ello 和 [沃爾瑪] 等新品牌，這些品牌無疑將對薩默林市中心的吸引力、活力和財務業績產生積極影響。

With these new tenants in transition and set to open during 2025, we will see a short-term reduction in NOI this year, but we are very positive about the long-term growth opportunities for downtown Summerlin in the years ahead.

隨著這些新租戶的轉型以及計劃於 2025 年開業，我們將看到今年的 NOI 短期內減少，但我們對未來幾年 Summerlin 市中心的長期成長機會非常樂觀。

With that, I'll now turn the call over to Jay Cross.

說完這些，我現在將電話轉給傑伊·克羅斯 (Jay Cross)。

Thanks, Dave, and good morning everyone. In strategic developments, we had an outstanding quarter. Including the delivery of our seventh condo tower and two new retail developments closing out another strong year of development across our communities.

謝謝，戴夫，大家早安。在策略發展方面，我們度過了一個出色的季度。包括交付我們的第七座公寓大樓和兩個新的零售開發項目，為我們社區又一個強勁的發展年畫上了圓滿的句號。

Starting in Hawaii, we celebrated the completion of Victoria Place in November and closed on the sale of all 349 units before the end of the year. As a result, we recognized record condo revenue of $779 million in the quarter, which translated to $212 million of gross profit or an impressive 27% gross margin.

從夏威夷開始，我們於 11 月慶祝了維多利亞廣場的竣工，並在年底前完成了全部 349 套單元的銷售。結果，我們在本季度實現了創紀錄的 7.79 億美元的公寓收入，相當於 2.12 億美元的毛利或令人印象深刻的 27% 的毛利率。

At our other condo projects, we had another strong quarter of pre-sales contracting to sell 19 condos. The majority of these related to the Launiu, our eleventh condo projects in Ward Village, which continues to see steady demand. At quarter end, the Launiu was 58% pre-sold, with construction expected to start later in 2025. We also sold a few units at the Park Ward Village in Kalae taking these projects to 97% and 93% pre-sold respectively.

在我們的其他公寓項目中，我們迎來了強勁的預售合約季度，共售出 19 套公寓。其中大部分與 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。截至本季末，Launiu 的預售率為 58%，預計將於 2025 年下半年開始動工。我們也在 Kalae 的 Park Ward Village 售出了幾套公寓，使這兩個項目的預售率分別達到 97% 和 93%。

At Elana, our workforce tower that is 100% pre-sold, construction continued to progress on schedule. We expect to deliver this project in the fourth quarter of 2025.

在 Elana，我們的員工大樓已 100% 預售，施工繼續按計劃進行。我們預計將於 2025 年第四季交付該專案。

In Texas, we started construction on the Ritz-Carlton residences, the Woodlands in early October, with one unit contracted in the fourth corner. This 111-unit luxury project is now 70% pre-sold. In an effort to maximize returns, the majority of the remaining 33 units are currently not available for pre-sales. We expect to put these units in the market closer to the project's completion in 2027.

在德克薩斯州，我們於十月初開始動工興建麗思卡爾頓酒店公寓伍德蘭茲，其中第四個角落已簽約一套單元。這個擁有 111 個單元的豪華項目目前預售率已達到 70%。為了實現收益最大化，剩餘的 33 個單位中的大部分目前不提供預售。我們預計將於 2027 年專案竣工時將這些單位投放市場。

Overall, at the year end, our projects under construction and in pre-sales were remarkably 87% pre-sold and together represented more than $2.6 billion of future revenue, which will be recognized between 2025 and 2028 as each project is delivered.

總體而言，截至年底，我們正在建造和預售項目的預售率高達 87%，總計未來收入超過 26 億美元，這些收入將在 2025 年至 2028 年期間隨著每個項目的交付而確認。

In our commercial portfolio, we completed two new retail projects during the fourth quarter, including the Summerlin’s Whole Foods anchored grocery center and Village Green at Bridgeland Central anchored by H-E-B. These projects, which have a combined future stabilized NOI contribution of approximately $4 million have seen strong demand. At quarter end, both retail centers were approximately 75% leased with all the remaining space in negotiations.

在我們的商業投資組合中，我們在第四季度完成了兩個新的零售項目，包括以 Summerlin 的 Whole Foods 為主的雜貨中心和以 H-E-B 為主的 Bridgeland Central 的 Village Green。這些項目未來穩定的淨營運收入貢獻總計約為 400 萬美元，需求強勁。截至季末，兩個零售中心的出租率均約為 75%，剩餘空間仍在談判中。

And finally, we currently have three other projects underway in Texas, including the one River Row multi-family and Grogan's Mill retail redevelopment project in the Woodlands and the One Bridgeland Reden mass timber office in Bridgeland. These projects are expected to generate future stabilized NOI of $12.5 million and are scheduled to be completed during 2025.

最後，我們目前在德克薩斯州還有另外三個項目正在進行中，包括位於伍德蘭茲的 One River Row 多戶住宅和 Grogan's Mill 零售重建項目，以及位於布里奇蘭的 One Bridgeland Reden 大型木材辦公室。這些項目預計未來將產生 1,250 萬美元的穩定淨利潤，並計劃於 2025 年完工。

And with that, I would now like to hand the call over to our CFO, Carlos Olea who will review our 2025 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 2025 年指引和資產負債表。

Thank you, Jay and good morning, everyone. With our record-setting performance in each of our business segments during 2024 complete, we now shift our focus to delivering another outstanding year in 2025.

謝謝傑伊，大家早安。隨著我們在 2024 年各個業務部門創下紀錄的業績，我們現在將重點轉向在 2025 年再創輝煌。

In our NPC segment, EBT is projected to achieve new records aided by continuous tight supply of retail homes and low inventories of vacant develop blocks. As a result, we anticipate solid new home sales in each NPC and continued strong home builder demand for residential land throughout the year.

在我們的 NPC 部門，由於零售住宅供應持續緊張以及空置開發區塊庫存較低，EBT 預計將創下新高。因此，我們預計全年各 NPC 的新房銷售將保持穩健，並且住宅建築商對住宅用地的需求將持續強勁。

In Summerlin, we expect to see growth in residential landfills driven by super fast sales largely concentrated in the second and third quarters, as well as increased custom law sales in Astra. In Texas, residential landfills are also expected to increase in Richland.

在薩默林，我們預計住宅垃圾掩埋場的成長將受到超快速銷售的推動，主要集中在第二季和第三季度，以及阿斯特拉的客製化法銷售增加。在德州，里奇蘭的住宅垃圾掩埋場預計也會增加。

Overall, 2025 MPC EBT is expected to be up 5% to 10% year over year with a midpoint of approximately $375 million. In operating assets, we anticipate strong performance from our multi-family and office portfolios with record NOI expected in both asset types.

總體而言，預計 2025 年 MPC EBT 將年增 5% 至 10%，中間值約為 3.75 億美元。在營運資產方面，我們預計多戶型和辦公室投資組合將表現強勁，兩種資產類型的淨營業利潤 (NOI) 都有望創下紀錄。

Multi-family growth will be driven primarily by improved leasing and occupancy in our un-stabilized multi-family development, which were 69% leased at the end of 2024. While in office, it is expected to be driven by a strong leasing momentum and expiring rent abatements across the portfolio.

多戶型住宅的成長將主要得益於我們不穩定的多戶型住宅開發案的租賃和入住率的提高，截至 2024 年底，這些住宅的租賃率已達到 69%。在任期內，預計強勁的租賃勢頭和整個投資組合即將到期的租金減免將推動其發展。

This improvement, however, will likely be partially offset by lower occupancy of various properties in downtown Colombia, downtown Summerlin, and in the Woodlands, and initial operating losses from our newest office development.

然而，這種改善可能會被哥倫比亞市中心、薩默林市中心和伍德蘭茲的各個物業的入住率下降以及我們最新辦公大樓開發項目的初始營運損失部分抵消。

Retail is expected to see a modest reduction in 2025. Primarily due to non-recurrent collection of tenant reserves in Ward village during 2024 and the impact of ongoing tenant upgrades which are underway in downtown Summerlin during its 10-year anniversary.

預計到 2025 年零售業將出現小幅下滑。主要是由於 2024 年期間沃德村 (Ward village) 非經常性收取租戶儲備金，以及薩默林 (Summerlin) 市中心十週年紀念期間正在進行的租戶升級的影響。

Overall, we expect modest growth in 2025 with operating asset NOI expected to be in a range of flat 4% with a midpoint of approximately $260 million condo sales revenues are projected to be approximately $375 million in 2025, driven entirely by the closing of units at Ulana, a workforce housing development in Ward Village that is sold out and expected to be completed in the fourth quarter.

總體而言，我們預計 2025 年將出現溫和增長，預計經營資產 NOI 將保持在 4% 的平穩範圍內，中點約為 2.6 億美元，預計 2025 年公寓銷售收入約為 3.75 億美元，這完全是由位於沃德村的勞動力住房開發項目 Ulana 的單元關閉所推動的，該項目已關閉。

Because Ulana is a workforce tower and not a market rate tower, the company does not expect to recognize any gross profit from the project.

由於烏拉納大廈是一座勞動力大廈，而不是市場價格大廈，因此該公司預計不會從該項目中獲得任何毛利。

The Park Ward Village, our next market rate condo development that is expected to be completed in 2026, is already 97% pre-sold with contracted revenues of nearly $700 million.

我們的下一個市價公寓開發案 Park Ward Village 預計將於 2026 年竣工，目前預售率已達 97%，合約收入接近 7 億美元。

We expect cash SG&A to range between $76 million and $86 million in 2025, or a midpoint of $81 million excluding approximately $9 million of anticipated non-cash stock compensation. This guidance represents an improvement relative to our 2024 cash SG&A of $83 million due to cost savings implemented late in the year.

我們預計 2025 年現金銷售、一般及行政費用將在 7,600 萬美元至 8,600 萬美元之間，或中間值為 8,100 萬美元，不包括約 900 萬美元的預期非現金股票補償。由於今年底實施的成本節約措施，該指引相對於我們 2024 年 8,300 萬美元的現金銷售、一般及行政費用有所改善。

As announced at our Investor day last November, we are introducing a new guidance metric for 2025 called adjusting operating cash flows.

正如去年 11 月投資者日上宣布的那樣，我們將推出一項名為「調整經營現金流」的 2025 年新指導指標。

This metric is a combined view of our operating performance, including MPC EBT operating asset NOI, and condo gross profit, less cash SG&A, and net interest expense.

此指標是我們經營績效的綜合體現，包括 MPC EBT 經營資產 NOI、公寓毛利減去現金 SG&A 和淨利息支出。

We expect this new metric will provide a more straightforward approach to modeling our overall financial performance while providing enhanced insight into our cash generation capabilities and drivers of future growth.

我們預計這項新指標將提供一種更直接的方法來模擬我們的整體財務業績，同時提供對我們的現金創造能力和未來成長動力的更深入的了解。

Using the guidance measures I provided, we project our adjusted operating cash flow will range between $325 million and $375 million in 2025. With a midpoint of approximately $350 million or approximately $7 per share.

根據我提供的指導措施，我們預計 2025 年調整後的營運現金流量將在 3.25 億美元至 3.75 億美元之間。中間價約 3.5 億美元，即每股約 7 美元。

Compared to 2024, when we generated $535 million of adjusted operating cash flows, we expect a reduction of approximately $185 million which is driven by the reduction in condo gross profit from Victoria Place in 2024.

與 2024 年相比，當時我們產生了 5.35 億美元的調整後經營現金流，我們預計將減少約 1.85 億美元，這是由於 2024 年維多利亞廣場的公寓毛利減少所致。

Overall, with this guidance and a disciplined approach to capital allocation, we expect to in 2025 with approximately $600 million in cash, not including any potential benefit of additional mud sales that could be transacted later in this year.

總體而言，憑藉這項指導和嚴謹的資本配置方法，我們預計到 2025 年將擁有約 6 億美元現金，這還不包括今年稍後可能交易的額外泥漿銷售的任何潛在收益。

More information on adjusted operating cash flow and a reconciliation of our 2024 results are available in our earnings release and investor presentation on our investor relations website.

有關調整後的經營現金流和 2024 年業績對帳的更多信息，請參閱我們投資者關係網站上的收益報告和投資者介紹。

Looking at asset dispositions, we continue to streamline our operating asset portfolio during 2024 to better focus on properties that we believe add value and our core to our business model.

從資產處置來看，我們將在 2024 年繼續精簡我們的營運資產組合，以便更好地專注於我們認為能夠增加價值並成為我們商業模式核心的資產。

As a result, we sold the Lakeland Village Center at Rutland for $28 million during the fourth quarter, as well as two non-core grand leases in Houston, which resulted in a combined gain of $15 million.

因此，我們在第四季以 2800 萬美元的價格出售了位於拉特蘭的萊克蘭村中心，以及位於休士頓的兩處非核心大型租賃，共獲得 1500 萬美元的收益。

For the full year, we recognized gains of $23 million including the sale of Creekside Medical Plaza in the Woodlands during the first quarter.

全年我們實現了 2300 萬美元的收益，其中包括第一季出售伍德蘭茲的 Creekside 醫療廣場。

Turning to our balance sheet, we ended the year in a position of strength with $596 million of cash and approximately $315 million of available lender commitment that can be drawn for any development project or any corporate use.

從我們的資產負債表來看，我們在年底處於強勁狀態，擁有 5.96 億美元的現金和約 3.15 億美元的可用貸款承諾，可用於任何開發項目或任何公司用途。

Combined, we had over $900 million of available liquidity, leaving us well positioned to allocate capital to our development pipeline.

總計起來，我們擁有超過 9 億美元的可用流動資金，這使我們能夠為開發管道分配資金。

At the end of the fourth quarter, the remaining equity contribution needed to fund their current project, which will not all be spent in 2025, was $237 million.

截至第四季末，其目前專案所需的剩餘股權出資為 2.37 億美元（不會在 2025 年全部用完）。

From a debt perspective, we have $5.1 million outstanding at the end of the year with $421 million of maturity in 2025.

從債務角度來看，截至年底，我們的未償債務為 510 萬美元，其中 4.21 億美元將於 2025 年到期。

The majority of this maturities relate to construction loans for newer developments, including the 1,700 Pavilion and 6,100 Merryweather office in the Marlow Tjareco and Wingsman multi-family projects.

大部分到期貸款涉及新開發案的建設貸款，包括 Marlow Tjareco 和 Wingsman 多戶型項目中的 1,700 Pavilion 和 6,100 Merryweather 辦公室。

We expect all of this will be successfully refinanced during the year, with discussions for most already well under way.

我們預計所有這些都將在今年內成功進行再融資，其中大部分討論已在順利進行中。

In the fourth quarter, we completed several important financing transactions, including a $260 million dollar construction loan for the Ritz Carlton Residences, a $38 million dollar refinancing on the Sterling and Bridgeland construction loan, and a new $13.5 million dollar financing for Waterway Plaza 2, which we purchased for $19 million in cash during the second quarter.

在第四季度，我們完成了幾項重要的融資交易，包括為麗思卡爾頓公寓提供的 2.6 億美元建設貸款、為 Sterling 和 Bridgeland 提供的 3800 萬美元建設貸款再融資，以及為 Waterway Plaza 2 提供的 1350 萬美元新融資，我們在第二季度以 1900 萬美元現金收購了該廣場。

We also increased the capacity of the Bridgeland notes by $125 million and extended its maturity by 3 years to 2029.

我們還將 Bridgeland 票據的容量增加了 1.25 億美元，並將其期限延長 3 年至 2029 年。

Overall, at the end of the year, a weighted average debt maturity was five years with 82% of our debt maturing in 2027 or later. Additionally, 94% of our debt was fixed, capped, or swapped to a fixed rate.

總體而言，截至年底，加權平均債務期限為五年，其中 82% 的債務將在 2027 年或之後到期。此外，我們的 94% 債務都是固定的、有上限的或轉換為固定利率的。

With that, I would like to hand the call back over to David for closing remarks.

最後，我想將發言權交還給 David，請他做最後發言。

Thank you, Carlos. Before we open up the lines for Q&A, I want to touch on two items. First, earlier this year, the governor of Hawaii approved amendments to local development rules which we believe favorably impact our residential entitlements in Ward village.

謝謝你，卡洛斯。在我們開始問答環節之前，我想先談兩件事。首先，今年早些時候，夏威夷州長批准了地方發展規則的修正案，我們認為這對沃德村的居住權利產生了積極影響。

With this change, we estimate the potential for an additional 2.5 to 3.5 million square feet of entitlements, which could be used to construct additional condo towers in the areas of Ward village that have not yet been redeveloped.

透過這項變化，我們估計可能增加 250 萬至 350 萬平方英尺的土地使用權，這些土地可用於在沃德村尚未重新開發的地區建造更多的公寓大樓。

This is a significant development for Howard Hughes, which we expect will positively impact our NAV for future condominium projects and enable the continued transformation of Ward village well beyond 2030.

這對霍華德休斯來說是一個重大進展，我們預計這將對我們未來公寓計畫的資產淨值產生積極影響，並使沃德村在 2030 年以後繼續轉型。

I also want to take a moment to reflect on our adjusted operating cash flow metric and how we reinvested the $535 million generated in 2024.

我還想花點時間回顧一下我們調整後的營運現金流量指標，以及我們如何再投資 2024 年產生的 5.35 億美元。

We invested approximately $170 million into condominium developments and infrastructure, primarily for our future projects in Hawaii and current projects in the lands.

我們投資了約 1.7 億美元用於公寓開發和基礎設施建設，主要用於我們在夏威夷的未來項目和該土地上的現有項目。

While these developments required considerable upfront capital in 2024, our strong track record of delivering sold out condo towers with 25% to 30% gross margins fully supports our investment.

雖然這些開發案在 2024 年需要大量的前期資本，但我們交付公寓大樓並以 25% 至 30% 的毛利率售罄的良好業績記錄完全支持我們的投資。

With eight more towers underway or in advanced development, and now the potential for additional entitlements in Hawaii, we are poised to deliver significant condo profitability and cash generation for many years to come.

隨著另外八座大樓的建設或進入後期開發階段，以及現在在夏威夷獲得更多權益的潛力，我們準備在未來許多年內實現顯著的公寓盈利能力和現金創造。

From a commercial perspective, we invested approximately $160 million in our operating asset portfolio. The most significant contributions to the funding equity requirements for current projects, with the latest being the one RiverRo multi-family project in the Woodlands and the Whole Foods anchor grocery center in Summerlin.

從商業角度來看，我們在營運資產組合中投資了約 1.6 億美元。對目前專案的資金股權需求做出的最重大貢獻，最新的是位於 Woodlands 的一個 RiverRo 多戶型專案和位於 Summerlin 的 Whole Foods 主力雜貨中心。

We also funded some of the remaining development costs on various projects across the portfolio as well as pre-development for projects in our pipeline.

我們也為投資組合中各個專案的部分剩餘開發成本以及我們正在進行的專案的前期開發提供了資金。

All of these projects are expected to generate solid stabilized returns and immediately grow a recurring stream of net operating income in the years ahead.

所有這些項目預計都將產生穩定的回報，並在未來幾年立即產生經常性的淨營業收入。

In addition, we spent approximately $170 million to fund the successful spinoff of Seaport Entertainment and seven months of its operating losses. While significant in 2024, this represents meaningful future cash flow savings that we can allocate to higher return opportunities.

此外，我們還花費了約 1.7 億美元資助 Seaport Entertainment 的成功分拆以及其七個月的營運虧損。雖然這在 2024 年意義重大，但這代表著有意義的未來現金流節省，我們可以將其分配給更高回報的機會。

Finally, in NPCs, the remainder of that free cash flow was invested, net of mud receivable sale into horizontal development.

最後，在 NPC 中，剩餘的自由現金流（扣除泥漿應收款銷售）被投資於橫向開發。

This not only supported our record land sales in EBC in 2024, but also future land sales, which we expect will reach new all-time highs in 2025 with cash gross margins of approximately 80% or more.

這不僅支持了我們在 2024 年 EBC 創下的土地銷售額記錄，也支持了未來的土地銷售額，我們預計 2025 年我們的土地銷售額將達到歷史新高，現金毛利率將達到約 80% 或更高。

Overall, our new metric highlights the key drivers of our self-funding business model and the opportunities we have to grow NAV by investing in development that generate exceptional returns greater than our cost of capital.

整體而言，我們的新指標凸顯了我們自籌資金業務模式的關鍵驅動力，以及我們透過投資開發來增加資產淨值的機會，從而產生高於資本成本的卓越回報。

As we look into 2025 with our strong foundation of liquidity and anticipated adjusted operating cash flow of approximately $350 million, we are well positioned for the future.

展望 2025 年，我們擁有強大的流動性基礎，預計調整後的營運現金流約為 3.5 億美元，為未來做好了充分準備。

Although we are not currently planning many new projects in today's rate environment, we remain committed to a disciplined approach to capital allocation with our development spend aligned with the free cash flow we expect to generate.

儘管在當今的利率環境下我們目前沒有計劃開展許多新項目，但我們仍然致力於採取嚴謹的資本配置方式，使我們的開發支出與我們預期產生的自由現金流保持一致。

This will ensure we have ample liquidity available to fund new investment opportunities that will meaningfully grow adjusted operating cash flow in the coming years and achieve the highest return possible for our shareholders.

這將確保我們擁有充足的流動資金來資助新的投資機會，從而在未來幾年顯著增加調整後的營運現金流，並為我們的股東實現最高的回報。

Before we begin Q&A, I want to remind everyone that the Special Committee of our Board of Directors is responsible for evaluating Persian Square's most recent Schedule 13D filing and the associated proposed transaction.

在我們開始問答之前，我想提醒大家，我們董事會的特別委員會負責評估波斯廣場最近的 13D 表文件和相關的擬議交易。

The board and the special committee are committed to acting in the best interest of the company and its stockholders.

董事會和特別委員會致力於為公司及其股東的最大利益行事。

The special committee will provide an update to our stockholders as and when appropriate, and as such, we will not be taking any questions today relating to such matters.

特別委員會將在適當的時候向我們的股東提供最新情況，因此，我們今天不會回答與此類事項相關的任何問題。

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

讓我們開始電話會議的問答部分。接線員，您能接通第一個問題的線路嗎？

(Operator Instructions) Alexander Goldfarb, Piper Sandler.

（操作員指示）亞歷山大·戈德法布、派珀·桑德勒。

Good morning down there. Hey, just a few questions and first, congrats on the expanded entitlements in Hawaii. That's something that you guys have been talking about and, for some time certainly we've been advocating just given your success out there. So nice job there. So a few questions, David first, no problem, first on cash flow and certainly appreciate the increased color. Maybe I'll just start with Seaport. Can you just give an update because Seaport has cost you guys a tremendous amount of money, for, well over a decade. It's also been a cash drain, and 2025 will be the first year that you are not impacted by any of that.

早安.嘿，我只想問幾個問題，首先，祝賀夏威夷的權利擴大。這是你們一直在談論的事情，而且一段時間以來，鑑於你們的成功，我們一直在提倡這一點。那裡的工作真好。所以有幾個問題，首先是大衛，沒問題，首先是關於現金流，當然也欣賞增加的顏色。也許我應該從海港開始。您能否提供最新消息，因為十多年來，海港計畫已經花費了您們大量的金錢。這也是一筆現金流失，2025 年將是你第一次不受任何影響的一年。

So could you just provide some aggregate perspective on how much that project cost? How much that was a drain on cash flow over the past few years? And how much of a benefit not having that in the in the company as people think about your new operating cash flow metric, how the impact of that? Because I would have to think it's substantial.

那麼，您能否提供一些關於該專案成本的整體看法？過去幾年這對現金流造成了多大的損失？當人們考慮新的經營現金流指標時，公司沒有這個指標會有多大的好處，會產生什麼影響？因為我必須認為它是實質的。

Yeah, Alex, it's an interesting question, and I don't want to spend a ton of time on assets that we've spun off successfully and have set on its path to maximizing value for the shareholders of Seaport Entertainment. Look, based on the spin filings, it's pretty clear you can go back and see what our book value was at time of spin. It was a little bit over $1 billion, before the impairment charge that was taken last year.

是的，亞歷克斯，這是一個有趣的問題，我不想花費大量時間在我們已經成功剝離的資產上，並且已經開始為 Seaport Entertainment 的股東實現價值最大化。瞧，根據旋轉文件，很明顯你可以回過頭來看看旋轉時的帳面價值是多少。在扣除去年的減損費用之前，這一數字略高於 10 億美元。

I think more importantly, as we talked about where last year's adjusted free cash flow went in the prepared remarks just before Q&A. We talked that last year in the seven or eight months that we owned that asset with the losses in the first half of the year and the debt paydowns and transaction costs, it used up about $170 million of that adjusted operating cash flow.

我認為更重要的是，我們在問答之前的準備好的發言中討論了去年調整後的自由現金流的去向。我們談到，去年我們擁有該資產的七、八個月裡，加上上半年的虧損、債務償還和交易成本，它消耗了約 1.7 億美元的調整後經營現金流。

And not having to use that in 2025 frees us to make better capital allocation decisions to drive a higher risk adjusted returns for our shareholders. We're excited about that opportunity to do that in this coming year and think that we'll find opportunities as the year progresses.

2025 年不再使用這個資本配置機制，使我們能夠做出更好的資本配置決策，為股東帶來更高的風險調整回報。我們對來年能有這樣的機會感到非常興奮，並相信隨著時間的推移，我們會找到機會。

Okay, the next question is Carlos you gave guidance for the operating for cash flow, which is down from last year, and yet you're still expected to end, net cash position roughly unchanged. So is that really just a reflection of not having the seaport drain? Or are there other things that you guys have adjusted in your cash flow retention that have improved the efficiency despite, not having the profit, having a different mix on condo deliveries this year.

好的，下一個問題是卡洛斯，您給出了經營現金流的指導，該指導比去年有所下降，但您仍然預計最終淨現金狀況大致保持不變。那麼這真的只是沒有海港排水管道的反映嗎？或者你們在現金流保留方面做了其他調整，儘管沒有利潤，但今年的公寓交付組合有所不同，從而提高了效率。

Hi Alex, this is Carlos. So the change in cash flows is, as we say, driven by the fact that we don't have market rate condo closing units. But it does remain, as you said, relatively stable because as we've said before during this, times in the economic conditions that we're being very deliberate on where we deploy capital for new projects.

你好，亞歷克斯，我是卡洛斯。因此，正如我們所說，現金流的變化是由於我們沒有市場價格的公寓成交單位。但正如您所說，它確實保持相對穩定，因為正如我們之前所說的那樣，在當前的經濟形勢下，我們非常謹慎地為新專案部署資本。

And so as and everybody's in power knows where our development pipeline has been more specific focused on certain projects that makes sense in the time and that allows us to retain a very healthy cash position even in a year when we don't have a market rate for the closing.

因此，每個掌權的人都知道，我們的開發管道更專注於某些在當時有意義的項目，這使得我們即使在沒有市場價格成交的年份也能保持非常健康的現金狀況。

Okay, and just maybe a final one for Summerlin. The increased gross asset value slide update was very helpful, pretty impressive how much it's changed from November.

好的，這也許只是 Summerlin 的最後一個問題。增加的總資產價值幻燈片更新非常有用，與 11 月相比變化很大，令人印象深刻。

But Summerlin stands out in just a dramatic acceleration in price per acre and I'm just curious how much of this is driven by, let's say, discovery versus The normal sort of that $600,000 to $700,000 type home that you guys have there. I'm just trying to understand what the real driver is on a mixed basis because it definitely stands out for how much that community has increased on a price per acre.

但是薩默林 (Summerlin) 的每英畝價格急劇上漲，我很好奇，這在多大程度上是由發現推動的，而不是像你們那裡那樣，是價值 60 萬到 70 萬美元的普通房屋。我只是想了解混合基礎上的真正驅動因素是什麼，因為該社區每英畝價格的漲幅確實非常突出。

Yeah, it's a great question, Alex, and there certainly has been price appreciation across the board in Summerlin in custom lots, not just within the summit, our partnership with discovery. But as we reported this quarter in our new custom lot community that we're doing on our own, Astra, it has averaged $6 million per acre. But the vast majority of the valuation chain, just given the number of acres. Because this is a weighted average calculation is coming from the sale of super pets.

是的，這是一個很好的問題，亞歷克斯，薩默林的定制地段價格確實全面上漲，不僅僅是在峰會期間，還有我們與探索的合作。但正如我們本季報告的那樣，我們自己建造的新客製化地塊社區 Astra 的平均成本為每英畝 600 萬美元。但絕大多數估價鏈僅給出英畝數。因為這是超級寵物銷售的加權平均計算。

And when we're selling super pads at over a million dollars relative to, $600,000 six to seven years ago, that's a meaningful change. And this current quarter, we're reporting super pad sales at $1.3 million $1.4 million an acre.

當我們以一百多萬美元的價格出售超級護墊時，相對於六、七年前的六十萬美元，這是一個有意義的變化。本季度，我們報告的超級墊塊銷售額為每英畝 130 萬美元至 140 萬美元。

That increase is for home builders buying those super pads, building production homes. That's the majority of the land that we sell in any given quarter in any given year in Summerlin. And that's the driving the majority of the price increase that we're benefiting of with the Summerlin land sales.

這一增長是針對房屋建築商購買這些超級公寓並建造生產住宅而產生的。這是我們在薩默林每年每季出售的大部分土地。這就是我們從 Summerlin 土地銷售中獲益的推動價格上漲的主要因素。

Thank you David.

謝謝你，大衛。

Thank you, Alex.

謝謝你，亞歷克斯。

Anthony Paolone, JPMorgan.

摩根大通的安東尼保隆 (Anthony Paolone)。

Thank you. Good morning. I guess just going back to the cash flow discussion, if we look at the $350 million at the midpoint of your guidance and think of that as a source of cash, can you maybe zoom out for a minute and just give us the bigger picture on sources and uses, but the source from the operations as well as maybe any financing and then just planned uses?

謝謝。早安.我想回到現金流的討論，如果我們看一下您指導中點的 3.5 億美元，並將其視為現金來源，您能否稍微放慢速度，給我們介紹一下現金來源和用途的總體情況，但來源包括運營以及任何融資，然後只是計劃用途？

Yeah, sure. I think that the components of guidance that Carlos walked through really show the sources of cash flow pretty well, midpoint of $375 million of MPC EBT, $262 million of operating asset NOI that's offset by SG&A, which is down modestly. We expect next year relative to this year and interest expenses, those are the sources that add up and deliver the $350 million at the midpoint of our guidance.

是的，當然。我認為卡洛斯所闡述的指導內容確實很好地顯示了現金流的來源，MPC EBT 的中點為 3.75 億美元，營業資產 NOI 為 2.62 億美元，由 SG&A 所抵消，而 SG&A 略有下降。我們預計明年相對於今年和利息支出，這些是加起來並產生我們指導中位數 3.5 億美元的收入來源。

In terms of uses for next year, we have unfunded commitments that are detailed in the supplemental for new construction projects or existing projects under construction that some of that capital will go to. Some of it will go to support condo development as well.

就明年的用途而言，我們有未撥付的承諾，這些承諾在補充文件中詳細說明，用於新建項目或正在建造的現有項目，其中部分資金將用於這些項目。其中一部分也將用於支持公寓開發。

Whether it's the Ritz-Carlton in the Woodlands or other projects, our equity components will come from that. And some of it will go into recurring CapEx within our operating asset portfolio. Right now we haven't announced any new development projects that would use that capital. So, it's why we're able to talk about a cash balance? It's very similar. It's not slightly higher and incremental liquidity at the end of next year.

無論是伍德蘭茲的麗思卡爾頓酒店還是其他項目，我們的股權部分都來自於此。其中一部分將進入我們營運資產組合中的經常性資本支出。目前我們還沒有宣布任何將使用該資金的新開發案。那麼，這就是我們能夠談論現金餘額的原因嗎？非常相似。不是稍微高一點，明年年底增量流動性。

Okay, maybe if I ask it a bit differently, like if we think about you have West Phoenix and you still have a lot to do with your other MPCs, putting aside the condos in Hawaii because those, tend to get funded almost themselves it seems like what should we think of as just a recurring out of pocket horizontal development spend, over the next several years?

好的，如果我換個角度問，比如我們想想你有西鳳凰城，你仍然有很多事情要做，與其他 MPC 無關，把夏威夷的公寓放在一邊，因為那些公寓往往幾乎是自己獲得資金的，那麼在接下來的幾年裡，我們應該把這看作是經常性的自掏腰包的橫向開發支出嗎？

Oh. So that's an interesting question, Anthony, because it gets to the difference between, EBT and the profitability of the underlying land that we sell and NPC net contribution, which is the cash flow. Because the dollars that we're investing today will be for lots that we're selling tomorrow in general. And to take it kind of community by community, West Phoenix and Terra Alas is cash flow neutral.

哦。所以這是一個有趣的問題，安東尼，因為它涉及 EBT 和我們出售的底層土地的盈利能力與 NPC 淨貢獻（即現金流）之間的差異。因為我們今天投資的資金一般會用於明天出售的地塊。就各個社區而言，西菲尼克斯和 Terra Alas 的現金流是中性的。

We expect that to entirely self-fund itself for the next several years. Based on the land sales that we've talked about today and the expected future land sales as we get into future phases. The remainder of the assets, there are a couple of major infrastructure projects that will create interim uses of capital, but they're not material. We think that this is a good representation of our operating cash flow and that there's not a lot of incremental drain coming from the horizontal development.

我們預計，未來幾年其資金將完全自給自足。根據我們今天討論的土地銷售情況以及未來階段預期的土地銷售情況。在其餘資產中，有幾個主要的基礎設施項目將創造臨時的資本用途，但它們並不重要。我們認為這很好地反映了我們的經營現金流，而且橫向發展不會帶來太多的增量消耗。

And when we talked about this year and I walked through all the components of the pieces of where it went it was the bigger pieces were in condo development, vertical development seaport and then the remainder which is kind of just the what was left over after the mud receivable sale was pretty nominal relative to the spend in those other categories.

當我們談論今年時，我詳細介紹了各個部分的發展情況，其中較大的部分是公寓開發、海港垂直開發，其餘部分，也就是泥漿應收帳款銷售後剩下的部分，相對於其他類別的支出來說，相當少。

Okay, thanks for that. And then just my follow up here. Can you give us some updates on the expected legislation in Nevada for studios and just kind of what's happening there? I think the anticipation was maybe we'd see some things start to move here early in the year.

好的，謝謝。接下來就是我的後續內容。您能否向我們介紹一下內華達州針對工作室的預期立法以及那裡正在發生的事情？我認為我們可能期待在今年年初看到一些事情開始發生進展。

Yeah, we're really optimistic, and the timing of that question is great, Tony. I'm actually in a hotel room in Carson City because I'm heading up to a legislature to speak with the Assembly later today to testify in favor of Assembly Bill 238, which would provide the tax credits that Sony and our new partner Warner Brothers.

是的，我們確實很樂觀，這個問題問得正是時候，東尼。我實際上在卡森城的一家酒店房間裡，因為我今天晚些時候要前往立法機構與議會交談，為第 238 號議會法案作證，該法案將為索尼和我們的新合作夥伴華納兄弟提供稅收抵免。

We've all joined forces, the three of us, to advance this film tax credit bill through legislature. There's 90 days remaining in the legislative session here in Carson City. And so we have 90 days left to get this over the goal line. As soon as we have any updates or we have any material changes, we'll be sure to update our investors.

我們三人齊心協力，推動這項電影稅收抵免法案通過立法。卡森城的立法會議還剩 90 天。因此，我們還有 90 天的時間來實現這一目標。一旦我們有任何更新或重大變化，我們一定會通知我們的投資者。

Okay, great. Well, good luck. Thank you.

好的，太好了。好吧，祝你好運。謝謝。

Thank you, Tony.

謝謝你，托尼。

(Operator Instructions)

（操作員指示）

John Kim, BMO Capital Markets.

蒙特利爾銀行資本市場 (BMO Capital Markets) 的 John Kim。

Thank you, and good morning. I appreciate the sensitivity around the Pershing Square proposal, but I was wondering if you could provide any sense at all as far as timing of when there will be an update, and I just wanted to confirm the transaction needs, Board approval and that shareholder approval to move forward.

謝謝，早安。我理解潘興廣場提案的敏感性，但我想知道您是否可以提供任何有關何時更新的信息，我只是想確認交易需求、董事會批准和股東批准才能繼續進行。

Yeah, the Pershing Square 13D filing is between the special committee and Pershing Square, and I'm going to leave any comments on timing or otherwise for them to opine on.

是的，潘興廣場 13D 文件是在特別委員會和潘興廣場之間提交的，我將留下有關時間或其他方面的任何評論供他們發表意見。

Can you name who's on that committee?

你能說出該委員會的成員名單嗎？

There's been a number of press releases that the special committees put out and I would refer you to those to get the information you need in terms of how they're processing this proposal and their advisors.

特別委員會已經發布了多份新聞稿，我建議您參考這些新聞稿，以獲取有關他們如何處理該提案及其顧問的資訊。

Okay, can you comment on going-to operations, the Columbia, move out, any commentary on the kind of turnover and what you, expect in 2025, and how many of the move outs, whether it's an office or multi-family is potentially related to doge?

好的，您能否評論一下哥倫比亞的搬遷情況，對營業額類型和您對 2025 年的預期有何評論，以及有多少搬遷，無論是辦公室還是多戶住宅，都可能與 DOGE 有關？

This is David Striph. I'll come in on the Columbia move out. Yeah, we've had some turnover there, but we're actively marketing the space. We're actually looking at one of the buildings in Meriweather Rove to actually empty it out and explores, excuse me, strategic alternatives with regard to it. But we actually got quite a bit of leasing in place right now quite a few tenants are in discussions and we feel pretty good about it, so we'll have further updates ss things unfold.

我是 David Striph。我會加入哥倫比亞的搬遷計畫。是的，我們在那裡有一些營業額，但我們正在積極行銷該空間。我們實際上正在查看梅里韋瑟羅夫的一棟建築，以便將其清空，並探索與之相關的戰略替代方案。但實際上，我們現在已經獲得了相當多的租賃，有不少租戶正在商談中，我們對此感覺很好，因此，隨著事態的發展，我們將提供進一步的更新。

Yeah, John, I would add that I don't think that we've seen any fallout to date from what's going on, in Washington DC, a multi-family remains strong. We continue to see positive absorption in our assets, and the office move-ins, move outs, contractions have been pretty consistent. If not, honestly, it's been modestly improving over the past several months and quarters, and we haven't seen any negative fallout or positive impact of government workers back to the office five days or efficiency moves made by, doge.

是的，約翰，我想補充一點，我認為迄今為止我們還沒有看到任何後果，在華盛頓特區，多戶型住宅仍然強勁。我們繼續看到資產的積極吸收，辦公室的遷入、遷出和收縮一直相當一致。如果沒有，老實說，在過去的幾個月和幾個季度裡，情況一直在略有改善，我們還沒有看到政府工作人員五天復工或政府採取的效率舉措帶來的任何負面影響或積極影響。

And then on your guidance for this year, what's currently assumed as far as super pad sales and any commentary that you can provide on acreage sold and price per breaker that you expect?

然後，根據您對今年的指導，就超級墊塊銷售而言，目前有何假設？您能否對銷售面積和每台破碎機的價格提供任何評論？

We are cautiously optimistic that we'll continue to see really strong super pad sales, and then Carlos is prepared remarks. We're expecting those to be heavily concentrated in the second and third quarter, just based on the timing of when we're going to be able to deliver those super pads to builders.

我們謹慎樂觀地認為，我們將繼續看到真正強勁的超級墊銷售，然後卡洛斯準備發表評論。我們預計這些將主要集中在第二季度和第三季度，這取決於我們何時能夠將這些超級平台交付給建築商。

I do think we're going to see some meaningful increase in price per acre. The demand is incredibly strong from the home builders in that market, and despite national headlines of weakening or softening home sales, we've seen a resilience in Summerlin. We've seen a resilience in Bridgeland. So we're expecting both communities to be up modestly in ‘25 compared to ‘24, which has led us to our new record MPC EBT guidance for ‘25.

我確實認為我們將會看到每英畝價格出現一些有意義的上漲。該市場的房屋建築商需求異常強勁，儘管全國範圍內都報告房屋銷售疲軟或疲軟，但我們看到了薩默林的復甦勢頭。我們看到了布里奇蘭的韌性。因此，我們預計 2025 年這兩個社群的 EBT 成長率將較 2024 年有所放緩，這也促使我們制定了 2025 年 MPC EBT 預測的新紀錄。

Thank you.

謝謝。

Thanks John.

謝謝約翰。

Alexander Goldfarb, Piper Sandler.

亞歷山大·戈德法布、派珀·桑德勒。

Hey, thank you. And David, congrats on the Warner Brothers, announcement. Good luck today in the legislature. Question on the home builders and the outlook for even bigger or more land sales on a dollar value this year versus last. Can you just comment on what's going on with the home builders as far as their incentives to residents, newspapers or, the internet filled with stories about still challenged, home price market affordability and all this stuff, and yet you guys seem to by that. So just curious if the buy downs or free upgrades that the home builders are doing, if that's changed at all or if there are other things that are going on and then also if you've noticed any change in sort of the resident profile that's allowing you guys to sell or guide towards even stronger land sales this year to the builders versus last?

嘿，謝謝你。大衛，祝賀華納兄弟宣布這項消息。祝你今天在立法會上一切順利。關於房屋建築商的問題以及今年與去年相比土地銷售額是否會更大或更多的前景。您能否評論一下房屋建築商對居民的激勵措施，報紙或互聯網上充斥著有關仍然面臨挑戰的房價市場可負擔性等所有事情的故事，但你們似乎都明白這一點。所以我只是好奇房屋建築商正在進行的買斷或免費升級，是否有任何變化，或者是否有其他事情發生，然後你是否注意到居民概況有任何變化，這使得你們能夠出售或引導今年向建築商銷售更強勁的土地，而不是去年？

Yeah, I look -- I think it's taking a step back and thinking about that question, Alex, it really comes down to the attractiveness and the quality of the communities in which we're selling land. Summerlin, Bridgeland, Woodland Hills, and soon to be Teravalis, I believe, meaningfully stand out in the relative market. The home prices within Summerlin relative to the Las Vegas Valley, the home prices in Bridgeland relative to the Houston market are meaningfully higher. The quality of life that residents can experience is better. The quality of education, the connectivity to nature, and the amenities that we've built into these communities, I believe are far superior.

是的，我看——我認為我們應該退一步思考這個問題，亞歷克斯，這實際上取決於我們出售土地的社區的吸引力和品質。我相信，Summerlin、Bridgeland、Woodland Hills 以及即將成為 Teravalis 的地區在相對市場中將脫穎而出。薩默林的房價相對於拉斯維加斯谷而言，布里奇蘭的房價相對於休士頓市場而言，都明顯高出許多。居民能夠體驗到的生活品質更好。我相信，我們在這些社區中建立的教育品質、與大自然的連結性以及便利設施都非常出色。

As a result, our master plan communities have outperformed throughout cycles. We've demonstrated that year after year after year, and that confidence has led us to provide this guidance today. We're having real-time discussions with our home builder partners in all of our master plan communities almost daily.

因此，我們的總體規劃社群在整個週期中都表現出色。我們年復一年地證明了這一點，這種信心促使我們今天提供這項指導。我們幾乎每天都會與所有總體規劃社區的房屋建築商合作夥伴進行即時討論。

And they're showing an appetite to continue to buy land because we're continuing to sell homes. Now their margins are under pressure. We are seeing, continued inflation. We're seeing continued high mortgage rates, and home builders are being forced to offer some incentives, mortgage rate buy downs.

由於我們繼續出售房屋，他們也表現出對繼續購買土地的興趣。現在他們的利潤面臨壓力。我們看到通貨膨脹持續存在。我們看到抵押貸款利率持續居高不下，房屋建築商被迫提供一些激勵措施，降低抵押貸款利率。

I would say those are very consistent over the past several quarters. We haven't seen a ton of shift in in what's going on in any of our markets that's notable. So I really think taking a step back, our confidence is just based on the success that we've had and the current discussions that we're having Summerlin.

我想說的是，過去幾季的情況非常一致。我們尚未看到任何市場發生顯著的重大變化。所以我真的認為退一步來說，我們的信心只是基於我們已經取得的成功以及我們目前正在進行的討論。

Thank you.

謝謝。

Thanks, Alex.

謝謝，亞歷克斯。

(Operator Instructions) Craig Biff, Jasper Funds.

（操作員指示）Craig Biff，Jasper Funds。

Hi guys, congratulations on another outstanding quarter a year. I promise this is a capital allocation question. So for closing funds, land trusts, real estate companies, the tried and true method for reducing a discount that may be is to buy back stock.

大家好，恭喜你們又一個出色的季度。我保證這是一個資本配置問題。因此，對於關閉基金、土地信託、房地產公司來說，減少折扣的有效方法是回購股票。

Has the Section 203 waiver given to Pershing prevented the Board from buying back a material number of shares, given that they're already bumping up on the 40% cap?

鑑於董事會已將持股比例提高到 40% 上限，授予 Pershing 的第 203 條豁免是否阻止了董事會回購大量股份？

Craig, it is great to hear from you. It's been a while, sir. Thank you for the question. Look, we're always looking at ways to allocate our capital to drive our intrinsic value and net asset value higher. And there are times where that capital allocation decision is a pretty easy one where we can put it into condos at 30% margins. And there are times where our share price is uniquely disconnected from our underlying value and share buybacks are an opportunity to allocate capital in that regard.

克雷格，很高興收到你的來信。好久不見了，先生。謝謝你的提問。你看，我們一直在尋找配置資本的方法，以提高我們的內在價值和淨值。有時，資本配置決策相當容易，我們可以以 30% 的利潤率將資金投入公寓。有時我們的股價與我們的基本價值有明顯的脫節，而股票回購正是在這方面配置資本的機會。

Today, we're looking at all those opportunities. We have a little bit left on our existing buyback program, and the Board does not provide authorization for more. It's something that we debate every quarter in our boardroom. And I'm sure we'll be subject of conversation in our next one and as it is required to be updated if we are able to announce another buyback, we'll be sure to do that promptly after any decisions have been made.

今天，我們正在審視所有這些機會。我們現有的回購計畫只剩下一點點，董事會不授權進行更多回購。這是我們每季在董事會會議室討論的問題。我相信我們會成為下次討論的主題，如果我們能夠宣布另一次回購，就需要進行更新，我們一定會在做出任何決定後立即這樣做。

Okay, what would happen if you push, if your buyback, if they buyback Pershing over 40%.

好的，如果你推動，如果你回購，如果他們回購超過 40% 的 Pershing，會發生什麼情況。

Look, I don't know that our authorization today puts us in a position to make that calculation. And, that's I think, a question more for the security of employers than it is for me as I'm focused on the things that I can really control. And the things that I can control are, where we rent our space, where we sell our land, and the profitability of our condos. So those things are really important to me and where I focus my time and effort.

聽著，我不知道我們今天的授權是否使我們能夠進行這樣的計算。而且，我認為這更多的是雇主的安全問題，而不是我的問題，因為我關注的是真正能夠控制的事情。我能控制的事情是，我們在哪裡出租空間，在哪裡出售土地，以及我們公寓的獲利能力。所以這些事情對我來說真的很重要，我把時間和精力都集中在這些事情上。

Okay. And when you're doing your cost of capital calculation, how do you adjust for the 40% discount -- equity discount at MAV?

好的。當您進行資本成本計算時，如何調整 40% 的折扣——MAV 的股權折扣？

Right, we're not using any equity. We're not selling our shares to raise the capital to allocate. So our -- back in the day when, I was a Reed executive and we were worried about issuing equity to make every acquisition, it became a more material impact to our calculation.

是的，我們沒有使用任何股權。我們不會出售股份來籌集分配資金。所以，當我們還是 Reed 的高階主管時，我們擔心發行股票來進行每次收購，這會對我們的計算產生更實質的影響。

When I think about our cost of equity, I think about what our shareholders want to earn by investing in Howard uses, and it's clearly in the double digits, if not meaningfully higher. So when we think about the equity returns into any new development project, any capital allocation decision, we want to make sure we're exceeding those targets that our investors expect to make as investors in Howard's.

當我考慮我們的股權成本時，我會考慮我們的股東希望透過投資霍華德的用途獲得多少收益，而這個成本顯然是兩位數，甚至更高。因此，當我們考慮任何新開發項目的股權回報、任何資本配置決策時，我們都希望確保超越我們的投資者作為霍華德投資者所期望的目標。

And you're comparing those expected returns to the return of the shareholders from buying back stock at a discount in AB?

您是否將這些預期回報與股東以折扣價回購 AB 股票的回報進行比較？

Absolutely those are all part of the calculation. We look at all the different capital allocation opportunities in front of us when we make those decisions correct.

當然，這些都是計算的一部分。當我們做出正確的決定時，我們會考慮眼前所有不同的資本配置的機會。

Okay, great. Good luck today.

好的，太好了。祝你今天好運。

Thank you so much, Craig nice to hear from you.

非常感謝，Craig，很高興收到你的來信。

(Operator Instructions)

（操作員指示）

I say there are no further questions in the queue at this time. I will now turn the call back over to Mr. David O'Reilly for any final remarks.

我說現在沒有其他問題了。現在我將把電話轉回給戴維·奧萊利先生，請他做最後的評論。

Once again, we appreciate everyone for joining us on today's earnings conference call. We look forward to seeing you all soon at the next investor conference, or next earnings call when we speak again.

再次感謝大家參加今天的收益電話會議。我們期待在下次投資者會議或下次收益電話會議上再次見到大家。

If there are any questions, concerns, or things that weren't asked today that you want to follow up on, we are always available. Thank you again.

如果您有任何問題、疑慮或今天未提及但需要跟進的事情，我們隨時為您服務。再次感謝您。

This is concludes today's conference call. Thank you for your participation, and you may not disconnect.

今天的電話會議到此結束。感謝您的參與，但您不能斷開連接。