This year. For those of you in the audience, thanks so much for making the trip out. For those of you listening through the webcast, thanks for tuning in virtually. Before we begin, I'd just like to direct you to our website, www.howardhughes.com, where you can download the investor presentation that'll be referenced here today. You can follow along there. You can also download our latest earnings release and supplemental package. That will include reconciliations of non-GAAP financial measures that will be discussed today in relation to their most directly comparable GAAP financial measures. Certain statements made today that are not in the present tense or that discuss the company's expectations are forward-looking statements within the meaning of the federal securities laws. 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. We are not under any duty to update forward-looking statements unless required by law. Now on to the agenda. As you can see, we have a lot of great topics to cover today. We'll start with a brief overview of the recent announcements that we've had, and then look at the results that we were able to achieve in 2021. After that, we'll take a step forward and look at what we expect to achieve in 2022 and beyond. Then finally, we'll wrap it up with an update of our Net Asset Value. After we do that, we'll close it with Q&A with the audience. On the webcast, there's a Q&A portal on there, so if you have any questions, feel free to submit, and we'll be asking them here to the team to answer. These presentations will be led by our executive team, starting with our CEO, David O'Reilly, Jay Cross, our President, and Carlos Olea, our Chief Financial Officer. Before we get into the presentations for today, first, we'd like to take a step back and just show you a brief video that we prepared. It gives a brief overview of Howard Hughes, what we do, and how we unlock value every day for our shareholders. I'll play that short video. After that, we'll hand it over to our CEO, David O'Reilly, who will kick off the presentation for today. With that, please turn your attention to the screen. Hope you enjoy the video. Thank you. It's a pretty interesting company when you think about it. I think since the company was founded over 10 years ago, what we've managed to do is weed out some of the extraneous pieces and really come down to this core group. To fully understand the exceptional quality of life that our communities offer, you need to experience it firsthand. Downtown Summerlin is a perfect example where we see assets come to life and have a positive impact on people's lives that have chosen to live in this home. What we do is just help the natural development come out of that community. It's not prescriptive, and it allows for uniqueness to thrive. It allows for different architecture to come out. It allows for different views and values to thrive and creates a lot of character and uniqueness within each of our communities. I think it's fair to say that we do have a very welcoming community across all of the Howard Hughes assets. You know, true master-planned community developers really have to think of the community as a whole. By that, it's much more than just where the residents are going to live, where we might build an office building, where we might build a retail building. We have to think about where the trails connect all that, where are the schools. Reach out to us. Where are churches, where are playgrounds? Just reach out to us on the webcast to make sure it's working. In communities of this size that we're developing, you have to look at that entire ecosystem. If we can create a community that is an ecosystem that really supports live, work, play, pray, learn, you know, people are gonna wanna be here. That's unique, and it's something that we take great pride in and something that, you know, we're gonna continue to do as a company as well. I don't think there's any other place in Manhattan where you can sit and see the Statue of Liberty, Brooklyn Bridge, Empire State Building, and the World Trade Center all sitting in one spot. You can do that by getting outdoor dining at its best with unparalleled views better than probably anywhere else in Manhattan. We've transformed Seaport so much from what used to be to an authentic, great experience that welcomes local New Yorkers, anybody on the island, and tourists. The roof is an acre and a half flat, award-winning concert site, great for private events as well as outdoor dining year-round. That is right on top of great restaurateurs that have opened restaurants like Jean- Georges with Fulton, David Chang's Ssäm Bar, Helene Henderson's Malibu Farm. Just inside of that is the 53,000 sq ft food hall and marketplace that Jean- Georges is curating that will be a culinary destination for local Manhattan folks, the tourists that come here all the time on the big red buses. There's no way to fully appreciate what 60 acres on Ala Moana Beach is. It's a master-planned community that goes vertical. I think what Howard Hughes has brought is that community development Easy access to Hanauma Bay Beach Park. Probably the best surf break on the South Shore. The best land in the entire state. Columbia to me is like an interesting one in particular. James Rouse was, you know, a citizen of Baltimore, and felt like the inner city had kind of lost its way. He conceived of this idea of a new town, a town with a wide range of housing, a town with, you know, cultural events and centers, a town with great open space, a town that really celebrated nature. For me, it's a fantastic opportunity, and it would really be, you know, finishing off the early vision of James Rouse. What one should really be seeking is that which will better meet the needs and yearnings of people than what is. There are developers and then there are real estate companies. Like, you know, I think there's a distinction between the two. Developers kind of think, "What can I do that's never been done before? I wanna push the ball down the field in ways that people had never thought about before." What's incredibly exciting is this partnership we formed to develop our esteemed desert landscape just in the West Valley of Phoenix in the city of Buckeye. Here in the far reaches of the Phoenix desert. Just how massive of a project are we talking about? 36,000 acres, 3x the size of the island of Manhattan. This is gonna be a city that is roughly the size of St. Louis. I get asked all the time by investors, "What are the next 10 years of Howard Hughes? Where are you gonna develop?" We're gonna build with a sense of diversity, equity, and inclusion that was embedded in James Rouse's original master plan in Columbia. We're gonna have a focus on environmental sustainability and green space that George Mitchell had here in The Woodlands. We're gonna embrace this entrepreneurship and fighting spirit that Howard Hughes had in everything that he did. Well, thank you again, everyone, for joining us. Really appreciate it. It's so great to be back in person. I say all the time that probably the best part of my job is when I get out into our markets, and I get to show off our assets and our team. Today is a great example of that. We're gonna run through the presentation first before we get out to the tour, and we'll start that with some of our recent announcements. First, as you probably saw, we sold one of our largest non-core assets recently, almost completing the net proceeds that we talked about in the transformation plan by selling 110 North Wacker, generating $169 million in proceeds on net equity of only $13 million. Huge success for the team. This is four years of development work in the making. I really think it highlights that the highest quality buildings still attract capital, still create premium valuations, and a lot of our assets fit that bill. Also recently, we announced an expansion of our partnership with Jean-Georges, and we made a $55 million investment bifurcated between a $45 million investment in the company for an ownership stake, and then $10 million of working capital into Jean-Georges that we invested in exchange for a warrant to buy incremental ownership in the company at a slightly higher valuation. While on its face it may look like a modest departure from the strategy, we feel that it fits really neatly into what we do. Jean-Georges has an incredible opportunity, part of which that we've seen by partnering with him at the Seaport to continue to grow his business. As real estate owners, whether it's a condo building owner, a mixed-use development owner, someone who owns an office building that needs a great experiential F&B setting in their site are working with great restaurateurs like Jean- Georges, and they're building their businesses by growing on licensing deals. They're not investing in these restaurants. They're not owning the restaurants. It's management fee intensive. 75% of his restaurants today are on management deals, not owned by Jean- Georges, and that's the business that we see expanding very rapidly. Rapidly domestically, rapidly globally, and very importantly, rapidly within our communities. This investment is gonna help us explore some of those great Jean- Georges concepts, whether it's ABC, ABCV, The Fulton into Ward Village, into Summerlin, into The Woodlands. We're really excited about this, and we think that the Howard Hughes investment of support that we bring in terms of back office, IT, HR, risk management, infrastructure can really allow him to scale his business very, very quickly. On to the results for 2021. You've heard me say it, and I'm gonna get through this pretty quickly. It was an incredible year. It was a record year across every piece of our business. Our MPC sales were at $317 million from EBIT perspective at the record high level. NOI hit a record high in 2021 coming out of the pandemic, higher than 2019. Our condo sales were just nothing short of spectacular, and we did it all with $68 million less of G&A from two years ago. Digging into the MPC results, it was coming across from all of our MPCs. From Summerlin, Bridgeland, to The Woodlands, a 51% year-over-year increase, 632 acres. Importantly, we did it. High volume, but high prices. These weren't discounted levels. Our price per acre went up meaningfully across all of our communities, 11%, 7%, 9%. Really strong results. We talk about this a lot. Our results are lumpy. The timing of our land sales are not designed to make quarterly earnings smooth. We're designed to maximize profitability. As a result, when we sell super pads and we sell lots, it's often a little bit lumpy, as you can see on the left side of this chart here. Those land sales are really just keeping up with home sales. On the right-hand side are the underlying home sales in our communities, and that is anything but lumpy. While our results are lumpy, we're just selling land to keep up with underlying home sales. That right-hand side of the chart, we think is a great leading indicator of what our future land sales would be. As those home sales remain strong, and we'll talk about it in a little bit more detail, we still see this great year for 2022 land sales to home builders. You know, we talk about 600+ acres, $317 million of EBIT, numbers on a page. What does it mean in terms of the dirt, in terms of what we're actually accomplishing for those results? This is a picture of Prairieland Village in Bridgeland, March 31st, 2021. Some semblance of roads, the detention ponds just starting to get built, not even a model home park on the ground yet. Fast-forward one year later, sold 782 lots, welcoming over 1,000 residents, rooftops completely built, a neighborhood coming together. These are thousands of acres of dirt that are getting moved every day to accomplish these goals. It's a Herculean effort, and the team has been nothing short of spectacular in executing. Summerlin, no different. This is a year ago, March 31st, 2021. Down in the bottom right-hand corner, we have some roads, some grading, getting ready. Then a year later, 725 lots sold last year, 1,000 lots this year. It's a massive effort. Our operating assets also at an all-time high, driven by resiliency in our retail assets, largely the resiliency of Downtown Summerlin here, which is hitting all-time highs in traffic and sales. Incredible results. As well as the stabilization of the new multi-family developments that we started a year or two years ago that are now starting to drive that NOI to the bottom line. Great results. Really importantly for us is how we get to stabilized NOI, that target that we put out there in the supplemental. Where are the areas that we need to address to get to that $100 million increase in NOI? Well, in our existing assets, it's largely concentrated in office and retail. In the office side, it's the building we bought from Occidental entirely vacant, that today is 40% leased, and we're trading paper on incremental floors all the time. We feel strongly that we'll be able to lease that building up throughout the remainder of 2022. The retail in Hawaii and New Orleans that has still faced headwinds from the pandemic as they're driven by travel and tourism and the cruise ship industry. Within our under construction developments, $20 million of the $30 million are coming from multi-family that are showing incredible demand. We can't get those built fast enough. Then another $8 million of that $30 million coming from the office building here in Downtown Summerlin that we'll tour later. It was said in the video, but I think it bears repeating, that our development and what we build is not prescriptive. There isn't a pie chart that we have to say X% office, Y% retail. It's about meeting the demand of the community. That demand manifests in a shifting pie chart over time. You saw only 10% multi-family in 2017 that will stabilize at 24%. 35% retail that is now coming down to 22%. As we're starting to build more assets to meet that demand, this pie chart is ever-shifting. Ward Village, incredible results, not just in 2021, but in 2022 year- to- date, with another 23 units at ʻAʻaliʻi 24 units at The Park, completely sold out at Aeʻo, Ke Kilohana, ʻAnaha. One unit left at Waiea. Anybody can put their order in before we leave today. I have a slip. Handful of units at ʻAʻaliʻi. Just incredible pace of absorption that has not slowed one bit, even through yesterday's sales. I wanna take a little bit and talk about the progress at Ward Village because at first when we sold units at Ward Village, Waiea was our first tower. It was a little bit of a trust me proposition. This will be a great neighborhood, trust me. You're gonna have a great landscaping, great amenities, grocery store. Sales were not as fast, but we got to 50% sold in 90 days. Very strong results. To be clear, what I'm gonna show on these charts is slightly different than what we report in our supplemental. In Hawaiʻi, there's a 30-day rescission period. You sign your contract, you have 30 days to cancel. I don't report publicly until after those 30 days because to me, it's not a real contract until it's bound. On these charts, I'm gonna show at signing because it will show kind of cancellation rates in there and how we over time in developing this community have not only driven faster sales, but lower cancellations and kept prices going higher and higher. Our second tower, ʻAnaha, was launched almost simultaneously with Waiea. That's lesson learned number one, don't launch two towers at the same time because the sales won't be as good, especially for the second row tower. We still got to 50% within a year, and 50% was that green light to start construction, and we're fully sold out now. Our third tower, Aeʻo, we started to perfect the sales launch period, and it started to become a neighborhood. We saw the initial spike, but then you saw that line dip down, which was that increased cancellations. We didn't love those cancellations, and ʻAʻaliʻi had a slightly slower absorption, but still got to 75% in the year, which we think is a tremendous result. This is where the team on the ground, and Doug Johnstone and Bonnie Wedemeyer have really perfected the sales launch. The neighborhood has come together. Whole Foods opened. Longs Drugs is open. Merriman's is there. It's now a walkable, livable neighborhood, landscaped, curated. It feels like a master-planned community, and the sales reflected it. With Kōʻula coming out of the ground 50% sold in 45 days, only to be outdone by Victoria Place, and then most recently, The Park, which hit almost 90% in less than six months. We see this momentum continuing to grow. These incredible sales velocities of the most recent towers are coming in the face of meaningful price increases every 30 to 60 days as we continue to try to maximize profitability. Seaport results. Nothing short of incredible with the foot traffic that's come to the pier. 2.6 million people in 2021, which is a 68% increase from pre-pandemic levels. That's been driven by the opening of these restaurants, Carne Mare, David Chang, Jean-Georges Vongerichten, The Fulton, Malibu Farm, a full concert series, and the greens that have continued post-pandemic and have still remained very popular. We're incredibly excited by the foot traffic and also getting approval for 250 Water Street to start construction on that vacant lot. A process that was, you know, five years in the making, but thrilled to get to the goal line last December. The Tin Building continues to come together. Construction remains on track. They're burning in the kitchen as we speak, and we're still on track for a soft opening in June and a grand opening towards the end of June or July. Really excited about that progress as well. We think that can be a great catalyst for us this year. With that, I'm gonna turn it over to Jay and let him talk about our development process this year. Thanks, David. We had a busy year in 2021 in terms of vertical development. We started six projects across five regions, and most of this is multi-family. About $900 million of construction which was started in 2021. At the same time, we announced another close to $1 billion of new projects in 2022 which we're starting in 2022. Things like our medical office building in The Woodlands and medical office building in Columbia are underway already. The Park Ward Village, after that successful sales launch, will get underway late this year. Similarly, Wingspan, our first single-family for rent, which we're excited about, later this year. Then Lakefront North multi-family, which we'll talk some more about later in the pipeline, we anticipate will be coming online in early 2023. Roughly $2 billion of development that was either started last year or initiated last year. What we think is unique about our ability to execute on these projects is that because we have very little land, next to no land costs, we build in what we think are outsized returns. We're able to achieve over 9%, generally speaking, on our projects. We go back and double test that at the time of board approval by putting in a market land cost and making sure that we're showing returns in excess of 150 to 200 basis points over the cap rate. But generally, this is a safety net for us. In addition to that, because we own so much land, we have virtually no competition. In every situation, we're aiming to just feed on market demand, which we know already was generated by the previous development cycle. That $2 billion of development leads to another $2 billion in the next couple of years, and we'll show that coming down the pipeline path. This seems to us to be a fairly comfortable steady state, one, two, or three projects per region per year. That's our kind of run rate going forward. With that, I'm gonna turn it over to Carlos to talk about our favorite topic, G&A. Thank you, Jay. I'm very happy to be here with everybody, meeting you, many of you for the first time. I appreciate your coming here to see us and your attention. We've talked a lot about so far how we're performing in the transformation plan. David mentioned the $68 million. We're gonna spend a little bit of time talking about it here. Over the last two years, we streamlined our operations, and we were able to deliver those savings in our annual run rate of G&A. Now, $68 million is in and of itself not an inconsequential number. I'm sure we'll agree with that. When we put it in context, at a 65% Loan- to-C ost, that's equal to an investment of $194 million, which is the investment needed to develop Marlowe and Starling in Bridgeland. Important to note here, everything that you're hearing, this is an entire company effort. Reducing the G&A run rate takes everybody in the company. Everybody, you can see this is evidence that everybody is focused and committed to unlocking resources so we can redeploy to where we can deliver value. Second pillar of the transformation plan is our focus on core. As David mentioned before, with the recent sale of 110 North Wacker, we almost completed our disposition program for non-core assets. What is really exciting here is that we were able to take this collection of non-core assets, recycle the funds, and turn them into the single largest acquisition in the history of the company. Again, we took non-core assets, and we turned them into 37,000 acres, 50+ years of core development. Focus and excellence in execution is the only thing that can get us here. It's really exciting to see how that pillar of the transformation plan from two years to a little bit more than two years ago actually led us to this great and very exciting acquisition. Now talking a little bit about share repurchase. I think it's not a secret for anybody here. David said it in this very meeting last year, that we think we should be trading or their value should be at around $150 per share. Now we all know that the market has not agreed with us as of yet. Therefore, last year, we started a $250 million share repurchase program that we exhausted in approximately 90 days. Then very recently, our board approved a second $250 million program. We're very active under that program now because we continue to see that share repurchase has to be one of the levers that we have access to the pool to deliver shareholder value as we continue to trade at what we think is a significant discount. Then before I hand it back to David to go into the 2022 outlook, I do wanna spend just a moment talking about our financing activity. 2021, incredibly busy year. We closed on $2.7 billion in financing. We took advantage of low interest rate and decreased our rate from 4.6% to 4.2%. We shift debt from secured to unsecured, from variable to fixed. When we continued to focus on trying to improve our balance sheet, taking advantage again of those opportunities. Sometimes people ask, "Well, how do you look at the market, and how do you decide when to act and when to take advantage of the rate environment?" Well, the reality is that it's a process that is always ongoing. We have an excellent investment team, capital markets team, FP&A team that are fully dedicated, again, full company effort, fully dedicated on unlocking resources that we can then use to deliver value. With that, give it over to David for the outlook. Thank you, Carlos. I'm gonna start with the residential market, which is exactly opposite of where I've started outlook conversations like this over my entire career because there's always been companies that have led the way and retailers that have followed, and I think it's actually flipped. Carlos will talk about that in a second. Before we do, on the residential market, we have what I see as a meaningfully significant imbalance between supply and demand. We still have incredible demand from out-of-state migration into these low-cost, business-friendly states, and we have an inventory shortage of finished lots on the ground to help meet that demand. Starting with an increase in home sales, and yes, there's been some volatility and peaks and spikes over the past 10 years, but in general, it's grown by 9%. That demand we see continuing to grow. That has been in the face of some volatility of mortgage rates. You know, we put this slide together a couple days ago. It was 4.4. We're actually hitting 5% today, so we're getting back up there towards high-level watermarks over the past 10 years. This has taken some buyers out of the market, but it's taken the bottom buyers out of the market. Sitting here today, we still have more demand than available homes to sell in our MPCs. Really what's driving that, you know, we're seeing home sales continue to increase. Across the U.S., it's slow. Top left-hand side. 2022 year- to- date, last 12 months, it's down. 2021 over 2020 is down. But within our MPCs in Houston, Phoenix, and Las Vegas, those sales continue to climb. Those sales continue to climb because of those migratory patterns and the shifts in consumer sentiment that are looking for a higher quality of life. They're looking for affordability, connectivity to nature, short commutes, great education, safety and security, all of those things that our master plans deliver. The proof is in the pudding. You know, Texas continues to be the number one state for U-Haul. That's a great indicator. 40% of the new residents coming into Clark County right here, coming from California. Phoenix saw the largest population growth of any other city in 2021. For all of those reasons I talked about, but also because of affordability. This is a meaningful driver. The median price per home in our markets are a fraction of what it is in the gateway cities. The salary needed to buy a median income home is a fraction of what it is in those other cities. That cost of living index and lower taxes all make it more affordable to be here. That's driving consumer sentiment and continuing to drive home sales. It's one thing to throw some bar charts and numbers on a page, but what the team has done a great job at is they've quantified what it means to move from L.A. to Las Vegas. In Los Angeles, if you're buying a $500,000 home, you have an attached one bedroom, less than 800 sq ft. When you pick up and move here, you have a three-car garage, three bedrooms with a home office and over 2,000 sq ft. It's a meaningful trade, and it's why those home sales continue to remain strong here. I could argue that higher mortgage rates and higher interest rates impact home sales, but perhaps they impact some markets more than others. The less affordable markets bear more of that burden of slowing sales than the more affordable markets as it shifts buyers more and more to affordability. Our MPCs have continued to be the beneficiaries of this. Bridgeland and The Woodlands relative to Houston on a household income, home value, college graduates, meaningfully better. Same thing Summerlin as it relates to Las Vegas. Household income up almost 50%. College graduates close to 2-to-1. We're not just attracting folks. We're attracting some of the great residents. They're spending money in our shopping center. They're attending the ball games. They're being part of the community. Couple that demand with what is close to a record low of lot inventory on the ground. While it's low nationally, it's worse within our markets. Houston, Phoenix, and Las Vegas are at 14, 11, and 10 months of lot supply respectively, meaningfully below the equilibrium level of 20 months supply. We're working hard to address this, and we're working hard to address it in each of our communities to make sure that we maintain that supply of lots, we maintain that land to homebuilders, the precious resource that they need to deliver homes and drive our MPC EBT. Before I give to Carlos, I just wanna wrap this up a little bit. We continue to see a strong 2022 for land sales for us. Home builder demand continues to be very strong, as do underlying home sales. While some buyers are out of the market as a result of higher rates, there are still more people coming to this market than homes to sell them, driven by that affordability and quality of life. Thanks, David. As David mentioned, we continue to see this great migration impact. In the chart right now, you can see all of the cities from where people are coming from. You can see that— A lot to cover. A lot of them are very beautiful places. They are higher cost, higher cost of living. Many of them have very tough commutes and no access to nature, or it is difficult to have access to nature. What we continue to see, and we don't believe it's abating, we believe that we will continue, is that people are looking at our communities for the greater quality of life. Again, that chart was really telling of the type of home that you can afford in L.A. versus Las Vegas. Then as David goes through the rest of this presentation, you'll see all of the elements of care that are put into our communities to make sure that people have a sense of belonging, a sense of place. When you're in our communities with all the care that our planners put into the development, people feel like they belong there. We continue to see people moving from these other cities into our communities to experience that, the greater quality of life. What we're also seeing, again, that is part of companies used to decide where to locate, people have to follow. Now, with the advancements in technology that certainly we've had for quite some time, but that the pandemic accelerated the adoption of all these technologies that we have to work remote and work differently. We're seeing a lot of companies as well create these hub-and-spoke offices, second headquarters, regional headquarters, whatever we want to call them, and they're following the population. They're following the employee base. They're looking at our communities as well because that's where their labor workforce wants to be, and they have to have access to it. We see, as you can see on the chart, all of these companies that some of them are moving their headquarters, but some of them are just creating additional regional spoke offices where they can still have access to this workforce that wants to live in our communities. Some examples of those that have moved into our communities of Summerlin, The Woodlands, and Columbia are in the chart, and we'll talk about them in a little bit more detail here. What we see with these companies is that, again, it's whether through full on corporate relocation or because of expansion, they're choosing to locate in our communities. Now, what is also very interesting, in addition, obviously, to having new and more tenants, is that they're different companies than the traditional industries in The Woodlands and in Columbia. We are diversifying the tenant bases and stepping, again, a little bit away from energy, government, contracting, healthcare and bringing a different type of tenant that strengthens the tenant bases. Then in the case of Summerlin, well, Wynn is hospitality and gaming. I mean, it's a leader in the industry that decided to locate in the community again, where people want to live and where therefore they can have access to that workforce. It's no coincidence that we have 30 Fortune 500 companies located in our regions. Again, this is a reflection of what we've been talking about. Our communities are places where people want to live, the highly educated workforce want to be, and companies realize that, and they have to locate themselves since they're competing for that workforce. Although all of this that I just said reflects obviously in vacancy and rents that we can achieve in our communities. Here, we're looking at The Woodlands in Columbia, traditional office markets. As you can see, throughout time and over several cycles, these communities have been able to outperform the market. Lower vacancies, higher rents. Even in 2016, where you can see that we had a spike in vacancy, those were largely completely self-inflicted. In The Woodlands, it's because we delivered 1725, 1735, and three Hughes Landing basically at the same time. In Columbia, it's because we delivered One Merriweather. Why do we do it? We knew there was demand. As you can see, the very next year, vacancy rates fell back down. More significantly, if you look at the rents, even during 2016, we didn't have to drop rents. We didn't have to drop rents to increase occupancy. This talks about the quality of the assets in our communities and the resiliency of the office market in The Woodlands and in Columbia. Then talking about retail, our main retail community is right here, Summerlin. This is a retailer in our portfolio. Summerlin has come back from the pandemic incredibly strong. It's. I would even dare to say even stronger than ever. Traffic and NOI are almost back to pre-pandemic levels. The pandemic turned out to be sort of a winning event. The weaker tenants were taken out of the market, replaced by stronger tenants. We see it where we now have Nike, Casper, and Free People choosing to establish their new stores in Summerlin, which not only, again, strengthens the tenant bases, but also raises the profile of Summerlin as the premier retail asset in the market. Then we move on to multi-family. The last five multi-families, as you can see in the chart, have outperformed our pro-forma significantly, stabilizing ahead of pro-forma and delivering year-over-year rent growth. Again, this is another indication that people want to live in these communities. That's why they stabilize ahead of pro-forma. That's why they deliver year-over-year rent growth, because people want to live in our communities. Finally, before I pass it over to Jay, I want to talk about. This is one of my favorite slides in the presentation. What this is showing is that based on our 2022 guidance, looking at the midpoint of the range, we expect to generate $636 million of recurring income. You can see the different components of recurring income on the slide. Once we cover our run rate of G&A and interest, we are going to have $429 million to reinvest. At a 65% Loan- to-C ost, that could be $1.2 billion of new development. Or if we think about share buybacks, that could mean $4.3 million of share buybacks. This is the virtuous cycle in action. This is what we deliver, and this is what we plan to deliver this year. With that, I'll pass it over to Jay. Thanks, Carlos. Carlos' favorite slide is my favorite slide, too, because $1.2 billion of funds for development is really a developer's dream. One of the things we thought about in 2021, as you've heard up till now, each one of our Master Planned Communities has a real core identity. It has a brand association within its market. One of the questions we asked ourselves: What is Howard Hughes? How can we explain Howard Hughes in very brief terms, particularly as we went through the transformation project? As we started to get to the end of the transformation project, we think our story becomes simpler to tell, but we wanted to really kind of think about it, what's common across all of our regions. It goes back to their original founders. When you think about what they created, George Mitchell and Jim Rouse, they assembled tens of thousands of acres. In their day, that was incredibly ambitious. It's still ambitious today when we look at Douglas. When you take on these kinds of scale, that sets you apart from everybody else in the real estate industry. What we did, and I think what we have a history of doing very well, is we plan very, very carefully. As Jim Carman said in the video, we think about the community from soup to nuts, everything that's gonna affect the way people live and work there. We design every project that we do within that community to be best in class. If you do that consistently, and you take a very long-term point of view, that's a very corporate approach to it. What ends up happening over the course of decades is you create real communities with personalities. The people that live and work in those communities believe, and we know this from our studies, that it's a personal commitment to the community. It's organic, and it's authentic. That's what builds civic pride. That's what allows us to keep building upon. As time goes on, we get denser and denser, and we build denser town centers, having started with suburban housing. The way we look at it is how we build and how you live has really become the keystones of our corporate brand. That's resulted in us being recognized consistently, whether it's in Texas or Nevada or Maryland, as really desirable places to live. A big part of that, making that desire real, is our stewardship. We're there for the long haul. We don't build and bolt. We're heavily involved every day in our communities, and we'll see that a little bit more. How do we go about building? Generally speaking, because we control so many thousands of acres, it's almost impossible for us to get overbuilt. We build upon the success of one community to lead to the next building. When you look at some of our multi-family here, Lakeside Row and Bridgeland, super successful. It leads immediately into Starling. Tanager, very successful here in Summerlin, leads logically into Echo. Juniper in Maryland, eventually it goes quickly into Marlowe. It would take roughly 900 units very quickly to get 1,100 units. We're not guessing about the market. In every case, as Carlos mentioned, we lead the market in price per square foot because we're not faced with any competition substantially. If you look at office space, here in Summerlin, it's a great story. We have three office buildings, all 100% leased. That is an indicator that we can take a chance on another building. 1700, which is under construction across the street, and is now topped off and enclosed, we started on spec. Very quickly, we are at 25% leased. We've got another 25% lease negotiation today. We're getting the highest rents in Vegas, and it's really being recognized as the quality project here in Vegas. That takes a lot of the de-risk out of our development pipeline. Then we start to introduce new products. In the case of Maryland and in Texas, very strong healthcare communities. What's happening in the industry is doctors groups are consolidating. There's more demand for medical office, trying to get people out of emergency rooms and hospitals. We're starting to respond to that need. In the case of The Woodlands, we've got such a reputation with the five hospital systems already in The Woodlands. We're doing build-to-suits for someone like Memorial Hermann. Across on the other side of The Woodlands, we'll build something on spec, which we're doing in Creekside. In Downtown Columbia, we're starting to build in the town center. Our first medical office building there, it's 80,000 sq ft. We were pre-leased at 20% when we'll start construction on that project in June, and we've got enough activity that we think as soon as shovels are in the ground, we're gonna bring that project very quickly up to 60% or 80%. Again, we really understand the market going in, and we're able to de-risk it coming out. If we look at Ward Village, the market that I say defies gravity. We've got five successful condominiums completed, over 2,000 units. We have three buildings in the pipeline. These three buildings, Kalae, now is about to close this year. Victoria Place is coming out of the ground, and the Park will start later this year. That's a four-year supply of condos, and we're 93% sold across all three projects. Extraordinary ability to sort of preempt the market. The way we go about this, virtuous circle that Carlos was referring to. As we build NOI from the projects that we're building, be it office, medical office or multi-family or condos, that cash flow comes into corporate. Even though we think of the regions as standalone development companies, and in fact, there's some of them companies at the back today, and this is the first time they've put on ties, I think, in about the last seven months. They're a standalone development company, but the profits that they generate flow into corporate. As they come into corporate, we have to then decide how we're gonna deploy. Every quarter, we have a board meeting with each region. In those regional board meetings, we talk about what's coming down the pipe. What is your market for the next three-five years? That's where, when ideas get road tested, and sometimes a little bit of preliminary research is done. There's the back and forth, that looks interesting, go back and study it some more. Coming out of those quarterly board meetings, the capital allocation committee says, "Okay, that's a go. That's a thumbs down. Go back and work a little bit harder. Advance the design a little bit more, get the construction pricing a little bit tighter, maybe do some pre-leasing or pre-sales, and get it ready for board approval." The project comes back to the board. The board approves every single project, and then capital gets allocated back into the standalone development companies. Go execute. That's the way in which we control the discipline of what we decide where we're gonna invest in, because we're always looking at it holistically from the perspective of the greater company. Now we talk a little bit about how we live. This is important to us because in the end, it's about how people enjoy the communities. If they love their community, they're gonna constantly grow within that community. For us, in some ways, ESG is something that our founders invented 50 years ago. We always think about conservation. We always think about biodiversity. We always think about trying to do what's right for our community. As a result, we've started to really become more focused in 2021 on an ESG agenda. Our GRESB scores, we think are very good. We're second-ranked in our peer group. We continue to be really, really involved in all of our communities. We support over 300 charities. We generate $3 million of charitable contributions every year in our communities. That's not enough. We have to do more, and we're starting to really focus on how we look at ESG going forward. We've determined that while we often go for all sorts of certifications, LEED Certification is the one that matters, and we're now focused on getting our entire portfolio LEED Certified and thinking about LEED much earlier in the design process going forward. From the point of view of diversifying our workforce, we've got a number of partnerships underway. Project Destiny takes young college students and starts to expose them to the real estate industry. If they're interested, then they place them, and it's a co-op program between going to school and going to work and getting mentors, so that by the time they graduate, they know they wanna be in the real estate industry because they've already been in the real estate industry. For us, it's a great source of young workers. Working with REAP, this is a not-for-profit that goes outside of the real estate industry into, let's say, accounting or banking or construction or operations, tries to find performers with high potential and attracts them to real estate. Because real estate is historically not as diverse as many other industries, and we need to do a better job, and one of the ways to do it is reach outside of our comfort zone and bring more people into our industry. When we work with REEC, this is another not-for-profit focused particularly on mid-level Black and Hispanic managers, and provides the roadmap to allow them to succeed and grow their careers. Working with all these groups, we're very dedicated to trying to do a better job as we go forward within the Howard Hughes group. Biodiversity is something that people talk about a lot. We already do it. In Bridgeland, we have a tree farm. We have cattle. When we think about new communities like Douglas, we're thinking about community gardens, farm-to-table restaurants, nurseries. We see that this is going to become a growing component of communities going forward. At the property level, we're starting to explore the issues of Embodied Carbon in construction, so that when you look at the carbon footprint of a building, there's only so much that's generated by operations. At least half of the carbon footprint is generated by the actual building, the creation of the building. Not only the activity on site, but the activity of the vendors who supply goods to the building. Embodied Carbon has become a new buzzword, and that's why we're looking at using timber. We're looking at different energy sources for our buildings. We are also on an operational level, we're doing a pilot project with Trex to do street furniture from recycled materials. At every level of the food chain, and then we're trying to think about what's coming next, even things like sea level rise in Hawaii and the Seaport, which are much longer time point of view. To make sure that we're sort of on the leading edge of these ideas, we're taking a very, very deep dive with our operating portfolio. One of the things we're focused on doing is setting science-based targets. If you're gonna set a science-based target and measure yourself against it, you've got to know where you're starting from originally. We're investing a lot of time and energy in understanding what exactly is our carbon footprint today, so that we know what it is we're trying to address for tomorrow. We're also focused on risk management, both climate resiliency and structural resiliency, which Thornton Tomasetti said he's happy to help us with. Verdani takes our data and collates it and puts it into our ESG report every year, and Insight is helping us measure at the building level. Going forward, Servidyne is one of our consultants to make sure that, at the level of early design, we take into account everything that's important to LEED and then some. Black Bear is helping us to explore alternative energy sources for our buildings. Finally, when we start to establish what our footprint is, we wanna have a roadmap to a net zero. The roadmap from where we are today to net zero in the future is being plotted by Ramboll, and then, as you just said, Ramboll Denmark that we're working with. We're very focused on what will be the future for us from a perspective of ESG. Now I'm gonna take a little time to go through what's in the pipeline. One of the things where I'm gonna show in this section of the presentation, some are real, some are completely not real, some we're just thinking about, some we think are areas where we need to put some focus, and think about. We don't necessarily have sites for them, but it gives you an idea of the way in which we're thinking of three to five years down the road. We'll start with Nevada or here in Summerlin. We've referenced 1700, which is under construction right now, on Pavilion Drive. Immediately south of 1700, we're working at a project which we call the Superblock, designed by Jeanne Gang out of Chicago. The idea here is to be really kind of a sustainability benchmark, to really think about not only Embodied Carbon in terms of the materials in the building, but also passive design, how the building is oriented to the desert climate, and really very project specific. The building consists of our fourth office tower, which we believe there'll be demand for as soon as 1700 is finished. Some more multi-family, which will be a more higher end multi-family closer to the urban core, and our first condo project, all knit together around an open space, which will be seamlessly connected to the retail across the street. We think that once this project is complete, the combination of 1700, the ballpark, the retail, and the Superblock really will create the heart of Downtown Summerlin. This is the rendering of that. As we go to the southeast corner of Downtown Summerlin, we've done our first high-end supermarket, and that's gonna lead to village retail adjacent to Tanager and Tanager Echo, and what we think will be our first senior site here in Summerlin. That's an early view of what's coming in terms of the neighborhood retail. As we go down around the corner of 215, near Aristocrat, on Parcel 15 we call it. We're kind of planning another office tower. This is meant to be more of a traditional Vegas 3-story, simple 130,000 sq ft building. We would go with this on spec. We're taking time to put a little extra effort into the finishes, so it really becomes the best value proposition in town. If 1700 Pavilion and the Superblock represents the Class A space in town, we think Parcel 15 will represent the best value proposition in town. Finally, as we go up to Summerlin West, where we have the remaining 5,000 acres, which you're gonna see in the tour today, going up into the Red Rocks, where the Summerlin Parkway comes in and meets 215, we envision the eventual a big commercial campus. We've used Kohn Pedersen Fox to think about all of our regional locations as a national destination for a regional campus, and this is their idea of how that campus might greet you as you come into Summerlin West with the Red Rocks in the background and fantastic views of the Strip in the foreground. Switching over to The Woodlands. In The Woodlands, we've got a situation where we're basically sold out. We just put our last few lots for sale, as of this week on the island in Lake Woodlands. We realized we've now got people who've been there 30, 40 years. They're invested in the community. They're members of the golf club. They've got their doctors. They got their friends. They got their grandchildren nearby. But maybe they don't need an 8,000 sq ft house anymore. The idea is to build the first condominium project for us. In The Woodlands, we're using Robert A.M. Stern to design this project. Our goal is it'll be the finest condominium in Houston. We believe that the location and the ability to really build something substantial here is gonna be ultimately very successful. Coming back to the Jean-Georges Vongerichten investment, this is an example of where we can put a restaurant in this complex, ideally managed by Jean-Georges Vongerichten. Flipping to the other end of the spectrum, what we call the big house, also in The Woodlands. Here it's a combination. It's a product we've come up with for people that don't really wanna live in a multi-family but don't really want a house either. We call them a big house. It's four to five units on the ground floor, four to five units on the second floor. You have your own garage. You don't have the hassle of a backyard, but you still got community amenities like you would in a multi-family in terms of a pool and community center, but you feel like you live in a neighborhood, and it's a rental product. We're very excited about the potential here, and our first one is gonna be in The Woodlands. Then also in The Woodlands, we're starting to think about mid- to high-rise rental products. Typically, our products in The Woodlands to date have been seven stories or less because it allows us to build what we call stick construction, so it's wood frame on top of a concrete base. Here, we're going to a concrete tower, slightly higher end degree of finishes, different unit mix, amenities, and this will become what we think is the sort of executive multi-family housing in The Woodlands. Something which we think is kind of important to any community is the introduction of culture. How often do you go and you meet somebody from a city and they're bragging about their museums? You might ask, "Well, have you been to them?" They say, "Well, no, I don't go there, but we have great museums." Because culture somehow is a measurement by which people take civic pride. With something that we think is very important to downtown Woodlands, we've already got the Cynthia Woods Mitchell Pavilion, which is one of the most successful amphitheaters in the country. We've got the waterway, which connects a lot of the downtown to the lake, and so now we're investing a lot of small projects in and around the waterway. From high culture to low culture, the Kirby Ice House, which is in the upper right. The Ice House is a Texas institution, an open air bar. This will be the longest bar in Texas, noteworthy contribution to the downtown. At Waterway Square, on the lower right, we just completed this week, in conjunction with the Woodlands Art Festival, a massive mural over 30,000 feet, by Alex Katz, a New York artist who's 94 years old. Alex is gonna have a retrospective at the Guggenheim this fall. A major artistic presence in the world of art, and now we've got this incredible greeting as you come out of the front door of the Westin hotel at Waterway Square on the waterway. Then down the waterway towards the amphitheater, we're now thinking about a cultural center, which would be a small art gallery, maybe a small performance space, some food and beverage café out by the waterfront, maybe a nursery or flower garden. That whole waterway connection starts to become our idea of the Village or Madison Avenue. Then as we move towards the Highway 45, the buildings in the background is our own headquarters and the Occidental headquarters. In the foreground, working again with KPF, we've envisioned what would be a great corporate campus for a major relocation on the lake as part of the high-rise environment of the downtown in The Woodlands. Switching to Bridgeland now, we're in a completely different time zone. The Woodlands is 50 years old, Bridgeland is 10 years old. We're on our third village here. We're only just starting to see commercial activity. In the intersection between Bridgeland Central, Parkland Village, and Prairieland Village, we're now focused on a bunch of products, starting with our single family for rent. First one we've done, 260 units. We think this product's gonna do very well based on the success of Lakeside Row and Starling. We know we have a strong multi-family presence here, but a number of people want a house and they want a backyard. Oftentimes, it's millennials who wanna get into the game. They have families, but they don't have the deposit ready to buy a house in Prairieland, so we're giving them the ability to rent a house. In addition, there are single parents, executives in transition. We think this is gonna be a very strong product for us. A lot of thought's gone into the product itself, so it feels just like the rest of the single-family housing in Bridgeland. We're starting to see coming out of the pandemic, and I'm sure you've all experienced this anecdotally, how many families do you know where all of a sudden families wanna be close to each other? They want the grandparents across the street or down the street, or maybe they live close to a brother or sister. Some people are trying to cobble together houses that join backyards. We came to the thought, "Well, why not create the product?" We had this idea of the homestead. You buy four houses or you might buy four lots and only build two houses. But you're in one family, your parents are in another, your sister-in-law is in another, your brother or sister is in another. You have one backyard, one pool, one. You've built-in set of babysitters. The idea is that this becomes a bit of a family compound going forward. This is a new product as well, which we hope to introduce in Bridgeland. Then the quads, which is a similar idea. Instead of shared backyards, you have a shared front yard. But a similar idea where people get to form family groupings. Also in Bridgeland, we're doing our first office building. It's not very big. It's only 40,000 sq ft. But it's an all timber building, clad in corrugated zinc to look like a prairie farm kind of building. It's 100% timber. A lot of the buildings we're looking at right now are hybrids, steel and timber. Because it's a very small floor plate, this is 100% timber. It has some great aspects on the top floor. We'll be a tenant there ourselves. In many ways, we're trying to set the tone for an office market in Bridgeland. Same idea as we've showed in The Woodlands and Summerlin, a future corporate campus. In this case, it's more like a Silicon Valley campus, low-rise, three stories, very spread out. A very ecologically sound environment with its own retention pond, electric vehicle charging, et cetera. This is kind of a future-looking campus. Switching over to Hawaii, we're now getting down to the last remaining pieces. Kalae, which will come to market this year, which is down in the lower left, we're focused on the design right now of Block A, Block D, and Block E. With the view that we can get all those entitlements done by 2024. That's our last front row sites. We have what we call a third row site, which is Block M West. We haven't yet started planning on that because it's tied up in some ways with the mass transit, which comes through that block, and we're still waiting to see how that gets resolved locally. As part of everything that's happened in Ward Village between Kōʻula and Park, Victoria Place and Kalae, we're now starting to think about the streetscape and the park plan. We're now going to invest a lot of time and effort in improving the streetscape, more landscaping, more street furniture, better retail. Where we're building new buildings, we're really significantly upping the retail game and we're gradually rotating out of the older retail buildings. We're building a park, mauka and makai, north and south of Ala Moana Boulevard. In that park is included a bridge which will go over Ala Moana Boulevard to the marina. This will really become the centerpiece of Ward Village. The idea is that when you walk into Ward Village, not only are you aware of it because of the towers, but you're aware of it from the moment you walk in the threshold of our streets, and that's really a big focus going forward. Then as we come to New York, as we mentioned, we finally got final planning approval for 250 Water. As we got down to the home stretch of the approvals, it was always an assumption that it was gonna be a condominium building. We realized that we could de-risk the project if we thought about it as a rental. The rental market's very strong in Lower Manhattan. We were constrained by our approval process. Within the approved massing, we've now been able to convert the building to a rental. Now we're up to 400 units, which is a significant increase over the number of units we would've had as condos. We added two floors 'cause we reduced the floor to ceiling height, and we started to shift the entrances around. The entrance to the office building is here on Pearl Street. Then as you flip around to Water Street, which is in the historic part of the Seaport on the cobblestones, we've got the residential entrance, and we're paying a lot of attention to the retail at grade, because once again, it's important to create that ambiance at the street level that feels like a neighborhood. Then Maryland, where we've got a number of things going. Merriweather on the far left has been our focus in the last few years, and now we're pivoting and coming back to the lakefront. The lakefront is interesting because that was the original downtown that Jim Rouse envisioned. Interestingly enough, it hasn't really been touched for the last 30 years. It's like going back in a time warp. We're looking at what's there and what could be there. We have two major focuses at the moment, the medical office building, which is on the far left, and then what we consider to be our next big push in Columbia, which is the Lakefront North residential community. In the middle, you have the original Rouse headquarters, which has been converted to a Whole Foods, and some of the other exhibit buildings, which is the Blue Star, which was the original sales center, in when Jim Rouse started, and the town square. It's interesting when we look at the heritage of Columbia. Back in the early 1970s, Jim Rouse hired an architect that no one had heard of from my hometown of Toronto. His name was Frank Gehry. We actually have a legacy portfolio of four different Gehry buildings. The Rouse headquarters then became the Whole Foods. The exhibit building on the lower right we're going to convert to an event space. The amphitheater, which has been renovated and still continues to be one of the top amphitheaters in America, along with Cynthia Woods Mitchell Pavilion in The Woodlands, and then the original firehouse, which we hope to restore and expand. These kinds of buildings are what give the neighborhood its character, and we think it's important to try and respect that. The medical office building, which is next door to the Whole Foods Rouse headquarters, originally this was a site that it was in the floodplain, and so the thought process was we can't build on it. It's a great site because it's near the Whole Foods and it's on the water. An example of making lemonade from lemons, we went back to the municipality and said, "If we leave the parking in the floodplain, but we put the building up high on the upper parking level, can we build there?" We're able to build this 80,000 sq ft building, which we think is gonna be a real asset to the town center. As we move north into the lakefront, the views get really interesting in terms of a lot of green space all around us, the lake's there. We're conceiving of a neighborhood, three different buildings, 675 units. We anticipate building them all at the same time. The three buildings have slightly different characters, three different architects, Gary Handel from New York, HOK from Washington, KPMB Architects from Toronto, and PORT Landscape Architects. The landscape for us is critical, as important as the buildings. We wanna create a streetscape here that feels like what you might consider the high street of a little London town. Everything that we're thinking about in terms of the public space, how the ground floor retail meets the street, how the street itself gets animated. The retail has to be convenience retail. It's gotta be the bar, the hair salon, the bike shop, the daycare. We really wanna create a neighborhood from scratch here, and we think we're well on our way to doing that, very focused on architectural details and quality. Then last but not least, in the lakefront, seniors housing is something we're starting to think about. We've spent the last year looking for a partner. It's not a building type that we've been in before, so we wanna have an experienced partner alongside of us, and we've decided that we're gonna try and focus the first seniors housing in the heart of the lakefront. You know, what better to do in the heart of it than something for the seniors of the community, particularly when we refer to the original sort of homesteaders in Columbia, sometimes called the pioneers. We think this would be a great opportunity to create something in the middle between Jim Rouse's headquarters, the exhibit building, bring in some sports, the medical office in Lakefront North, and then do some modest improvements to the town square. To do that, following on the lines of the original Gehry buildings, we've turned to one of the highest profile architects around today, Thomas Heatherwick, to help us think about seniors housing in the heart of the lakefront. Flipping over to Merriweather, which is our most successful new neighborhood in Columbia. We've already built Juniper. It's a success. Marlowe is well along and will open this fall. Busboys and Poets is a local Washington institution in terms of a bookstore/restaurant. 6100 Merriweather has done very well for us as an office building, and so we're starting to think about what would be 6300 Merriweather, the next office building. Here we're trying to think of the office building of the future. What have we learned coming out of COVID? What are we learning about the new forms of work? Well, one of them is that the building itself has to be thought of from this position of Embodied Carbon. Rather than do a precast building or a metal and glass building, this is a masonry building. It's all brick, but it's all recycled brick. By recycled, I don't mean brick that came out of old warehouses and just get cleaned up and reused. It's brand-new bricks made from construction waste. It's a new technology. In Main Street, we're kind of excited about it. The other idea that we're anticipating in this building is you can see the corners are eaten away by balconies, and the building is designed structurally, so that when we're in pre-leasing mode, we can say to a tenant, "How much open space do you want? You can have whichever floor you want, whichever corner you want. It can be 15 by 15 or 15 by 30. It can be one story, it can be two story," and the idea is to create these tree houses. Every tenant can sort of customize their floors in terms of access to open space. Down at the lower level, we're gonna build in a conference center plus a cafe for residents. In many cases, large tenants might have their own internal cafe, but small tenants, 5, 10,000 sq ft, they can't afford to do that. We wanna actually have a communal cafe, which is part of the conference center. On the second floor, people come down every day, they get to know the chef, what's for lunch today. It's more to try and encourage that collaboration that people are talking about each and every day. It's also a hybrid building in terms of steel and timber. The idea is that timber floors, steel structure, and we're even thinking about do we turnkey the space, in which case the tenant comes in and says we just say, "Do you want, you know, black screens or do you want white screens?" Basically, it's, you know, the space is ready to go, and we're looking at maybe more flexible lease terms, which we think will be the tenancy of the future. Finally, yet again, like the other town centers, a future commercial campus put together by KPF. In this case, much more based on nature, which is the nature of Columbia. It's in a really elegant sort of ravine setting. Lastly, Arizona, where we're here, where Jim Rouse and George Mitchell were 50 years ago. Up until we purchased Douglas Ranch, we've been training on the fundamentals that our predecessors put in place, which thankfully were well thought through. Now, it's a little scarier 'cause we've got to come up with the fundamentals. What will be the necessary ingredients of the city of the future 50 years from now? How are we gonna think about mobility? How are we thinking about resiliency? How are we thinking about power supply? How are we thinking about connectivity? There's a lot really to sort of go into this, and we're very excited about the prospects. We're starting to have all-day charrettes already to think about what this might become. With a little bit is—d o I have to click this twice to get going or is it going? To see this land is to be awakened by it. In all of its vast expanse. This land of opportunity. How do we build upon this? We let the earth guide our hand. Follow her contours rather than carve them anew. We add to the land rather than take away from it. We let steel dance with stone. Imagination walk alongside wonder. We build not just for ourselves, but for our children's children. In doing so, we create a new story, not of manifest destiny, but enlightened sustainability. How we build, how you live together in harmony. In thinking about this project for the next 50 years, we have to think about blockchain, we have to think about cryptocurrencies. We have to get a lot of these decisions right. Only half in jest, I would say, we think we might build it two or 3x in the metaverse first before we actually put a real shovel in the ground. That's something we're thinking about as we go forward. With that's a little insight into where we're thinking these days. Back to David. Thanks, Jay. Clearly, Jay's been busy for the first 15 or 16 months or so he's been at the company. I think that, you know, I'm always reluctant to share too much of our pre-development or some of the imagination that we're thinking about early. I thought it would be really constructive for our investors to see the thought process that goes into building a community. It's not just the architecture of the building, but it's how those buildings are stitched together to become that fabric of community, how it creates a sense of place, how it makes it an attractive destination to live. Jay has done an incredible job for us in a very short period of time, really upping our game and driving these communities better, giving them a better sense of place. All right, I'm sure everyone's very interested in the NAV, so I did save it for last to make sure I kept everyone's attention. Last year, we ran through some of the parts analysis, and we told you we believe, based on that Illustrative Sum- of- the-P arts, we were worth $150 per share. We used that exact same analysis, the exact same methodologies, the exact same discount rates, the exact same third-party sources for cap rates. Nothing changed. All we did was update it for our 2021 results, and that yielded $170 per share. 14%. Double-digit NAV growth. How did we get there? What's the roadmap? Clearly, the return of our retail NOI, the stabilization of our multi-family, and the return of the ballpark from 2021 over 2020 drove a meaningful growth in our operating assets, the most stable portion of our company. We had a modest increase in MPC, and I've excluded Douglas Ranch. I've offset it by cash, so that's not what's driving it. When you think about selling over 600 acres last year, how did we go up in value? It's a good question. I wanna dig into that a little bit. We saw modest uptick in Ward Village and Seaport increased by $1 only because we have fewer shares, not because it's worth more today. We use the same methodology, total construction cost. Segment by segment, operating assets. Retail drove it to the largest component of it, followed by multi-family, which is the new construction stabilizing. The other is largely the ballpark, going from negative NOI to positive NOI as the pandemic allowed us to have almost a full season last year. The decline is the sale of our hospitality assets and office. Decline in office is driven by the third-party sources we used last year. We used the same third party source this year. They said the cap rates are 1% higher. I don't agree, but it's important that we kept the integrity of the analysis. That drove a large portion of our growth and asset value. I get more questions, comments, thoughts from our investors on this page that we had in our investor deck last year that illustrated how we convert commercial land into income-producing assets and drive value creation, increase our NAV. Take 3.5 acres in an NAV model of $3.5 million and make them $35 million dollar acres. Execute on that pipeline that Jay walked through, driving value. I wanted to take this exact same slide and replicate it for our four most recent projects, Starling, Marlowe, Tanager, and Seventeen Hundred, and show that this virtuous cycle is not a one-time, it's what we do every project. These four projects are driving over $4.50 of NAV accretion. On a unlevered and levered return, they're exceptional. They're exceptional for a couple of reasons. One, we're in great communities that people wanna live, wanna work. We also have dominance of land, low land bases, and no competition. That's what drives outsized results. All right, I mentioned a minute ago, we dig a little bit deeper into the MPC segment, and I just don't wanna just do year-over-year because I think it was really instructive to go back over time, five years ago. Five years ago, if you looked at our MPC segment and you used the same net present value methodology with the same discount rates across our portfolio, which was much larger at the time, it was worth $3.8 billion. We had 7,600 residential acres and 3,400 commercial acres. Over that five years, since then till now, we've sold $1.3 billion of land, 22% of those acreage, 2,500 acres at $547,000 an acre. That inventory has declined. Carlos talked about it, and I talk about it until I'm blue in the face, and I think everyone's sick of me hearing it, but I gotta say it again, this virtuous cycle of value creation works. We sell land to home builders. They build home. Residents move in. They want amenities. We build those commercial amenities that makes these cities more desirable, which in turn makes the homes worth more and our remaining land worth more. Over the past five years, the price per acre when we sell land to home builders in Summerlin is up 46%, 24% in Bridgeland, and 8% in The Woodlands. When you take $3.8 billion and you sell $1.3 billion of it actually means your remaining land is worth more because you've driven the value per acre so much higher using that virtuous cycle of value creation that your land is worth more. Even though you have less of it, the price per acre is so much higher that that land bank has appreciated outsized from what we've sold. That's the materialization of that virtuous cycle. Very similar dynamic in Hawaii, where we took to-be-built residential, high discount rate, uncertainty on timing, riskier, turned it into sold condominiums, hard deposits. We turned speculative development into Victoria Place, The Park Ward Village. Millions of dollars of cash on our book, hard contracted sales, and as a result, the value overall at Ward Village modestly increased. At Seaport, we use the exact same methodology, total construction cost, subtract the debt, our corporate and other assets and liabilities shown at book value, same methodology as last time. That overall added to an 8% increase in NE Value. Not per share, but Net Asset Value. Coupled with our share buyback, the $250 million and the second buyback, which we just started, with a smaller share count, we took 8% asset value growth into 14% Net Asset Value growth. By allocating our capital, not all in one bucket or the other, but by having thoughtful developments that create value and drive the virtuous cycle and taking excess cash flow and buying back shares, we're to continue to drive the value of this company higher on a per-share basis, which is our mantra over the long term. These communities are decades long, generational long, and that's how we plan, that's how we think. We don't make decisions for next quarter's results, next quarter's earnings. We make decisions for long-term value creation. What's left? What's next? Well, we do believe there's a lot of upside that is not yet captured, a lot of upside that we need to execute on in the very near term, including executing on our next buyback. Very clearly stabilizing our operating assets, leasing the remaining office space in The Woodlands, restabilizing Ward Village retail, finishing the multi-family development and leasing them up. Continuing to use that free cash flow to accelerate developments that Jay outlined, a potential pipeline over the next three, five, seven, 10 years. Who knows? We'll build to meet demand. Executing on Douglas Ranch takes it from a book value investment of $600 million or high discount rate MPC. Every day that we execute, we help decrease that volatility, the uncertainty, reducing the discount rate, executing on that same virtuous cycle that you see in the rest of our MPCs. Meaningful catalyst this year at the Seaport, developing or starting the construction 250 Water Street, leasing the office space at Pier 17, which we absolutely have to do, and opening the Tin Building in the spring, summer this year, all catalysts to unlocking value at the Seaport. It's not just about creating value, we gotta close the gap, and we're trading at a way too large a gap constantly. We can continue to work on closing the gap with a number of efforts, share buybacks, including just enhancing our disclosure by giving guidance, our spotlight videos, same-store NOI, having investor days like this, like the one we had last year. Helping to bring in great thought leadership and research like Tony at J.P. Morgan, working with some of the other analysts out there that we can help get the story out, and putting that capital to work. In summary, before we open up to Q&A, if you're online and you have questions, please put them in the chat, and John will read them. We had incredible results, and I think it really helped highlight our incredible business plan, the way that we're structured, and our ability to outperform through cycles. I think the development activity is a clear indicator of how strong the demand is in our communities. That continued migration of people wanting to seek a higher quality of life are driving our residential land sales. As Carlos said, now companies are following the residents because they need to access that low-cost, well-educated workforce that's moving here every day. Our position as the largest master-planned community owner in the country gives us a dominant position and allows us to continue to execute in 2022 and beyond. All right, that was a lot. We'll stop there, and we'll open it up for questions both in the room and online. If you have a question, someone will bring you a mic so that everybody online will be able to hear the question and, we'll do our best to answer. Everyone's shy. Alexander Goldfarb with Piper Sandler. First, I have to commend you on the concept of families wanting to live together, so God bless those families. Question for you on housing. You outlined that in your MPCs home sales this year, you're expecting them to grow. The rest of the country, you know, looks to either be taking, you know, slowing down, what have you. Mortgage rates, 5%. A year ago, they were, like, 3%. In addition, I believe that when you announced Douglas Ranch, you mentioned, I think it was 1,000 lots or 1,100 lots that you expected this year. The two parts to this question are, one, do you still feel confident on the 1,100 lots? And two, can you just put some numbers around the qualitative aspect that your MPC home sales continue to grow while nationally, you know, homes are feeling the impact of mortgage rates? Sure. To answer your first question, Alex, I still feel very comfortable. This is gonna take me all day. Jay had a lot of slides. Yeah. We still feel very comfortable that. In fact, John, can you actually scoot for me? That we're gonna get that 1,000 to 1,100 lot sales, no doubt in my mind. I feel very strongly that there's incredible demand because in Phoenix right now, there's a shortage of single and multi-family home sites of 630,000 units. An expectation of 100,000 people to move to Phoenix this year and every year for the next five to 10 years, and only 40,000 finished lots on the ground. We talked about the supply-demand imbalance on the residential side. It is acute in Phoenix. Douglas Ranch and Trillium can absolutely address that supply-demand imbalance, and I feel very good that we're gonna get those lots contracted to home builders. Alex, your second part of the question is kind of comparing this here. These are actual home sale statistics nationally and within each of our regions. These are not projections, but historicals. Clearly, from 2020 to 2021, and then for the last 12 months, the U.S. has modestly declined. Still at a very, very healthy rate, and still at a, you know, consistent 9% compound annual growth rate. We haven't seen that same change in Houston, Phoenix, and Las Vegas. These regions, not just our MPCs, but these regions continue to receive those residents seeking that higher quality of life, that affordability. As a result, within these regions and within our MPCs, home sales have not abated. Now, when we gave our guidance this year, for MPC EBT, I think we gave what we think are very strong numbers. That is predicated not necessarily on acceleration of home sales from 2022 over 2021, but a very consistent number of home sales 2022 compared to 2021. Just concluding that, have you seen any diminution of demand from the home builders in any of your MPCs for land or the land that they, the home builders, continue to take down from you continues to support the guidance that you laid out on the fourth quarter call? I feel strongly that the home builder demand is there to buy our land such that we'll be able to continue to stand by the guidance we gave earlier this year. I would tell you, to date, I have been pleasantly surprised by the price per acre that home builders are willing to pay. Largely, that demand is coming from the supply-demand imbalance. They need that raw product to deliver to meet that demand. Hi, it's Hamed Khorsand, BWS Financial. First question I had was, given that you're starting to change some of the composition and the properties for your MPCs, does that mean there's gonna be a change in the income composition of the residents? How would that affect the overall MPC value and the, you know, the commercial aspect of things? It's a great question. I would say that we have seen the demographics within our MPCs bifurcate. We saw it in this chart, where household income in Bridgeland and Woodlands and Summerlin are definitely higher than their regions, Houston and Las Vegas respectively. That's not because we're dictating or prescribing more expensive homes. We're working with our builders, and we're very thoughtful to make sure that our builders are delivering the widest range of products possible, from affordable to luxury and everything in between, because that maximizes velocity, maximizes home sales, maximizes land sales, and creates a diverse and inclusive environment with our communities, which we very much are committed to delivering, very consistent with James Rouse's original vision for Columbia and what we carry into all of our MPCs. What has happened is that same size house in Summerlin or in The Woodlands has become worth more than their competing neighborhoods or surrounding areas because of that amenity that we're delivering, because of that education system that we're delivering, the quality of life that we're helping to orchestrate within our communities. But that doesn't mean that we shift to only luxury. It means that we absolutely have to be dedicated to making sure there's affordability across all of our communities, making sure that we can maintain that diversity across all of our communities. Every day, we're looking at the demographics of our residents. We're looking at the demographics of our new residents coming in and surveying them to see what they're looking for for amenities. Our job is to go out and build those amenities. A lot of what Jay talked about is building that next wave of amenities to meet that residential demand. It's constantly shifting. It's a moving target. We have to be nimble and thoughtful to make sure that we don't lay out a plan today that says we're only gonna build office buildings in Downtown Summerlin and find out there's incredible demand for multi-family, more retail, more entertainment or a ballpark. It's always shifting. The other question I had was, how are you dealing with the commodity costs of, you know, steel and timber right now? Well, we're now starting to think of our contingencies as having two pieces: normal contingency and then inflation contingency. Sometimes in case of timber, one of our jobs, we went directly and you know, pre-purchased it before we needed it just to know we had it. I think we're gonna continue to see that as an issue. The homebuilders are telling us that, you know, they won't price. They build on spec now. They'll get the house totally framed before they even decide what they're gonna sell it for. They don't pre-sell the house. They start construction because before they sell it, they wanna know what the final cost is gonna be. They know they can't necessarily zero in on that before they start. I think we're trying to be more nimble in our construction contracts, be more transparent with the general contractor to have more insight into the subtrades, deal directly with the subtrades in some cases to make sure that we've got security of supply. Sometimes we warehouse it and make them bring things up on-site early so we know it's there. It's gonna be an issue. It continues to be an issue. We're very focused on it. The good news has been for the projects that we're working on. Yeah. So far, everything that's under construction, we have no supply issues, thank goodness. It's more of a thing about projects that haven't yet started is where we're particularly focused on it. A lot of the revenue side projections of those new developments have actually outpaced. Yeah, the single-family for rent's a good one 'cause it's really affected by the housing pricing, and we haven't yet brought it to the market, and we already see that it's gonna cost us more than we thought. We also realize that we're way conservative on our rental assumptions. The pro- forma stands, still stands as planned. It's just numbers moved. Until the revenue side starts to see a hiccup, I think we're in good shape to absorb the inflation. Omotayo Okusanya from Credit Suisse. Going back to the MPCs and land sales there, I mean, you kind of see all the homebuilder stocks all down 20%-30% year- to- date. All those management teams kind of talking about better capital allocation to get better ROEs going forward. One of the things they're all kind of talking about is with their land banks maybe going forward, rather than buying land outright, maybe kind of having options on land and things like that to kind of manage better capital allocation. Are you hearing that? How would that potentially impact land sales at the MPCs that you guys own? Well, when we sell land to homebuilders, we are very committed to making sure that we're not giving long-dated free options. We have contracts with hard deposits and set closing schedules, and that's not changing. That's just how we do business. While, you know, optioning land from other developers may be an opportunity for them, great for them. I mean, I encourage them. I'm happy. We're just not in that business. We're in the business of selling land with hard contracts, committed dollars, and executing as the way people say, not giving them free options to maybe buy my land if the market goes well. That doesn't work for us. That's great. One other question. Jay, to your point of future development i nflation and all those issues. I mean, yes, some property types, multi-family, things like that, the revenue streams are just kind of through the roof and kind of moving much faster than inflation. But how do you kind of start to think about other property types where that may not be happening, like office, for example. You know, would you still be interested in doing more office development, for example, going forward? I think we see multi-family being much stronger than office at the moment. In every case, historically, we've outpaced our own pro- forma. The multi-family comes to market, and we do better what we have in our pro- forma. I don't think you could say that's the case with office, exception being 1700 here in Vegas. In certain situations where you're filling an obvious gap, we'll plug that gap, but we're not as bullish on rushing out to build office on spec. Similarly, we are downsizing our office. Our typical office development, I think, is gonna get smaller 'cause we wanna sort of right size it to the tenant mix in the community. In The Woodlands, for instance, where the energy industry was buoyant, you would do take down 200,000 feet, 300,000 feet. Now we do a floor, maybe two floors. We see that dynamic changing, and we wanna make sure our product changes with it. Not a lot of Occidental style big floor building in our pipeline for the moment. It's much more the kind of project I showed in Maryland, where we'll market it hard, and if we get someone who bites, then we'll build. Retail is different again. Retail now we see very much as it's gotta be local. We've gotta work more closely with the retailers. It's more important that we curate the right retail for the purposes of creating the environment than necessarily being, you know, so focused on credit-worthy tenants who aren't really bringing anything to the table. Much of what Jay covered, in each one of our markets, he highlighted a potential campus opportunity. Let's be clear, we're not building a 2 million sq ft corporate campus on spec. Right. Right? This is part of our effort to make sure that as these corporate relocations continue to happen, as people leave higher cost cities, we follow those employees. We have product designed, ready to go to meet those needs of potential companies that are thinking about relocating. The difference for us at Howard Hughes is that when we work with a CEO or another company about relocating, I'm not just having a discussion with them about meeting their office needs. I'm having a discussion with them about where their employees are gonna live, where their employees' children are gonna go to school, where they're gonna go see a baseball game or how they're gonna be entertained. It's a holistic approach that Howard Hughes can deliver to these other corporate CEOs thinking about where their headquarters needs to be that I don't think anybody else can do. We need to make sure that we have those campuses ready for when those opportunities come up. You know, could be one building, could be four, but it could be. It's completely flexible to meet those needs of those tenants coming in on a build-to-suit basis. We're also very focused now, more so than we have been, on a national marketing campaign. We're working with the site selectors across the country so that when they come across a new client that's saying, "I'm thinking of expanding to Texas, but I'm not sure where," we've gotta be on their radar screen. We wanna make sure that our communities are front and center, and that's why we're sort of creating the menu. À la carte, you can do whatever you want. As David said, a big part of it is to be able to say, "We can do housing. You wanna build? You want us to We'll do a build-to-suit office. We'll do a build-to-suit housing, too, if that's important to your employee base. Thanks, Anthony Paolone, J.P. Morgan. With regards to Douglas Ranch, how many types of opportunities like that do you look at? For instance, do you see things like that in Florida or Denver or other parts of Texas or some of these other, demographically favorable markets? How'd you ultimately land on Douglas Ranch? Look, those opportunities come through, of that size and magnitude, you know, I think that this may be the first or second one I've seen in the six years I've been at the company. They're very few and far between. Now, since we announced Douglas Ranch, everybody who owns 300 acres has been calling me. But buying 300 acres in North Dakota is not the same as 36,000 in west of Phoenix. I think these opportunities are every five to 10 years, maybe. I don't feel compelled that I have to even find the next one every five or 10 years from now because I've got 40 to 50 years of work left to do at Douglas Ranch. I've got 20 years left of work to do here, at least that in The Woodlands on the commercial side. We have a lifetime of opportunities within our existing portfolio that external growth is not, I don't think, paramount for our long-term success. If there is another shovel-ready MPC in five or 10 years from now, we'll take a look. My other question is with regards to the balance sheet. How should we think about or how do you think about debt and leverage as we think about the development pipeline, things you laid out, and stock buyback and things like that? It comes down to the leverage strategy is really focused on a segment-by-segment basis. In our operating assets, we try to employ appropriate leverage consistent with our public real estate peers, leaving some assets 60% to 65% leverage, some unencumbered. Our development pipeline is typically 60% to 65% non-recourse, non-cross- collateralized construction debt that's termed out with either secured or unsecured when it matures or paid off and left unencumbered. The land bank, the MPC business, it's a land business. It should be free from debt, which it is. We use small lines of credit that are pre-funding mechanisms until we're reimbursed by the municipalities that pay us back for the infrastructure in the ground. It's really zero leverage on the land bank. It's a timing issue as to whether or not there's outstandings on a line of credit, or we have more receivables coming in than we have payables in terms of the bonds coming back to pay us off. Overall, you know, look, we worked hard to execute on $2.7 billion of debt to push out our maturities, reduce our interest rate, lower our interest costs by over $20 million. It was a huge effort, and I'd love to say that we were really that smart. I think we were thoughtful. You know, I think everyone's been told. We've been saying interest rate's gonna be higher now for 10 years. I think it finally came to roost. We were partly smart and partly lucky on executing as much as we did last year to really solidify that balance sheet for the long term. In terms of buybacks and development, it goes back to the slide that Carlos talked about, which was his favorite slide, you know, our ability to develop, to do work is really predicated on the free cash flow coming into the company. That capital that's coming in needs to be self-funding, right? We're not gonna lever up to buy back shares or lever up to fund new development. We're gonna just use that free cash flow that comes in as what we're able to do. It means that we have more opportunities than capital, so we have to be very judicious and thoughtful in terms of how we allocate those capitals to different developments versus share buybacks. Always focus on the long-term Net Asset Value per share accretion. Last question for me. To the extent the stock remains pretty discounted to your NAV, and on your non-core dispositions, I think there was maybe $30 million left, whatever, just the last retail vestige there. Would you take another look at the organization and the portfolio and take another cut and determine that, you know, perhaps there is more non-core or something that has risen to non-core that you could sell? Yeah. I think we're always taking a hard look in terms of where we perform, where we see meaningful outperformance as a result of the control and market share that we have within our communities. I don't know that there's much else that would fall into the non-core bucket, but it's always up for evaluation. Thank you. Thanks, Tony. Thank you. I just had a question on Seaport. Specifically, you have some milestones you talked about in the presentation, about hitting in the near term. You've still been kind of losing money on the asset. What's sort of the path to profitability there, and kind of the general timeline that it'll take to achieve that? I guess the second, following up on that, I think you had pulled the disclosure a year or two ago about your NOI yield on the asset. What are kind of updated thoughts on that? Sure. Great questions. You're right. We continue to remain below profitability of the Seaport. Pre-pandemic, we were a little different than post-pandemic. Pre-pandemic, the historic district, the cobblestones was alive and vibrant. The Garden Bar was doing well. 10 Corso Como, more tenants were doing very well. The Pier was still under construction, just opened, and the restaurants hadn't gotten opened yet, and it was lagging. The pandemic kind of flipped it, and we had a little role reversal, and now the Pier opened, the restaurants are open, the traffic is massively improved from even pre-pandemic levels. Concerts are doing well. Sponsorship is doing well. The restaurants are full every night. Unfortunately, a lot of our retail tenants on the cobblestone didn't survive the pandemic. While we backfilled some of them, I'm reluctant to sign bad deals today knowing that that Tin Building is gonna open only a couple of months from now, which I think will really change the dynamic down there and create great connectivity between the historic district and the Pier. The path to profitability is pretty clear. Lease the office space at Pier 17. Refill the retail vacancy in the cobblestones using the vibrancy of the Tin Building as a great catalyst to get that done. Those two things are gonna drive the bottom line because the restaurants now are profitable and doing very, very well. Our sponsorship business is very strong, and the concerts are doing incredibly well, with most of our concerts being sold out. $250 will generate a bunch of NOI. Right. That's one of the reasons why we like it as a multi-family versus a condo. David, going back to Jean-Georges, can you just give some perspective around how we should think about the economics, earnings benefit, and then certainly makes sense the Jean-Georges concepts throughout the MPCs. Globally, you know, he's around the world. So, you know, one, is this a way to, I don't know, like Asia, to attract more interest in selling, you know, condos? Or I doubt you're gonna launch an MPC overseas. Maybe you will. Or is the overseas part something that, you know, eventually that part of the business would not, you would sell that stake to someone else? Just trying to understand, one, the economics, the earnings impact, and two, given he's a global empire, you guys are focused on domestic, how we should think about that. Sure. They're good questions. Sitting here today, a week after the announcement, I'm not gonna give guidance on where the cash flow is gonna come from Jean-Georges' organization. Clearly, as a private company, he's very protective of his information. I need to respect that. I do think that this is a cash flow positive business. I know it is, and it's one that's gonna deliver an incredible return for our shareholders. But his business being global doesn't mean that my business is global. He's gonna open up restaurants where he gets called and paid outsized fees to do that, and he needs to do that. That's his business, and we support that. We wanna make sure that we get a fair share of those new restaurant openings within our MPCs, and I think that our ownership position gives us an advantage to get that done sooner rather than later. But his business, whether it's overseas, doesn't necessarily mean that our business is overseas. We're a passive investor. We'll, you know, have board seats. We're actively involved in the business, but we're not driving the day-to-day decision-making. We're not picking out menus. We're not changing the way he operates. The experience of going to a Jean-Georges restaurant, whether it's in Morocco or Central Park, is not gonna change one bit as a result of our investment. For us, it's an incredibly exciting investment. I mean, this is a business that, you know, like those hotel operators that don't necessarily own the hotels, that can grow in leaps and bounds by putting on flags. That's what Jean-Georges is doing. He's putting a Jean-Georges flag at all of these great locations, driving that experiential food and beverage. We've seen what a catalyst it can be firsthand at the Seaport, firsthand in other developments where he's opened up new restaurants. We're excited to continue to see that grow. Questions online, John? Yeah. We've got a few coming in. One of the first ones, question asks, "What do you believe explains the difference between the Net Asset Value and how it uses existing market cap today? Look, we are clearly, having gone through this presentation and the depth that we have, perhaps slightly more complicated than a lot of our publicly traded brethren. We are a pure set of one, and that creates some challenges in attracting new investors into the name because they have to work a little bit harder to get up to speed. We're doing everything we can to increase our disclosure, increase our transparency, and make it easier for people to get up to speed. Today is part of that, you know, part of that effort. We're gonna continue to get out there and do that and do everything we can to close that gap. Just as important to us in terms of closing the gap is increasing the value of the company. If we maintain a consistent gap, hopefully much smaller than what we see today, but a consistent gap due to that complexity with a growing Net Asset Value per share, our shareholders will benefit appropriately. Next question: Please discuss the availability of water for Douglas Ranch located in Buckeye, Arizona. Sure. As we discussed when we announced it, we have water rights secured for the first phases of Douglas Ranch and are working hard to secure the remaining water rights for the property that we'll need, you know, decades down the road. Importantly, in a part of our sustainable initiatives, we're thinking about all the things we need to do to make sure that we're preserving as much of that precious natural resource as we need to, including drip irrigation technology, low-flow fixtures, adding our own purple pipe, our water reclamation plant that naturally recirculates the water, relying less on just the groundwater and finding those alternate sources to make sure that we're taking all the efforts we need to. Then, you know, Jay mentioned we're working with Ramboll. In working with Ramboll at Douglas Ranch, we identified over 220,000 acre-feet per year of water savings and conservation opportunities just within Buckeye. For context, 220,000 acre-feet per year is more than double what we would need at full build-out for Douglas Ranch. There are many levers that we can pull to help make sure that there's plenty of water for the entire development of Douglas Ranch. Our next question: Can you talk about the right of first refusal you have all over The Woodlands? What type of opportunity or options does this present? How much NOI or square feet are in that set? Well, I wouldn't say that we necessarily have a right of first refusal. I'd say that consistent with the way The Woodlands, Columbia, and a lot of these master plans were originally designed, the original forefathers put in deed restrictions on any land that they did sell, such that if they sold to a hospital, they sold to a police or fire, those land and buildings were deed restricted to their use, footprint, and square footage. That's true with some of the retail and office that we don't own within these communities. As a result, if there's a higher and better use, we have a unique ability to unlock value by easing those deed restrictions. Given the recent increases in interest rates that you highlighted, how will you allocate between your ongoing development capital needs and share buybacks? Will you continue to be more aggressive in the market given the 60%+ discount? Again, it's all about driving Net Asset Value on a per share basis higher for the long term. I think that, you know, you could on a moment in time throw all the capital into a share buyback, but stunt the growth of the community that would drive the land values higher for the next decade. I don't think that would be the right decision. I think a thoughtful bifurcated approach that allows us to put capital into development and share buybacks will generate the greatest value for our shareholders. Here's one about the Las Vegas Ballpark. I understand the ballpark is a key to the community here at Summerlin, but would it make sense to consider selling the baseball franchise to a party interested in owning the trophy asset? I think management could invest those proceeds from a sale of the team, which I would consider non-core. I understand the company would likely need to offer a long-term favorable ballpark lease. As with any asset, when an asset becomes a low-return asset, lack of synergy asset, if we can monetize that and reallocate it into capital that drives growth, we'll do so. I think the ballpark is an incredible catalyst to Downtown Summerlin. By us having ownership and control of the ballpark, we're able to deliver a first-class experience that I don't wanna count on the next potential owner doing. I think it's important that we maintain that control because we can drive the experience. We drive the connectivity. By having that right experience for our residents that come out, over 9,000 people a game, they're shopping across the street, living in our multi-family offices in our office building, we can create the most synergies. Last year, you laid out both a spot NAV of $150 a share, as well as a forward NAV of $182, assuming NOI returned to pre-COVID levels and stabilized NOI was at its peak. Part of achieving the $170 that was baked into all of what we've shown today, using the same concept, where do you see forward NAV today, similar to the $182 outlined last year? I think it is slightly higher than the $182. Slightly higher because there was the offset of the sale of the hospitality portfolio and still a little bit of stabilization remaining to go in the office, Ward Village and Riverwalk Retail. That's all within that increased NOI chart that we showed of about $100 million coming back, split between new developments and existing assets. We have one here on the Seaport. Given that you've increased your NAV value at the Seaport, does that mean that you can provide NOI guidance for the Seaport, or does that simply reflect the increased investment into the Seaport? Actually, the increase in Net Asset Value per share in the Seaport is driven by the same numerator, but a smaller denominator, fewer shares. It wasn't because we increased the value, it was because we used total construction cost, just like we did last year, we used it this year. We have fewer shares outstanding, and therefore, a $1 per share higher value. We've got a couple of questions, just if there's any update on JDM coming back into Douglas Ranch. No update today. As soon as I have one, we'll absolutely announce it. Great. One more in the audience. Hi. I would love to hear a little bit just from Carlos, again, in your new role. Again, congratulations as CFO. We're very curious kind of how you're kind of seeing things at the company, what things you would love to kind of do, you know, from a CFO capital markets perspective that maybe wasn't done by your predecessors. I'm also kind of curious, some comments also on your new Chief Innovation Officer and some of the initiatives he'll be working on as well. Since you've asked him to comment on my shortcomings, you want me to lead by example? Sorry. Go ahead, Carlos. Sure. Thank you for the question. Well, one, it's very exciting to step into this role again. This is. I've been with the company for five years. I've already moved twice for the company, so maybe that tells you my commitment and how interested and how much I love what we do. I think that it's a privilege to work with such a highly accomplished team. I'm learning so much from them, but also from everybody else, from Drew, from our capital markets team, and from everybody else. When you ask me about what is it that I want to do, well, the first thing that I want to do the most is what we're doing here right now. I mean, help explain, tell the story, get people to understand the company the way that we understand it, to see the value the way that we see the value. Any incremental benefit that I can add to that is time worthwhile. That's a lot of what I focus on. It started before. It's not even new. It started before. If you put some of our filings side by side, you'll see that over the last three, four, five years, we're starting to increase that, speaking in more plain English, trying to provide disclosures that people like you in this room are asking for, because again, that's it's important to get people to understand who we are, what we do, and where we see value coming from. That's a lot of my time goes there. Talking about our new chief innovation officer, it's he was an excellent get for us coming from an institution like Hines. He himself is very well known in the real estate industry. We have many initiatives that some of them have to do with some of the newest technologies that we're seeing. The suggested last slide is talking about the metaverse. We have our internal task force where we're exploring opportunities, we're exploring blockchain, different opportunities for blockchain. I know that, as you know, there is a lot of noise around those technologies, but there are real benefits of the technologies that underpin, you know, what we mostly end up hearing about. There are a lot of internal-facing technologies, but more interesting outward-facing technologies that we can offer better experience to customers, to residents, and better information to people like you. We spend a lot of time on that as well. It's a very exciting, almost frontier of the finance and back office applications, where we get to look at these technologies and then say, "How do we deliver a better experience for everybody?" Like, I wouldn't put it. I don't know. I'm not saying that we will, but I wouldn't put it past us that in two years, three years, or four years, this presentation or part of it is in the metaverse, and that a lot of the information that we're sharing is driven by blockchain technology. That is, it's a very interesting future, and we spend a lot of time working on that. Jesse certainly has been already very instrumental in helping us start to develop the strategy. I would just add, Jesse, from a development side, it's equally important, in terms of proptech, understanding what's out there, what's coming, what's gonna be useful to us. Also, construction tech. Previous conversations about inflation. The more we're on the job site and the more insight we have on the job site, the better off we're gonna be, the more we can, you know, head off problems before they arise. He's super experienced in that side. He was running all of that for Hines. We've sort of been holding off waiting for someone like Jesse to arrive, but now we're gonna build, kind of an innovation proptech team that would be separate and apart from our enterprise software fix. Well, perfect. Thank you all again for attending, those in the room and both online. That's gonna be the end of the presentation for now. For those of you here in Summerlin, we will convene in 10 minutes downstairs and jump on a bus for our tour. Thank you again.