Howard Hughes Holdings Inc (HHH) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Howard Hughes Third Quarter 2025 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加霍華休斯公司2025年第三季財報電話會議。（操作人員指示）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, Joe Valane, General Counsel. Please go ahead.

現在我謹將會議交給今天的發言人，總法律顧問喬·瓦蘭先生。請繼續。

Good morning, and welcome to the Howard Hughes Holdings Third Quarter 2025 Earnings Call. With me today are Bill Ackman, Executive Chairman; David O'Reilly, Chief Executive Officer; Brian Israel, Chief Investment Officer; and Carlos Olea, Chief Financial Officer.

早安，歡迎參加霍華休斯控股公司2025年第三季財報電話會議。今天陪同我出席的有：執行董事長比爾·阿克曼；首席執行官大衛·奧萊利；首席投資官布萊恩·以色列；以及首席財務官卡洛斯·奧萊亞。

Before we begin, I would like to direct you to our website, www.howardhughes.com, where you can download both our third 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.

在開始之前，我想引導您訪問我們的網站 www.howardhughes.com，您可以在那裡下載我們第三季收益新聞稿和補充資料包。獲利報告和補充資料中包含非GAAP財務指標的調節表，今天將結合最直接可比較的GAAP財務指標進行討論。

Certain statements made today that are not in the present tent 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. 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. We are not under any duty to update forward-looking statements unless required by law.

今天發表的某些聲明，如果與本公告無關，或涉及公司的預期，則屬於聯邦證券法意義上的前瞻性聲明。儘管公司認為此類前瞻性聲明中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能夠實現。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存在重大差異的因素。除非法律要求，否則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.

現在我將把電話轉交給我們的執行長大衛·奧萊利。

Thanks, Joe, and good morning, everyone. I'm going to start with a quick overview of the quarter and some highlights for Howard use communities. Carlos will walk through guidance on our cash flow outlook before handing it over to Bill and Ryan to share updates on our holding company strategy. We delivered another strong quarter across every business segment, underscoring the strength of our real estate platform and the value of our transformation into a diversified holding company.

謝謝你，喬，大家早安。我將首先快速概述本季的情況，並為霍華德用戶社群介紹一些亮點。卡洛斯將介紹我們的現金流前景，然後交給比爾和瑞安，讓他們分享我們控股公司策略的最新進展。我們在各個業務領域都取得了又一個強勁的季度業績，凸顯了我們房地產平台的實力以及我們轉型為多元化控股公司的價值。

Starting with our MPC segment we had a record quarter, generating $205 million EBT, driven by strong land sales in Summerlin. We sold 319 acres at roughly $795,000 an acre. That included a single 231-acre bulk sale of raw undeveloped land sold at a 75% margin, but below our average price per acre since it required no upfront infrastructure. Excluding that one transaction, the rest of our land averaged about $1.7 million per acre. We earned more than $14.5 million in builder price participation, reflecting continued home price growth in Summerlin.

首先來看我們的 MPC 業務，我們創下了季度業績紀錄，EBT 達到 2.05 億美元，這主要得益於 Summerlin 的強勁土地銷售。我們以每英畝約 795,000 美元的價格售出了 319 英畝土地。其中包括一筆 231 英畝未開發土地的批量出售，利潤率為 75%，但由於無需前期基礎設施，因此每英畝價格低於我們的平均價格。除去那筆交易，我們其餘土地的平均價格約為每英畝 170 萬美元。我們從建築商價格分成中獲得了超過 1450 萬美元，這反映了薩默林地區房價的持續增長。

In Bridgeland land sales remain steady, and we're gearing up for the grand opening of Terra Valles in Phoenix later this month model homes are open, builders are active and momentum is strong at (inaudible). While broader national headlines point to slower home sales, we are once again seeing the opposite in our communities, delivering strong results to counter current headlines. Our perpetual cycle of value creation and self-funding model, combined with limited competition, continues to give us a major edge. As a result, we expect to finish the year with record high residential land sales, record pricing and a record full year MPC EBT. Given this performance, we're once again raising our full year MPC guidance. Moving to operating assets.

布里奇蘭的土地銷售保持穩定，我們正為本月晚些時候鳳凰城 Terra Valles 的盛大開幕做準備，樣品屋已開放，建築商們也積極參與，整體勢頭強勁。（聽不清楚）儘管全國範圍內的新聞報道顯示房屋銷售放緩，但我們社區的情況卻恰恰相反，取得了強勁的業績，與當前的新聞報道形成鮮明對比。我們持續創造價值和自籌資金的模式，加上有限的競爭，使我們持續擁有巨大的優勢。因此，我們預期今年住宅用地銷售額將創歷史新高，價格將創歷史新高，全年MPC EBT也將創下歷史新高。有鑑於此業績，我們再次上調全年MPC業績預期。轉入營運資產。

NOI grew 5% year-over-year to $68 million driven by leasing momentum across the portfolio. Office NOI was up 7% thanks to strong activity in Colombia and the expiration of some large abatements. We signed 55,000 square feet of new or expanded office leases and the stabilized office portfolio ended the quarter at 89% leased. Multifamily NOI grew 2% as new projects in Summerlin and Bridgeland continued leasing ahead of plan. Our stabilized multifamily portfolio is now 96% leased.

受整個投資組合租賃勢頭強勁的推動，淨營業收入年增 5% 至 6,800 萬美元。由於哥倫比亞市場的強勁表現以及一些大型減免政策的到期，辦公大樓淨營業收入增加了 7%。我們簽署了 55,000 平方英尺的新辦公大樓租賃或擴租協議，穩定的辦公大樓組合在本季末出租率達到 89%。由於 Summerlin 和 Bridgeland 的新專案租賃進度持續超前，多戶住宅淨營業收入增加了 2%。我們已穩定營運的多戶住宅投資組合目前的出租率達到 96%。

Retail NOI was up 9% year-over-year, led by great performance at Ward Village and Merriweather District. Our stabilized retail portfolio remains above 90% leased. Turning to strategic developments. We reached a new record with $1.4 billion in condo presales led by Melia and (inaudible), our 12th and 13th towers at Ward Village. Both are off to an incredible start and already collectively 57% presold. (inaudible) in Ward Village and the Ritz-Carlton Residences in the Woodlands are now 68% and 74% presold, respectively.

零售淨營業收入較去年同期成長 9%，其中 Ward Village 和 Merriweather District 的出色表現尤為突出。我們穩定的零售物業組合出租率仍維持在90%以上。接下來談談策略發展。我們創下了新的紀錄，公寓預售額達到 14 億美元，這主要得益於 Melia 和（聽不清楚）我們在 Ward Village 的第 12 和第 13 座塔樓。這兩個項目都取得了令人矚目的開局，合計預售率已達 57%。 （聽不清楚）沃德村 (Ward Village) 和伍德蘭茲 (Woodlands) 麗茲卡爾頓公寓 (Ritz-Carlton Residences) 的預售率分別已達 68% 和 74%。

Beyond condo sales, we broke ground on the Memorial Hermann medical office building in Bridgeland, the first step in what we expect will be coming 1 million square foot medical district. And right after quarter end, we completed 1 Vivaro, a 268-unit luxury multifamily property along the Woodlands waterway. That project sets a new bar for multifamily living in the area and will meaningfully contribute to NOI when stabilized. What's most exciting is how the cash flow generated across our communities is reinvested right back into value-creating developments.

除了公寓銷售外，我們還在布里奇蘭破土動工興建了紀念赫爾曼醫療辦公大樓，這是我們預計即將建成的 100 萬平方英尺醫療區的第一步。季度末之後，我們完成了 1 Vivaro 項目，這是一個位於伍德蘭茲水道沿岸的擁有 268 個單元的豪華多戶住宅項目。該項目為該地區的多戶住宅生活樹立了新的標桿，穩定營運後將對淨營業收入做出重大貢獻。最令人興奮的是，我們各個社區產生的現金流是如何再投資於創造價值的發展項目的。

Projects like Alima and Melina and Ward Village and 1 (inaudible) in the Woodlands, each one is a perfect example of how we recycle capital to grow growth future cash flows and long-term net asset value across our portfolio. It's been a busy and rewarding quarter across Howard Hughes' communities, and I couldn't be prouder of how our teams continue to execute.

像 Alima、Melina、Ward Village 和 Woodlands 的 1 號（聽不清楚）這樣的項目，每一個都是我們如何循環利用資本來促進未來現金流增長和提高我們投資組合長期淨資產價值的完美例證。對於霍華德休斯公司的各個社區來說，這是一個忙碌而又收穫頗豐的季度，我對我們團隊的持續高效執行感到無比自豪。

With that, I'll hand it over to Carlos.

這樣，我就把它交給卡洛斯了。

Thanks, David, and good morning, everyone. I'll start with the recent financings, followed by guidance updates and our view on cash flow generation. We refinanced about $114 million of near-term maturities during the quarter, pushing the amount into 2026 and beyond, including loans at 3831 Technology Forest, Wingspan and 6,100 Merriweather. As a result, our 2025 maturities are down to just $76 million, which we expect to refinance before the end of the year.

謝謝你，大衛，大家早安。我將首先介紹最近的融資情況，然後是業績指引更新以及我們對現金流產生的看法。本季我們對約 1.14 億美元的近期到期債務進行了再融資，將這筆款項的到期日推遲到 2026 年及以後，其中包括位於 3831 Technology Forest、Wingspan 和 6,100 Merriweather 的貸款。因此，我們 2025 年到期的債務已降至僅 7,600 萬美元，我們預計將在年底前完成再融資。

Turning to guidance. Strong landfills across our MPC has led us to raise full year EBT guidance to $450 million at the midpoint, up $20 million from prior guidance. 2025 will be another record-breaking year. Now not every year will look like this, but it shows the power of our model when all cylinders are firing. Land sales bring residents, residents drive demand for retail and office, and that demand, which is land value is even higher.

尋求指導。我們MPC旗下各垃圾掩埋場的強勁表現促使我們將全年稅前利潤預期中位數上調至4.5億美元，較先前預期增加2,000萬美元。 2025年將是另一個創紀錄的年份。當然，並非每年都會如此，但這展現了我們模式在所有環節都運作良好時的強大力量。土地銷售帶來居民，居民帶動零售和辦公需求，而這種需求（即土地價值）會更高。

Operating assets also performed well this quarter, so we're reaffirming full year NOI guidance of $267 million, which is another company record. Our ability to control supply within our MPCs with little to no outside competition continues to be a key advantage. On condos, we're adjusting our full year revenue target slightly down $15 million to $360 million, reflecting a small timing shift for Alana closings into early 2026. Alana remains fully sold and is expected to deliver at breakeven. More importantly, our future pipeline is stronger than ever, with $1.4 billion of presales this quarter across Melia, Alima and the (inaudible) Residence at Woodlands. This project will generate meaningful cash flows over the next five years.

本季營運資產表現良好，因此我們重申全年淨營業收入預期為 2.67 億美元，這將是公司另一項紀錄。我們能夠在自身MPC內部控制供應，幾乎沒有外部競爭，這仍然是一項關鍵優勢。在公寓方面，我們將全年營收目標略微下調 1,500 萬美元至 3.6 億美元，這反映出 Alana 的交割時間略微推遲到 2026 年初。Alana 已全部售出，預計交貨時將達到損益兩平。更重要的是，我們的未來發展前景比以往任何時候都更加光明，本季 Melia、Alima 和（聽不清楚）伍德蘭茲住宅區的預售額已達 14 億美元。該項目將在未來五年內產生可觀的現金流。

On G&A, we're maintaining guidance between $76 million and $86 million with a midpoint of $81 million. That excludes approximately $13 million of anticipated noncash stock compensation, $10 million of severance expenses and $4 million related to Person Square variable advisory fee incurred year-to-date. However, it does include $10 million (inaudible) Square's base advisory fee which we've largely offset through earlier workforce reductions and other cost efficiencies. Finally, given our outperformance, we are raising adjusted operating cash flow guidance to $440 million or $7.86 per diluted share, up [$13] million from our prior outlook. What's important is what we do with that cash flow.

關於一般及行政費用，我們維持7,600萬美元至8,600萬美元的預期，中間值為8,100萬美元。這不包括約 1300 萬美元的預期非現金股票補償、1000 萬美元的遣散費以及今年迄今為止與 Person Square 相關的 400 萬美元可變諮詢費。不過，這其中確實包括 Square 1000 萬美元的基本諮詢費（聽不清楚），我們已透過先前的裁員和其他成本效益措施基本上抵消了這筆費用。最後，鑑於我們的出色表現，我們將調整後的經營現金流預期上調至 4.4 億美元，即每股攤薄收益 7.86 美元，比我們之前的預期高出 1,300 萬美元。重要的是我們如何利用這筆現金流。

As we reinvested into our communities to generate even greater value, the projects David mentioned from new condominium towers like Malia and Alima to value creation developments like One Rivero are exactly where the cash goes, driving higher net asset value and future cash flow generation.

為了創造更大的價值，我們對社區進行了再投資。 David 提到的那些項目，從 Malia 和 Alima 等新建公寓大樓到 One Rivero 等價值創造型開發項目，正是資金流向的地方，從而推動了更高的淨資產價值和未來的現金流。

With that, I'll hand it over to Bill and Ryan.

這樣，我就把麥克風交給比爾和瑞恩了。

Thank you, Carlos. So my update is really an update about our progress in acquiring an insurance company that will become a base really for the transformation of Howard Hughes into a diversified holding company. Good news is that we've made substantial progress. We identified a target. We've done a significant amount of due diligence.

謝謝你，卡洛斯。所以我的報告其實是關於我們在收購一家保險公司方面取得的進展，這家保險公司將成為霍華休斯轉型為多元化控股公司的基礎。好消息是我們取得了實質進展。我們確定了目標。我們已進行了大量的盡職調查。

We've come to an agreement on price. The seller has begun drafting definitive agreements. We are still deep in the due diligence process. It is possible that something would emerge that would cause us not to go forward. But based on the work we've done to date, I'm actually growing confidence that the transaction will be completed.

我們已經就價格達成協議。賣方已開始起草最終協議。我們仍在進行深入的盡職調查。有可能出現某些情況，導致我們無法繼續前進。但根據我們迄今為止所做的工作，我越來越有信心這筆交易將會完成。

And I would say we may be in a position to announce something as early as end of year or possibly in the first quarter. So we're pleased with that progress. I look forward to sharing more details, but a significant development for the company for sure, assuming we can execute on this transaction. That's really my only announcement.

我認為我們最早可能在年底，或者可能在第一季就能宣布一些消息。所以我們對這項進展感到滿意。我期待與大家分享更多細節，但可以肯定的是，如果我們能夠完成這筆交易，這對公司來說將是一個重大進展。這就是我唯一要宣布的事情。

The only other point I would make with respect to what Carlos said, our priority with respect to the cash flows that are generated from our real estate subsidiary or to invest whatever required to continue to build kind of the best places for people to live in the country. The good news is, even after that reinvestment of cash into equity to build a downtown, office buildings, apartments in the next condominium project, we project that Howard Hughes will generate substantially -- the real estate subsidiary with substantially more cash than we can even spend in that division of the business. Over time, that will generate cash that we can flow up to the holding company that will give us more flexibility in building out our diversified holding company strategy.

關於卡洛斯所說的，我唯一要補充的是，我們優先考慮的是從我們的房地產子公司產生的現金流，或投資任何必要的資金，以繼續在這個國家建造最適合人們居住的地方。好消息是，即使在將現金再投資於股權以建造市中心辦公大樓、下一個公寓項目之後，我們預計霍華德·休斯公司仍將產生巨額收益——這家房地產子公司將擁有比我們在該業務部門所能支出的更多的現金。隨著時間的推移，這將產生現金流，我們可以將這些現金流上調至控股公司，使我們能夠更靈活地建立多元化的控股公司策略。

With that, why don't we open it for questions.

那麼，我們不妨開放提問環節吧。

(Operator Instructions) Anthony Paolone, J.P. Morgan.

（操作說明）安東尼·保隆，摩根大通。

First question relates to just superpad sales. Those seem to be pretty successful in the quarter. I was just wondering, like what -- how do you think of the trade-off of doing more of those and the NPV of just taking the discount and not having to do all the infrastructure and just letting those go versus holding them and taking them a little bit further down and selling more groups of lots as opposed to the superpad?

第一個問題僅與超級墊的銷售有關。這些產品在本季似乎都取得了相當不錯的成績。我只是在想，例如——你如何看待多做這些項目以及直接接受折扣而不做所有基礎設施建設，直接出售這些項目的淨現值，與持有這些項目並進一步降低價格，出售更多地塊而不是超級地塊的淨現值之間的權衡？

Tony, thanks for the question. It's David. Look, I think that this was a rare situation where we had a piece of land. And if you remember from the time when you were in Summerlin, it's what we used to call the back bold. It was due south of the Summit development.

東尼，謝謝你的提問。是大衛。你看，我認為我們擁有一塊土地的情況非常罕見。如果你還記得在薩默林的時候，我們以前就把這種顏色叫做「後粗體」。它位於 Summit 開發區的正南方。

It was a particular piece of land that had an unusually high expense of bringing infrastructure to. And in this unique situation by selling that super pad at a lower net price per acre -- lower gross price per acre, but higher net price per acre, we were able to generate great cash flow for the company. In general, going forward, we don't have another parcel like that. So you should expect us to transact on super pads going forward consistent with the way we have the past several quarters at a much higher gross and net price per acre.

這是一塊特殊的土地，其基礎建設費用異常高昂。在這種特殊情況下，以較低的每英畝淨價（較低的每英畝毛價，但較高的每英畝淨價）出售這塊優質地塊，我們能夠為公司創造巨大的現金流。總的來說，今後我們不會再有類似的包裹了。因此，您可以預期，我們今後將按照過去幾季的方式，以更高的每英畝毛價和淨價進行超級地塊的交易。

Okay. Got it. And then just -- my other question just shifts more over to Bill and thinking about this the insurance company that you've got teed up. Should we anticipate that like after doing a deal like the one you're contemplating that uses up the bulk of your sort of capital today? Or do you think you'll have more capacity thereafter to do more deals? And just wondering kind of where this leaves you?

好的。知道了。然後——我的另一個問題更多地轉向了比爾，以及你聯繫的那家保險公司。我們是否應該預料到，在完成像你正在考慮的那種會消耗你大部分資金的交易之後，會發生這種情況？還是你認為之後你會有更多精力去完成更多交易？我只是想知道，這讓你感覺如何？

Sure. So we think -- so one, it will consume the available cash that we've injected into the company. And our -- the reason why we're focused on insurance as sort of our first initiative is it's a business that we can contribute very significant value to. If you look at -- again, we take our Berkshire Hathaway model and look at (inaudible) achieved over time. My estimate or sort of estimate is something like 70% to 80% of the value of the company was created with the launch of insurance strategy and an approach to writing business that created a lot of flexibility for the insurer to, I would say, have more flexible investment approach.

當然。所以我們認為——首先，這將消耗掉我們注入公司的可用現金。我們之所以將保險業作為首要重點，是因為我們能夠在這個行業中做出非常重大的貢獻。如果你看一下——再說一遍，我們以波克夏·哈撒韋公司為例，看看（聽不清楚）隨著時間的推移所取得的成就。我的估計，或者說大致估計，公司價值的 70% 到 80% 都是隨著保險策略的推出和業務模式的轉變而創造的，這種轉變為保險公司創造了很大的靈活性，使其能夠採取更靈活的投資方式。

So Buffett historically wrote very little risk relative to capital and invested relatively small amount of assets relative to capital, but invest those assets -- about 2/3 of those assets and common stocks and did so effectively. And the beauty of the Insurance business is insurance generates a lot of cash. You don't need to issue stock every time you do a deal. In the insurance business, you write premium, you collect cash and over time, you invest that capital and earn a return on the assets and hopefully make money on the insurance side of the business.

因此，巴菲特歷來承擔的風險相對於資本而言非常低，投資的資產相對於資本而言也相對較少，但他有效地投資了這些資產——大約 2/3 的資產和普通股。保險業的魅力在於它能產生大量現金流。你不需要每次交易都發行股票。在保險業，你收取保費，你收取現金，隨著時間的推移，你投資這些資本，並從資產中獲得回報，希望在保險業務方面賺錢。

If we can achieve both of those objectives combining kind of Pershing Square's investment expertise with a talented management team running a diversified insurance company platform, we think that asset alone can compound to grow and become a material -- a very significant contributor to the growth of the company, the growth of our intrinsic value over time.

如果我們能夠將潘興廣場的投資專長與一支才華橫溢的管理團隊相結合，運營一個多元化的保險公司平台，從而實現這兩個目標，我們認為僅此一項資產就能實現複利增長，並成為公司增長和我們內在價值隨時間增長的重要貢獻者。

And then as the real estate subsidiary generates cash that's not needed in the real estate business, that's what's going to give us flexibility to make investments in other assets over time. But insurance is clearly our first priority.

然後，隨著房地產子公司產生房地產業務不需要的現金，這將使我們有靈活性，隨著時間的推移，可以投資其他資產。但保險顯然是我們的首要任務。

Alexander Goldfarb, Piper Sandler.

Alexander Goldfarb，Piper Sandler。

So two questions. First, David, only 57% presold on the new condos in Hawaii. I would expect better out of you guys. As far as Ward Village goes, where do you stand on the existing entitlements, and meaning how many more can you build? And what is the status on Phase 2? Is that something that you could see approvals for and launch in the next few years, or Phase 2 at Ward Village is something that's maybe 5 or 10 years out?

所以，我有兩個問題。首先，David，夏威夷的新公寓預售率僅 57%。我對你們的期望更高。就沃德村而言，您目前享有的開發權為何？這代表您還能再蓋多少棟房子？第二階段進展如何？您認為這個項目有可能在未來幾年內獲得批准並啟動嗎？還是說沃德村二期工程可能還需要 5 到 10 年的時間？

Alex. Great question. Look, I would say that we're thrilled with our 57% presale of over $1.4 billion this quarter and see continued momentum as those projects are super unique and on the best remaining development site in the South Shore of Oahu. In terms of the initial entitlements we had through the master development agreement at Ward Village, beyond these two towers, Malia and Alima, there is one more site that will use the remaining square feet.

亞歷克斯。問得好。你看，我想說，我們對本季度超過 14 億美元的 57% 預售額感到非常興奮，並且看到了持續的增長勢頭，因為這些項目非常獨特，而且位於瓦胡島南岸剩餘最好的開發地塊上。就我們透過沃德村整體開發協議獲得的初始權利而言，除了馬利亞和阿利瑪​​這兩座塔樓之外，還有一個地塊將利用剩餘的平方英尺。

Beyond that, we do have approval for incremental square feet, and that incremental square feet could be between 2 million and 4 million, depending on the zoning upsizes we get by reinvesting into the community. So we're already well underway in predevelopment of incremental towers in addition to what we had by right under our original master development agreement.

除此之外，我們已獲準增加建築面積，根據我們透過對社區進行再投資而獲得的規劃擴建面積，增加的建築面積可能在 200 萬到 400 萬平方英尺之間。因此，除了我們根據最初的總體開發協議有權建造的塔樓之外，我們已經在逐步開發其他塔樓方面取得了長足的進展。

Okay. That's helpful. And then, Bill, following up on Anthony's question. I realize, obviously, there's a lot of confidentiality. But just big picture, can you just give us some color? Is this pure B2B, as you described before? And is everything in this entity clean? Or are there businesses that you'd want to exit or any legacy policies or legacy lines that need to be settled or anything like that?

好的。那很有幫助。然後，比爾接著安東尼的問題提問。我當然明白，這裡面有很多保密事項。但就整體情況而言，您能給我們描述一下嗎？這是像您之前描述的那樣，純粹的B2B業務嗎？這個實體裡的東西都很乾淨嗎？或者，您是否有想要退出的業務，或者需要結算的任何遺留保單或遺留業務，或者類似的事情？

Look, it's -- I would say it's a very clean transaction for us. It's a platform kind of a diversified insurance company platform that really fits our -- the criteria that we've outlined. So no business lines that we need to exit. It's not a consumer-facing insurer. Yes.

你看，我認為這對我們來說是一筆非常乾淨俐落的交易。這是一個多元化的保險公司平台，非常符合我們——我們概述的標準。因此，我們不需要退出任何業務線。它不是一家面向消費者的保險公司。是的。

And can you indicate whether it's domestic or Bermuda or somewhere offshore?

請問是國內、百慕達還是離岸地區？

I would say it's -- as many insurers are as a domestic practice and an offshore practice.

我認為，無論是國內保險公司還是海外保險公司，數量都差不多。

(Operator Instructions) Jon Petersen, Jefferies.

（操作說明）Jon Petersen，傑富瑞集團。

Curious if you could maybe just give us a little more commentary on the Ritz-Carlton Residences at the Woodlands, and how that is trending relative to your initial underwriting? And then opportunities for other condo projects across the portfolio? Clearly, Ward Village has been a big success, and you're kind of translating that over to the Woodlands. But where else might we see future condo projects across --

能否請您再多談談麗茲卡爾頓伍德蘭茲公寓項目，以及它目前的進展與您最初的承銷預期相比如何？那麼，投資組合中其他公寓項目是否也有機會呢？顯然，沃德村取得了巨大的成功，而你們正在將這種成功模式複製到伍德蘭茲。但是，我們還可能在哪些地方看到未來的公寓計畫呢？--

I'll take the first part of your question. So this has been a bit of a tussle between me and David O'Reilly in the sense that the team designed an absolutely spectacular project, first of its kind in the Woodlands. And I took a look at this project and I said, we're giving it away at these prices. And I said, you know what, the community just needs to see this thing built before. So you know what, don't sell any more than half the units. That was our deal, and then I stepped off as Chair of the Board. And unbeknown to me, David has been sneaking out a few units because he achieved prices that he just felt obligated to sell. Is that not really the answer.

我來回答你問題的第一部分。所以，我和大衛·奧萊利之間就此產生了一些分歧，因為團隊設計了一個絕對壯觀的項目，這是伍德蘭茲地區首個此類項目。我仔細研究了一下這個項目，然後我說，我們決定以這樣的價格免費贈送。我說，你知道嗎，社區需要先看到這個計畫建成。所以你知道嗎，銷售量不要超過一半。這就是我們達成的協議，之後我卸任了董事會主席一職。我不知道的是，大衛偷偷賣了一些房子，因為他賣出的價格讓他覺得不得不賣掉。這不是真正的答案嗎？

But we're hitting record prices.

但我們正在創下物價新高。

Yes. And so David continue to -- look, I think it's tremendous value. So for the buyers in the market, I mean, I compare the quality is of what you might call, billionaire row quality like 220 Central Park South, if you know the building, also a Robertson design in New York City that achieved just massive, massive premium over everything else in the market. This is that kind of building, but it's really the first condominium built in the Woodlands. And we just felt that we should be very judicious about the way we sell units.

是的。所以大衛繼續——你看，我認為這非常有價值。所以對於市場上的買家來說，我的意思是，我比較的品質是你可以稱之為億萬富翁級別的，比如中央公園南 220 號，如果你了解這座建築，它也是紐約市羅伯遜設計的建築，其溢價遠遠高於市場上的其他所有建築。這是一棟典型的公寓大樓，但它實際上是伍德蘭茲建造的第一棟公寓大樓。我們當時就覺得，在銷售產品方面，我們應該要非常謹慎。

We could have sold the entire project on a presale basis. And when you compare to Hawaii, Hawaii, we're extremely well established. Everyone knows the quality of the product that we build. And while the team continues to kind of raise price weekly as we sell units, general go in Hawaii is to sell 100% of the project or nearly 100% before we even put a shovel on the ground, right. Whereas in -- we just felt in that light of the fact we're delivering a first of its kind in the Woodlands that we would achieve a better outcome if we were kind of slow walked units until the project is open. So I'm hoping David is going to keep some units so I can prove my point about what we're going to achieve when people can actually see the finished product.

我們本來可以以預售的方式出售整個項目。而與夏威夷相比，我們在夏威夷的地位已經非常穩固了。大家都知道我們產品的品質。雖然團隊每週都會隨著單元的銷售而提高價格，但夏威夷的普遍做法是在動工之前就售出 100% 或接近 100% 的項目，對吧。然而，鑑於我們正在伍德蘭茲打造一個史無前例的項目，我們覺得如果我們放慢腳步，在項目開放之前逐步建造單元房，將會取得更好的結果。所以我希望大衛能保留一些樣機，這樣我就可以向人們證明，當人們真正看到成品時，我們將取得怎樣的成就。

No doubt. We're about 75% sold now. We have a little over a year before we're ready to welcome our first units -- our first residents into those units, and we're optimistic that the remaining units that we're holding back right now, we'll be able to sell upon completion when people can touch and feel the incredible quality that we're going to deliver.

無疑。目前已售出約75%。距離我們迎來第一批住戶入住還有一年多一點的時間，我們樂觀地認為，目前我們保留的剩餘單元，在竣工後，當人們能夠親身感受我們將要提供的卓越品質時，我們將能夠出售。

To the second half of your question, Jon, there are a couple of sites in addition to the Rich-Carlton site for future condo projects in the Woodlands, and we're evaluating those real time, determining where we think deep demand will be, what price per foot that is, what size of units are, et cetera. And we're also evaluating a couple of sites in and around Summerlin, where we could leverage the expertise and skill of our team in Ward Village across the rest of our portfolio to deliver great cash flow results for the company.

Jon，關於你問題的後半部分，除了 Rich-Carlton 地塊之外，伍德蘭茲還有幾個地塊用於未來的公寓項目，我們正在實時評估這些地塊，確定我們認為哪裡會有強烈的需求，每平方英尺的價格是多少，單元的面積是多少等等。我們也正在評估薩默林及其周邊地區的幾個地點，在那裡我們可以利用沃德村團隊的專業知識和技能，為我們投資組合中的其他專案帶來良好的現金流結果。

Okay. All right. That's very helpful. And then maybe --

好的。好的。那很有幫助。然後也許--

I've got a question for David. What's the spread in price per square foot we've achieved on the later sold units versus the first sold units in the Woodlands. How much of the price per square foot have gone up on a kind of comparable unit?

我有個問題想問大衛。在伍德蘭茲，我們後期售出的單元房與早期售出的單元房相比，每平方英尺的價格差距是多少？與同類單元相比，每平方英尺的價格上漲了多少？

And well, one of the challenging parts is that with the Bob Stern design it, there are very few (inaudible) triple units. In general, we've seen from kind of our initial sales to where we are today, about $350 to $400 a foot.

其中一個挑戰是，由於鮑勃·斯特恩的設計，三單元設備非常少（聽不清楚）。總的來說，從我們最初的銷售到現在，價格大約在每英尺 350 到 400 美元之間。

Increase?

增加？

Increase.

增加。

And the average sale price now is what per square foot?

現在平均售價是多少每平方英尺？

Really high.

非常高。

That's a good precise number. You understand the point. This is the kind of asset that I think to generate the maximize the profit. We don't have -- we're not like a typical developer that has to sell all the units before you can get a construction loan. So for us, we can be thoughtful about the pace of sale to maximize the NPV of the project.

這是一個非常精確的數字。你明白我的意思。我認為這類資產能夠帶來最大的利潤。我們沒有——我們不像一般的開發商那樣，必須先賣掉所有單元房才能獲得建築貸款。因此，我們可以謹慎考慮銷售速度，以最大限度地提高專案的淨現值。

Okay. All right. That makes sense. And then Terra (inaudible), I was in the Phoenix airport recently, so you guys have some advertisements up there to lure people out to that community. Just curious, I mean, just remind me, like what should we be expecting in terms of MPC land sales maybe in 2026 or maybe if you want to give me a multiyear outlook. Like just remind me on where you guys are at on rolling that out?

好的。好的。這很有道理。然後 Terra（聽不清楚），我最近去了鳳凰城機場，你們在那裡投放了一些廣告來吸引人們到那個社區。我只是好奇，我的意思是，提醒我一下，例如在 2026 年，MPC 的土地銷售情況會是什麼樣的？或者，您可否給我一個多年展望？請您提醒我一下，你們目前的推廣進度如何？

Yes, absolutely. So we're in a great spot right now. We've sold about 1,000 lots year-to-date, in Teravalis, and that will be enough to keep us busy for the near-term future. I think you may be able to see us sell some incremental lots in 2026, but 2027 will probably be a year where we re-up after those lots that we sold this year end up in the hands of residents and homebuyers. We're excited this Friday, we have our official grand opening at Teravalis. We've already sold our first few lots to different residents that will be constructing their homes right now. And we're incredibly excited with the progress that we've seen and how fast those communities come together.

是的，絕對的。所以我們現在處境非常好。今年到目前為止，我們在 Teravalis 已經售出了大約 1000 塊土地，這足以讓我們在近期內忙個不停。我認為你們可能會看到我們在 2026 年售出一些額外的地塊，但 2027 年可能是我們重新開始銷售的一年，因為今年我們售出的那些地塊最終都會落入居民和購房者手中。我們非常激動，本週五我們將在 Teravalis 舉行盛大的正式開幕典禮。我們已經將首批幾塊地賣給了不同的居民，他們現在正在建造房屋。我們對所取得的進展以及這些社區迅速團結起來的速度感到無比興奮。

Alexander Goldfarb, Piper Sandler.

Alexander Goldfarb，Piper Sandler。

David, I realize that it's not the fourth quarter and we have to hold off on guidance, but still the pace of your increases, especially in the land business have been pretty incredible this year? And is there something sort of a ballpark -- I think you're tracking $440 million at the midpoint for '25. Is there something that we should be thinking of for '26? So either, one, we don't get too far ahead of ourselves or maybe the pace that you've delivered this year is sort of a new run rate is something sustainable?

大衛，我知道現在還不是第四季度，我們不能再給出業績指引，但即便如此，你們今年的成長速度，尤其是在土地業務方面，仍然非常驚人？有沒有一個大概的估算範圍——我認為你們追蹤的2025年中期數據是4.4億美元。對於2026年，我們該考慮些什麼？所以，要么，我們不要操之過急；要么，你今年所取得的成績或許是一種新的成績水平，並且是可持續的？

Alex, I think it is pretty early right now to feel comfortable providing any sort of guidance on 2026 land sales. I think that 2025 has been remarkable. We've raised guidance twice. Clearly, we didn't expect to see this strength when we gave guidance a little bit less than a year ago. I think that, at this point, I would not advise anyone to extrapolate this year's results into growing future -- further into the future. We're going to take it quarter-by-quarter. We're going to see how many homes we sell in our communities, and we're going to sell just enough land to keep up with that at the highest price per acre we possibly can.

Alex，我認為現在就對 2026 年的土地銷售提供任何指導還為時過早。我認為2025年是意義非凡的一年。我們已經兩次提高了指導意見。顯然，不到一年前我們給出業績指引時，並沒有預料到會看到如此強勁的勢頭。我認為，目前我不建議任何人將今年的業績推斷到未來的成長——乃至更遠的未來。我們將按季度進行。我們將觀察我們社區的房屋銷售情況，然後以盡可能高的每英畝價格出售足夠的土地來滿足房屋銷售需求。

But it's not going to hurt if rates come down, obviously? Continue to come down?

但如果利率下降，顯然不會有什麼壞處吧？繼續下降嗎？

No, I think that we've achieved these results given the quality of our community as people chase higher quality of life, shorter commutes, more connectivity in nature into these master plan communities. (inaudible) higher rates.

不，我認為我們取得這些成果，是因為我們社區的品質，人們追求更高的生活品質、更短的通勤時間，以及與自然環境更緊密的聯繫，並將這些融入到總體規劃社區中。 （聽不清楚）更高的入住率。

The more like New York and California move socialist People want to go to capitalist states like Texas and Las Vegas. (inaudible) has been strong.

紐約和加州越是向社會主義靠攏，人們就越想去德州和拉斯維加斯這樣的資本主義州。 （聽不清楚）這種趨勢一直很強烈。

Bill, I'm impressed. It only took 26 minutes for that. But David, as you look at your inventory, you feel right now there's a good balance between what the builders have bought versus their ability to deliver? Or you think they're a little long on land or a little short on land? I'm just trying to get a sense of the appetite from the homebuilders to buy more right now?

比爾，我佩服你。只花了26分鐘。但是大衛，你看看你的庫存，你覺得目前建築商的採購量和他們的交付能力之間是否達到了良好的平衡？還是你覺得它們陸地部分有點長，或是陸地部分有點短？我只是想了解房屋建築商目前購買更多房屋的意願？

I would tell you that we are selling land to the homebuilders only to keep up with underlying home sales in our communities and that strategy won't change. We try to keep them at an appropriate supply, which I would argue is between 12 and 18 months of finished lots or vacant developed lots. They're a little bit undersupplied right now. But we like to be a little bit undersupplied and then a little bit oversupplied when we have the opportunity.

我可以告訴你，我們向房屋建築商出售土地只是為了滿足我們社區的房屋銷售需求，而且這個策略不會改變。我們努力保持適當的供應量，我認為適當的供應量應該是已完工地塊或已開發空地塊的 12 至 18 個月。他們目前的供應有點不足。但我們喜歡稍微缺貨，然後在有機會的時候稍微過剩一些。

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

（操作說明）現在，我謹將會議交還給大衛‧奧萊利，請他作閉幕致詞。

Want to thank everyone again for joining us today. As always, if there's any follow-up or any questions we weren't able to get to, we are always available and look forward to seeing you all soon. Thank you.

再次感謝大家今天蒞臨。就像以往一樣，如果您有任何後續問題或任何我們未能解答的問題，我們隨時為您服務，期待很快與大家見面。謝謝。

Thanks so much. Bye-bye.

非常感謝。再見。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。