Good afternoon, everyone, and welcome to Howard Hughes 2024 Investor Day. My name is Eric Holcomb, SVP of Investor Relations. We're happy that you guys could join us today here in Summerlin, our award-winning master plan community in Las Vegas, Nevada. Before we begin today's presentation, I would like to remind you, excuse me, before we begin today's presentation, I would like to direct you to our website, howardhughes.com, where you can download the Investor Day presentation that will be presented today, as well as our supplemental financial package, which includes reconciliations of non-GAAP financial measures that will be discussed today in relation to their most directly comparable GAAP financial measures. Certain statements that are 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 assurances that these expectations will be achieved. Today's presentation will be led by our CEO, David O'Reilly, President Jay Cross, and CFO, Carlos Olea. We have quite a bit of material to cover with you guys today, including detailed reviews of our, excuse me, of our segments and concluding with our corporate balance sheet and an NAV update. But before we begin the presentation, we're going to start with a new video that we put together that gives a detailed overview of Howard Hughes, what makes us unique, and how we intend to unlock value in the years ahead. Hope you enjoy it. Welcome. While many companies are looking forward and figuring out how they're going to integrate new technology and innovation next year, next month, we're looking forward 10, 20, 30, 40 years, and we're also doing it with decades of experience and knowledge of what it takes to build a great city, build an incredible community, and how those technological advances can be embraced within that community setting. Howard Hughes is a development company, first and foremost, but unlike most developers, we don't just develop buildings here and there. We develop whole communities. We're working off the legacy of visionary founders, George Mitchell and Jim Rouse. They conceived of the city as something better than what it was when they were starting out in the late 1960s and early 1970s, and I think their notions of what makes a community superb is what we try to live every day. Jim Rouse said it best, "What we ought to build is what better meets the needs and yearnings of people than what they have today. Our focus is on creating the best master plan communities in the United States. Think of us as more of a community builder. Developers buy a plot of land, build a building, maximize the value, sell it, and move on. Community builders like Howard Hughes, we build and we stay. We're a forever owner in every one of our communities. We don't build, sell, and leave. We become part of the fabric of the community. What makes Howard Hughes unique is that we're developing only within communities where we have large land holdings and the ability to control supply. It differentiates us, gives us a meaningful competitive advantage. The benefit of having this diverse portfolio from Maryland to Hawaii is that as market demand shifts, it allows us to be very flexible in how we allocate our capital such that we're always developing at the highest risk-adjusted returns, creating the most value for our shareholders. Most other developers have to sell each community they develop in order to fund the next development. Instead, we're able to own each of these strategic developments long-term and use the cash flow produced from these assets to fund future developments. That makes us very unique in our ability to create tremendous compounding long-term value. We have tens of thousands of undeveloped acres, both residential and commercial, that we'll be building on for decades to come. We don't need that next great master plan into our portfolio to be successful. We just need to execute on the acres that we have, unlocking the value in the undeveloped commercial acres into great income-producing assets that will generate recurring cash flow for decades ahead. The last 10 to 20 years, it was assumed if you graduated from college, you were going to go to a gateway city. That's where the jobs were, that's where the tech was, that's where the culture was. I think it's all changing. Young people are having families, and they don't necessarily need to be in a gateway city in order to be productive and have a rich and full life, and as they start to think about where they want to have that life, they come to Howard Hughes Communities. Columbia, situated in between Washington, D.C., and Baltimore, but it's its own true city. There's 16,000 acres. It's the original master plan community, and we're responsible for filling out the downtown. We're building the urban center for this entire community. The downtown Columbia plan was established over a decade ago, so we're well on our way through that, but it's a 30-year plan. We have offices and apartments and retail. We can bring all those together in a really unique way. Here in the Houston region, we have The Woodlands and Bridgeland. The Woodlands is approximately 28,000 acres. It is located 25 miles north of downtown Houston. The Woodlands is now celebrating its 50th year in 2024 and is home to over 120,000 residents. It has been named the number one place to live in America several times and is also a great place to have a business, short commutes, and provide a great quality of life. We have a significant operating portfolio here in The Woodlands, made up of a Class A office, multifamily, and retail centers, and we continue to deliver new projects all the time. Bridgeland is located on the northwest side of Houston, right in the path of growth, and makes up 11,500 acres. This year, we were named the number one master plan community in the country by the National Association of Home Builders. We expect 70,000 residents at total buildout in Bridgeland, and we're just at the tip of the iceberg of the commercial offerings that we're bringing as well. You're seeing some of those projects break ground now, but you're going to see those projects continue for decades to come. Summerlin, which is a 22,500-acre master plan community located in Las Vegas, 15 minutes from The Strip and adjacent to the natural landscape of Red Rock Canyon. With more than three decades of planning and design completed, Summerlin consistently ranks as one of the top-selling communities in the country. The quality of life that you can experience when you come into Summerlin is meaningfully different. Great connectivity in nature, a trail system that is second to none, quality of education that we don't think exists in many other small cities or big cities in America. From a commercial perspective, we have an incredible portfolio, the majority of which is in Downtown Summerlin, our 400-acre mixed-use urban core, where we have Class A office, premier multifamily developments, and a vibrant, walkable retail, dining, and entertainment center. We're located on the south shore of O'ahu, and it's this incredible opportunity of 60 acres along the coast, complemented by really being in the center of Honolulu. Honolulu has so many incredible aspects to it, whether it's our beaches, our shopping, our restaurants, our culture. And the way we view Ward Village is how can we bring together all these positive attributes in a coherent way. We have a chance to deliver really a high-rise format of mixed use and do that in a sequence that integrates the streetscapes, the parks, the retail, the shopping, the restaurants at a scale that is really unprecedented. And that's a lot of what Howard Hughes does, is trying to make the sum of the parts more valuable and more exciting than just the individual pieces. In Arizona, our latest acquisition, 37,000 acres just west of the White Tank Mountains, just north of the I-10, and the site of the future I-11 that will connect Las Vegas to Phoenix. What's really exciting about Teravalis is that it's truly a blank canvas. Today, we have population zero. An incredible rich desert floor is all that exists across the 37,000 acres. And it's an amazing blank canvas where we're developing what it will be like to live in the city of tomorrow, the city of the future. We're laying incredible amounts of fiber to meet the telecommunication needs of this community: water, sewer, power, infrastructure. Think of us as a community builder. We build communities where people want to live, where people want to work, where people want to grow their families and live for generations. Within a master plan community, Howard Hughes has a meaningful competitive advantage in that we are the largest owner of Class A office and multifamily space and the dominant owner of the undeveloped land. That gives us the ability to build just to meet demand, never overflooding the market with too much product. It protects us through all market cycles such that we're able to outperform in good times and in downturns. We can make the mix right. So if we do residential, we can look at all the different price points that need to be covered, all the different stages of life. We can look at office, retail, entertainment, medical, educational, and all of it can be calibrated for where demand is. So because we have essentially no competition within our master plan communities, we're able to develop our operating assets at a greater rate than exists in the overall metropolitan area. Even as we do this, our occupancies remain high and our rental rates increase, and that allows us to get to the point of self-funding more quickly than would otherwise be possible. Our first competitive advantage revolves around our ability to self-fund our business plan. We're able to use the free cash flow from rent collection, land sales, and condo sales to fund all the equity requirements into the developments that improve our communities. This is a perfect virtuous cycle in business where your overhead is taken care of and everything else is just growth. The second is the cycle of value creation, whereas we improve our communities, our remaining land is worth more. In fact, today, our land is worth more, even though we have much less of it after having sold it to home builders, than it was three, four, or even five years ago. The value increases year after year after year as we develop more, as we bring more amenities, as we bring different types of asset classes, whether it's commercial, retail, office, condo. These all, as a group, become an ecosystem that feed on each other and actually convey value on each other so that the value over time continues to grow. Our residents benefit. Their home values go up, but we benefit because our land values go up. It incentivizes us and aligns us with our residents perfectly so that we're always trying to build that which will create the greatest amount of long-term value for our communities and our shareholders. Howard Hughes is very long-term oriented. I'm really impressed by the work the company is doing for the environment. Teravalis will be a community where we will bring to bear everything that we have learned in conservation. This isn't the desert. We've learned a lot from Summerlin being right outside of Las Vegas, where also conservation is paramount. We have to take everything that we've learned and deploy it in Teravalis and even build on it because water conservation is going to be very important. In Summerlin, we were the first community in southern Nevada to implement strict water conservation guidelines, which have resulted in absolute water consumption remaining unchanged since 2018, despite incredible growth throughout Summerlin. That new growth included over 7,300 homes, 500,000 sq ft of office space, and the AAA baseball stadium for the Las Vegas Aviators. I think in any urban setting, but especially in Hawaii, you want to integrate nature into your day-to-day lifestyle. You know, I think the planting, landscaping, and streetscape and open space relief that a master plan community provides acts as one of the biggest differentiators you can have. James Rouse's, one of his key phrases that we love, is a city in a garden. So it really kind of cemented that idea of having a city, but also kind of within a natural landscape. In The Woodlands, we have approximately 35% of the community dedicated to permanent green space, permanent green trails, pathways, parks for our residents and guests to enjoy, and differentiates our community from really anywhere else. You'll see us continue to bring new and great amenities, new innovations, ways of thinking, and changes of the way people live and work to these communities over time. The idea of the master plan communities as laboratories, as places of innovation where, again, you can take an idea from one place to another, but you also are doing it because you've seen the implication of that idea play out in real time, so you can modify the idea and continue to perfect it not only in one MPC, but in others. Innovation is something that permeates everything we do at Howard Hughes. It's hard to think where technology is going to be not even 10 years from now, 10 months from now, at the pace that it's evolving. But we have to try to future-proof as much as we can. So we apply innovation in master planning. We apply innovation in construction materials. We apply innovation in the way we build roads and parks. We like to be on the leading edge, and so we develop innovative projects that are always based upon our experience. We like to push the envelope, but we're always pushing it within a way in which we know it can be accomplished. When you think about innovation, particularly in real estate development, it can be tech. A lot of times, too, it's usage, it's product typologies, it's what you put where. And so really trying to be creative about that. Where does this community want us to keep going with this product? We're in a unique position to constantly be learning and iterating from our prior projects. As we're experiencing something or a deal that may be under construction today, we're deploying those lessons learned into the future planning and design. These are long-term commitments. So when people think about bringing their companies to Howard Hughes Communities or whether people are deciding to move their families to a Howard Hughes Community, they know that they have a partner that was going to be there with them all along the way. What gets me excited every day is how we can change the landscape of what the city of tomorrow is, how we can unlock the value every single day in our commercial acres with thoughtful developments that generate meaningful value creation for our shareholders and strong cash flow for decades to come. The Woodlands has significant acreage remaining for future commercial development. We have plenty of room for companies to bring their headquarters here and for other commercial amenities to meet the demands of our residents. Future development opportunities in Bridgeland are really endless, and the commercial is just now starting. We have a downtown area that's 925 acres planned for Bridgeland, so you're going to see growth in Bridgeland over the next two decades. Here in Columbia, from an investment perspective, I think that the foundation really has been set for what already exists today. It's important for us to make sure that we're not just repeating the same product we've done to date, but trying to innovate, trying to push, making sure that we're delivering the best product to meet the demands. And it might be housing for more seniors. It might be housing that is a little bit elevated from a luxury standpoint and really trying to make sure that we're kind of meeting the whole spectrum of housing demand. In Summerlin, we have thousands of undeveloped acres, both residential and commercial. We still have so much more work ahead of us. From a residential perspective, we'll soon begin developing the acreage on the mountainside, where the views of the Red Rocks and the Strip get better and better as we go higher and higher. And this land becomes more and more valuable over time. For additional office, multifamily, retail, entertainment, really whatever the market demands, we're going to build to meet that demand. We're also planning a variety of developments in the south and the west, including what we will expect: world-class production facility for movies and television in partnership with Sony Pictures. Ultimately, there's about 20 years of development remaining. When we're complete, we expect Summerlin to be home to more than 200,000 residents, all of which will be enjoying the outstanding quality of life that makes it one of the most sought-after communities in the country. In Hawaii, one of our exciting projects includes the planning of a full block in the premier location within our master plan. It includes two projects, one named Melia and one named 'Ilima. The latter is actually a partnership with Discovery Land Company. We're doing this all with Robert A.M. Stern Architects and bringing together their classical style and rooting it within our regional aesthetic. In Arizona, we're going to welcome over the next 30, 40, or 50 years 300,000 residents, 55 million sq ft of commercial space. We're going to do that in a thoughtful, methodical manner. It's so exciting to be able to craft and mold the clay into what we think is going to be the ideal place to live. We won't be welcoming residents for a couple of years, but we have seen incredible demand, demand that at this stage of an early master plan is really unparalleled, not just in terms of residential demand from builders looking for homes, but on the commercial side. I think the opportunity for rapid growth here is tremendous. When you think about some of your favorite communities throughout the country, the ones that really are your favorites are the ones that have enduring value. And the reason why they have enduring value is they constantly reinvent themselves, maintain themselves. That richness is always being refreshed. What are people's needs? What can we do to make their lives better? That's the ultimate success. If their life is better, our community is richer. What's Howard Hughes in five years, 10 years? What will we be? I'm not sure what we're going to build or what we're going to do to improve our communities. I just know that we're going to continue to improve them. And as we do, we're going to do it with the entrepreneurial spirit of Howard Hughes. We'll do it with the passion and integrity that Jim Rouse had in building community, and we'll do it with a sustainability focus that George Mitchell embedded in our company. I am proud of where we live. I'm proud of our employees and what they've done, and every day I walk outside and I look at that and say, "We did that. We built that. Thank you. And welcome, everyone, again to our Howard Hughes Investor Day in 2024. Before we get into the formal presentation, where I'll talk a little bit about where our business is, a little bit more in depth on our MPC segment, operating segment, I do need to read one quick thing. As we previously announced, the company's board of directors has formed a special committee comprised of independent directors in light of Pershing Square's Schedule 13D filing. The board and special committee are committed to acting in the best interest of the company and its stockholders. The special committee will provide an update to our stockholders as and when appropriate. As such, we will not be taking any questions regarding that matter today. Despite that, I'm sure someone will ask and I won't answer, but you're doing your job and I'm doing mine, so there's no hard feelings. All right, let's talk about the state of the business for Howard Hughes and what's happened over the past 15 months since our last investor day, and then over the past three years, take a little bit of a deep dive in terms of how this business has performed despite what have been a lot of negative headlines and what you could perceive as negative headwinds towards our business. What we've seen is $1 billion of MPC EBT, over 1,100 residential acres sold, and a growth in residential price per acre of 72%, and that growth hasn't been concentrated in any one MPC. Some have been better than others, but they've been up and meaningfully over three years in each one of our MPCs. Within our operating asset portfolio, and we'll peel the onion on this a little bit later and get into more depth, we've seen a 17% growth in our NOI, really driven by the stabilization of the new developments in multifamily, which have increased 71%. Despite the national headlines, our office portfolio continues to grow at a 12% NOI growth rate. A lot of that growth has come from just operating and blocking and tackling and leasing better, but a lot of that growth has come from our development pipeline. With over 4.5 million sq ft, $3.6 billion invested into the ground, improving our communities, improving the quality of life for our residents, driving those residential land acres higher and higher in terms of value, and increasing our stabilized NOI target from new developments by $60 million. Our new developments have also delivered $3.2 billion of revenue, either closed or under contract, from condo sales over the past three years. Really just tremendous results. And, you know, Carlos is going to spend a lot of time talking about this. He's not going to give himself a pat on the back, so I will. I think the way that we've managed our balance sheet, extended our maturities, reduced our interest rate has been nothing short of remarkable. In a capital market that has been characterized by challenges and headwinds, we've seen over $3 billion of financing that have secured the company's future, solidified our balance sheet, and like I said, extended our maturities at a lower interest rate. And, you know, not to be missed over this past year, we also completed the spinoff of Seaport Entertainment. And I've seen that they've done tremendous so far. I'm excited for Anton and the team, but it really positions Howard Hughes as the kind of one and only public pure play residential commercial master plan developer out there. And it allows us to really focus on what we do well, which is creating world-class communities where people live, work, play, learn, discover, pray, like here in Summerlin. And we're excited to get you out there to tour this in just a little while. You know, as mentioned in the video, and I think it bears a little bit of reiteration, we think that we have some meaningful competitive advantages that separate us from a lot of our other public real estate brethren. First is within these communities, and you'll see it in Summerlin. We are the dominant owner of Class A Office space, the dominant owner of Class A multifamily space, and the dominant owner of undeveloped land, which allows us to develop these products to meet demand, not develop for development's sake, but when we do develop them, we develop them with little or no competition, especially not within these master-planned communities. It allows us to enjoy better results during times that are good, that require development, but also better results when there are challenging times, and there should not be any new development. We don't have to worry about anybody else rushing out to build when we shouldn't be. We can just harvest our own assets. We have this incredible self-funding business model. And as you've probably noticed in our guidance, our recurring NOI is more than our interest expense in G&A. And that covers basically all the overhead that allows us to keep going, which means that the free cash flow generated from land sales in our MPC segment and from condo sales funds all of our future growth, allows us to reinvest into improving these communities with new developments, or allows us to reinvest into our own balance sheet and buying our own shares, or allows us to take that capital and delever as we see fit depending on market cycle and where we see capital allocation going. Finally, we have this perpetual cycle of value creation. The more we improve these communities, the more people want to live here, the more their homes are worth, the more the value of our remaining land. And we see that over and over again. And I've said that, I've been at Howard Hughes now eight years. And for the first, I don't know, six years that I said that, I really, really believed it, but I hoped it would be true. And now, after being here for eight years, we can actually go back in time and take a look. And in 2017, we thought that the gross asset value, the net asset value of our land on a discounted cash flow basis of our master plan communities was $3.7 billion split between all of our MPCs. And here we are, seven years later, we've sold 3,800 acres of land at over $640,000 per acre, generating $2.4 billion of revenue. And today, the value of our remaining land is $3.9 billion. Now, I'm not including Teravalis, so I didn't doctor the chart by buying assets. I'm just using the same four communities. The reason for that is that value creation in our land and how much the value per acre has accelerated over the past six years. It's a good segue to take a little bit deeper dive into our master plan communities. And that value appreciation on a per acre basis, clearly nothing short of incredible. And I think a lot of that has to do with the fact that we are short millions of homes, between four and five, depending on which pundit you believe across this country. But I think a lot of that has to do with how we have developed these communities, how we've improved these communities, how we've added new amenities driving the quality of life for all of our residents. The trends have been incredibly strong. Going back to 2015, we've seen strong growth in new home sales activity, which, as we've always said, is a leading indicator for land sales activity. We see that on the bottom half of this slide. I do think it's important to note that we see these home sales remain resilient despite higher interest rates. I'm going to take a minute or two to just talk about the market backdrop and how we see that playing out for the next several years for Howard Hughes. Again, I can't say it enough. As we improve our communities, the value on a per acre basis accelerates dramatically. There's no better example than what we have here in Summerlin. In Teravalis, we couldn't be more pleased with how we've come out of the gate here within our first couple of years of ownership, already contracting 595 lots, working on our next three parcels that will take that number hopefully north of 800. And we're doing it at a price per acre at $781,000 for the first land sold in a master plan community before there's a single resident there. I think those are tremendous results. We couldn't be more pleased with how this is going. And we're doing it with great partners across seven different home builders right now and hopefully expanding that over the next several years. We used to say eight years ago when I came here, $180 million-$200 million of MPC EBT was a great year for Howard Hughes. You should expect us to do that. I think that's no longer holding true because the past three years that number seems to be circling around $300 million. And I don't think it's because we're selling that much more land. I think it's that the value of that land is worth that much more. And I think we'll continue to see that. And we're resetting the bar of expectations in terms of our land sale profitability every single year. All right, turning to the housing market. And why is this important? Well, new home sales drive land sales, and land sales are a meaningful part of our business. So I just want to talk a little bit about what it means in the residential market and how kind of the current shifts in the economy are impacting it. Now, first, clearly mortgage rates are higher. They haven't come down as much as people thought. They've remained at 6.7%. That has caused the lock-in effect, which has strangled the market really of inventory of resales. As a result, new homes have taken a greater percentage of homes sold. And new homes are really important because that's where our land goes to. So seeing the strength in new home sales has been nothing short of incredible for our business. Also important, we've seen what has been a historical premium for a new home being more expensive than a resale and seeing that gap close over the past several years to almost parity today. And from my perspective, if I have the opportunity of buying a new home or an existing home, I'll buy the new home. And we'll talk a little bit about that. And as a result, new home starts are up. Despite the fact that new home starts are up, builders don't have that necessary precious resource they need to build those homes. That's the finished lots. That's the dirt that we sell them. First, mortgage rates are higher, clearly 6.7%. I think really importantly here, if you look at the number of homeowners across the country today that have rates below 5%, three quarters, over half below 4%, that lock-in effect is real. We don't see the resale inventory coming back onto the market anytime in the near future, especially as rates remain high on the mortgage side, which has meant that the real opportunity here is in existing homes. The existing homes low inventory has driven new home. The new home sales as a% of inventory continue to go higher. Today at about 25%, that's been needed to fill the gap because of the 66% reduction in existing inventory and new home sales up 12%. So we're going to see strength in new home sales. And I think that's going to continue in the near future. Again, historically speaking, new home sales have been a middle single digit of overall sales. But now it's more than doubled since 2010. And we see that share up to 16%. That strength, I think, will continue over the next several years. We talked about this earlier, the parity that has come from existing and resale inventory in terms of the price of the home. And if I can buy a new home for the same price and I can get builder incentives that will reduce my mortgage rate, if I can customize that home and get it just the way I want, if I can have lower maintenance costs because of the energy-efficient technology that's going in and the fact that it's new, I'll choose that new home. And that's what we're seeing consumers do over and over again, especially within our communities. And as those new home starts continue, and since 2010, up 101%, builders have not filled on land. They still have been pursuing their asset light strategy. They are still dependent on land developers like Howard Hughes, community builders like Howard Hughes, to give them the raw inventory they need to produce the product to sell to the consumer. And the inventory of vacant developed lots that they hold today in our communities are meaningfully below equilibrium. And I argue 20 months' supply is equilibrium because that's about how long it takes to build a model home, take an order, build a home, and close it to your consumer. That's still the product lifecycle. So if you don't have 20 months of land supply, you're undersupplied. And right now, our builders only have 11 and 12 months, respectively, within our communities. And that's a dynamic we like because that supply-demand imbalance, where there's more demand than supply because we're selling them with just a little bit less dirt, has allowed us to drive pricing higher. And I think that's something that we're going to continue to see as mortgage rates remain high, as we still have a massive shortage of homes in this country, and as we see that lock-in effect fail to dissipate because mortgage rates remain high. Turning to our operating assets, we are driving record highs almost every quarter at this company. And that's as we fill our vacant space and we stabilize our new constructions that are under development with a 7% total NOI increase year over year. We've done that not just in multifamily, but in office as well, where we all know that there are headwinds out there. But we have seen, and I think we're not the only ones that have seen the best-in-class assets, the most highly amenitized assets, those that are walkable and offer short commutes, deliver great results. In the three assets on the right-hand side of this slide, those are the three newest assets in each one of our master plan communities. In place, leases signed with cash not starting equates to about $88 million of value or $1.78 per share. Can we just close the blinds here? I think the sun's starting to blind a few people. Thank you, Eric. In those three assets, I mean, the first of which Carlos will remind me, we close on the last day of the year of 2019 from an accounting perspective. That was very important. We bought it entirely empty, 0%. Here we are today, 99% leased. 6100 Merriweather, new construction that completed in the third quarter of 2019. Again, high 90% leased. In 1700 Pavilion, which we'll see later today as we drive, we finished that building in the fourth quarter of 2022. Today, we're 92% leased with great prospects for the remaining space. As we've seen the cores of our markets leased from an office perspective, specifically in The Woodlands, you see the Waterway and the Town Center assets almost entirely full at 94% leased today. The next wave is filling the next submarket. That next submarket for us in The Woodlands is Hughes Landing, where we're 83% leased. We've seen some tenants either file for bankruptcy, downsize, or work from home permanently. Now we're starting to see that absorption turn positive because the rest of the space is filled. These are the next best Class A office assets in the market. We're seeing them fill. We're excited about the prognosis for the next 18 months. Similar dynamic in Columbia, where our three most recent assets are almost entirely full with stabilized NOI of about $18 million, 96% leased. Now that they're full, those next assets, the Merriweather Row assets, are seeing positive momentum, positive absorption in a stark contrast to what we experienced two years ago coming out of the pandemic. So again, we're filling up our vacant space. We're driving towards stabilized NOI. We're creating value for our shareholders. We're also doing that with potential redevelopment opportunities. This is an asset that was foreclosed on. We didn't own it. Somebody else got foreclosed out, to be clear. We bought the note out of bankruptcy for $22 million, about five acres of land, $4 million per acre, and it was leased to a host of tenants through about three quarters of the building. We are slowly but surely relocating those tenants out of this building into the rest of our portfolio so that we can take advantage of this prime development site on five acres of land right on the northern edge of Downtown Columbia for a redevelopment opportunity, and we think that could create a lot of value for our shareholders in the year to come and increase the occupancy of our existing assets as we relocate those tenants. In the Las Vegas office market, our assets continually outperform, both from an occupancy perspective, and that boxed area is when we opened 1700 Pavilion. We opened it entirely empty. It was a spec office development right before the pandemic. I know, brilliant. But it's filled now and it's creating a lot of value. But it's not just from an occupancy perspective that we've outperformed. It's also from a rate perspective. We're meaningfully higher than the rest of the Las Vegas Valley and growing at a much faster rate than the rest of the Las Vegas Valley because we offer the amenities that companies want. Employers want their employees to have walkability, access to great amenities, and that's what we have here. We have it in so much more density and depth than anywhere else in the Las Vegas Valley. Our multifamily assets have been the star child of the portfolio. Not only have we increased our NOI from our multifamily assets at a 28% compound annual growth rate, while we've done it, we've also delivered exceptional same-store results, and that goes back to that competitive advantage that I talked about. When you're the dominant owner and the dominant landowner and the only person developing, you can maintain high rates, high occupancy, and deliver great same-store results and bring new product to your market because you are essentially controlling that new supply. A couple of quick case studies here. Marlow, this is downtown Columbia, an asset that we built for about $121 million. We built it to a 7.7% yield on cost. And And what Green Street would say a 5.6% cap rate environment generates $0.86 or just under $1.00 per share of NAV. Here, Tanager Echo will drive by it. Slightly lower yield on cost at 6.8%. And as Green Street would say, a 5.3% cap rate creates just under $0.50 a share of NAV accretion. In our retail assets, about 400,000 sq ft of dispositions and a sale of $6 million NOI. But despite that, retail NOI continues to grow. And it's grown across all of our portfolio, The Woodlands here in Downtown Summerlin and Ward Village. Here in Downtown Summerlin, we're coming up on the 10-year anniversary of this just under a million sq ft shopping center. It allows us to take a proactive approach to these expirations. You sign generally 10-year leases on your new developments. And we have 25% of the square footage expiring over the next two years. For us, we couldn't be more excited because it allows us to take advantage of that expiration to backfill weaker performing tenants with stronger tenants like we have this past year with Lucky Brand going to LEGO, Brooks Brothers going to Altar'd State, Barbell to Chanel, driving sales per sq ft higher, driving rent per sq ft higher, increasing the NOI. The roadmap to stabilization. This is a slide that we spent a lot of time talking to investors on. And I'm going to take it asset class by asset class within our existing assets. Within office, we see a high concentration within the Houston portfolio that is largely on the signed but uncommenced leases at 9950 and Hughes Landing, two areas that we are intently focused on knocking out over the next 18 months. In Columbia, it's on Merriweather Row as well as the signed but uncommenced leases at 6100 Merriweather. In Summerlin, that's almost entirely sitting on signed but uncommenced leases at 1700 Pavilion. Within our retail portfolio, this is Downtown Summerlin, the turnover of expiring tenants and backfilling with new. And it's a timing issue that will create a little bit of headwinds on the stabilization of retail for a year until those expirations get through the system. In Ward Village, as we knock down a block of retail to build a new tower of condominiums with new retail on the ground floor, there's a couple-year timing difference between when we knock it down and when we actually occupy the new tenants. And that's a roll-up in rent when we do it. So it's very accretive, but it just does take time. Within multifamily, the entirety of the $16 million, 85% of it is in three assets that are in lease up right now. It's just a matter of time before they're filled and delivering that NOI to the bottom line. And then we have a number of construction projects, one multifamily, one office, and some small retail, some of which are at the ground floor of the condo towers in Ward Village that I, rather than me, go through in detail. I'm going to turn this presentation over to Jay. He's going to walk you through our strategic development segment and be able to highlight each one of these projects, the timing, and why we believe so strongly in their NOI. Thanks, David. Good afternoon, everybody. As David said, I'll walk through our strategic projects. I was reminded when I came in a couple of years ago, I showed a long list of projects that are on the horizon. Today, we're just going to talk about the projects that are actually underway. And we'll have seen a lot of them were on the horizon two years ago. But it's worth noting here that since the beginning of the company, $3 billion has been deployed into strategic operating assets with really good returns. But today, we're seeing reduced activity. So whereas in third quarter 2022, we had six assets under construction for almost $500 million, now today, we only have five under and our smaller assets at $285 million. And that's a result of the pressures we're seeing in the development scenarios. Construction costs always seem to increase almost no matter what the general state of inflation is. They just grind up all the time. We also now have to deal with rising cap rates, rising interest rates, and that puts a lot of pressure on our spreads. However, we're not despairing about that because we've still got a long pipeline. And we'll be spending in 2025 really focusing on getting niche products ready to go when there's unique returns. We're seeing strong demand for our condo product, not only in Hawaii but across the portfolio. And we continue to focus on multifamily. There's a lot on deck still to come. We'll quickly go through the regions. In Texas, we have three projects, three communities, as you're aware. The big one right now is Riva Row, 268 units. It'll be topped off. The first occupants will be moving in this fall with construction completion next spring. It's our most Class A property that we've done in The Woodlands in the multifamily sense. It has townhouses facing the street along with townhouses facing the Waterway and a mid-rise tower. This is a rendering of the lobby. And you can see the construction photo here that it's well along. And you can understand why we have townhouses fronting the garage, which is facing all these existing townhouses. So we're trying to be neighborly. And then we think these townhouses facing the Waterway will be very popular as well. Moving to the Ritz-Carlton, we unveiled this project in the spring and immediately sold 70% of the units, and it's interesting to note that we basically sold all of these units to existing Woodlands homeowners so that we tapped into a very real demand of people who have been living in the Woodlands and raised their family and had made significant investments in the community, but were now ready for a more lock-and-leave lifestyle because oftentimes they would have multiple homes in multiple locations. What we think made it so successful is we introduced Robert A.M. Stern Architects, and we took the best site on the lake. This project is now under construction, and it's aiming for a 2027 completion. This gives you an indication of the quality that we brought to this project. It's unlike any other condominium in Houston. This is the front door. This is the infinity edge pool facing the lake and the rowing club, the main lobby. And here we are under construction. And you can see the location of it is adjacent to Hughes Landing. And so the office buildings that we're figuring out leasing up now are up here. And with the Ritz down here in the foreground, Hughes Landing will now become an even bigger sense of commercial activity in The Woodlands. Switching over to Grogan's Mill, this is a unique opportunity, one of those niche plays. Grogan's Mill was one of the very first villages developed in The Woodlands 50 years ago. And the retail there was our first strip retail. And as you can imagine, over time, it's become very tired. And similarly, the county had a community center and a library that had gotten tired over time as well in a different location. We proposed a transaction with them whereby we would build them a new community center and library here at Grogan's Mill, and we would redo all the retail. We paid for the library and the community center as well as redoing all the retail. This is now under construction. As a result, we took over the old library and community site, which is really a strategic development site for us, sitting in between the Ritz-Carlton. It's on the Waterway and Riva Row, adjacent to Market Street. As a five-acre piece goes, we think this is an excellent location for future development. This shows the Randalls big box store being converted now into the brand new Woodlands Library and Community Center. Moving over to Bridgeland, we're now beginning to see Bridgeland as a commercial center for Northwest Houston, much in the way The Woodlands over time emerged as the major commercial center North Houston. We opened the H-E-B just a few weeks ago. It's our first supermarket in Bridgeland. And along with the H-E-B, we're developing 28,000 sq ft of retail. And that retail is in a combination of inline strip retail and a restaurant grove, three restaurants around the courtyard. So the idea here is to create something that's more like really destination neighborhood retail using a kind of modern prairie architectural style. Adjacent to the retail, we're now building One Bridgeland Green, our very first office building in Bridgeland. In the case of both the retail and One Bridgeland Green, we're managing to get rents far in excess of rents that exist in Northwest Houston, which is therefore allowing Bridgeland to emerge as the commercial center for the Northwest quarter, which is the quarter that leads to Austin. As a result of that, as was mentioned in the video, we have 900 acres in Bridgeland Central. We're starting now to get real inquiries for significant users. We think we're starting to set the market with this new office building. It'll be the first timber office building in all of Houston. We felt that it was necessary to kind of set a mark that we are building something different and new in Bridgeland. So far, it's almost fully leased, and it's going up very, very quickly. It's going to be, I think, a really significant building to the Bridgeland skyline. As we move to Nevada, we leave prairie-style architecture to Vegas-style architecture. This is our new 67,000 sq ft grocery-anchored center here in Downtown Summerlin. This is the Whole Foods in the foreground. And what's great about this Whole Foods, that now completes the picture. We now have Whole Foods in Columbia, The Woodlands, here in Summerlin, and Ward Village. In every one of our communities, there's a Whole Foods. And this is the newest one adjacent to strip retail, which is up here in the corner, and a brand new standalone Starbucks that's under construction right now. As you can see, as we fill in down in this corner adjacent to Tanager Echo, and with the success we've enjoyed in 1700, these six blocks become our focus going forward between Pavilion and Spruce Goose. Then you might have heard about the movie studios. It's another example of us trying to unlock value. For years, we wondered, why is the movie business, when it leaves California, goes to Georgia or goes up to Canada and Vancouver? Generally speaking, it comes down to what is the film tax credit for the jurisdiction. So joining with Sony, but wearing the Howard Hughes hat, which enables us to go to the legislature and say, as you know, we're here for the long term, how can we bring the film industry to Nevada? And that was really, really driven by the fact that we started to see a lot of our migration on the home sale side is coming from California. So it was really an opportunity to try and take advantage of that migration and start to bring the business with it. We got Clark County entitlements done last spring, and we're now in front of the state legislature with the hope that this will get enacted in February of next year. Once that clicks in, we have a deal with Sony that will produce 400,000 sq ft of studios. Sony will be both our partner and our major tenant, but not the only tenant. The studios will be available for other users as well. And if it gets as successful as we think it will be, we anticipate that we'll be able to grow the studio complex. There's a lot of room for growth here in Village 15. Village 15 is in the southern part of Summerlin, two miles away from downtown where we are. It's also the site of our latest office project, One Meridian, which is in lease up, and Aristocrat, which was a build-to-suit from a few years ago. Also down in this neighborhood is Roseman University, which is traditionally a nursing and dental school, which is now expanding into a full medical university on land they acquired from us. This range of Village 14 and 15 will start to become a big commercial center. With that, we think there's another retail opportunity. This is a vision of how the studios would look. And then adjacent to the studios, we would build walkable neighborhood retail, a little bit like you see in Culver City outside the Sony Studios or in Sportsman's Lodge in LA. Jay, are we going to be asked questions now or are you wanting to get? You want questions now or then? Let's hit them at the end. At the end. Thanks. Good. Write them down. Okay. As we move to Hawaii, this story is extraordinary. We've completed seven towers in Hawaii, and we're on track to produce $6 billion of revenue, 5,000 units. And we've got three under construction and two in planning. I'm going to go through a little bit. These are the seven that we've already built. And you can see they come along kind of ka-chunk, ka-chunk, 16, 17, 18, 19, one a year. They just keep on coming. It seems to be defying gravity in terms of the market demand. And then this is what we have under development. Victoria Place just opened. We'll show you some images of that. Ulana, The Park, and Kala'e are all under construction. Launiu is in pre-sales. So if we look at where they are in the master plan, typically what we did in the early days of Ward Village, we really focused on the center here. So all of the beige or flesh-colored buildings are complete. And then the green ones are still to come. Blue is under construction. And you can see most of our construction is over here completing the western side of the development with Launiu, which will follow shortly after these three. And then we've got two in advanced planning, Mahana, which is at the top of the park. So, technically what we call third row, but in a unique location by virtue of being in line with the park. And then Melia and 'Ilima, which would be the crowning touch of the development of Ward Village. So Victoria Place was our fastest-selling condo to date. And you can see why. It's a fantastic location right on the water. And it opened just a couple of weeks ago. This is the reception area. This is an open-air reception, the first time we've done that. And here we are in the pool deck. And I have to point out, these are not renderings. These are real photographs of the completed product. And they look remarkably like our renderings because we have to ensure that the renderings are deadly accurate when we go into sales mode. And this is another photo, real-life photo of the completed product on the water. As we move to the park, the park is under construction, 540 units, is pretty much 100% sold. It's estimated to complete in 2026. This is a rendering of the park on the park. That's hence its name. The pool deck, the amenity level on the pool deck, and how we are in construction. So you can see this building's moving along pretty nicely. Then Ulana. Ulana, interestingly, is a reserve housing building. That's to say this is a break-even proposition for Howard Hughes. You have to qualify to buy in these units. Reserve housing in Hawaii is equivalent to what you might call affordable housing in some other jurisdictions. But unlike normal affordable housing, which is a for-rent product, this is a for-sale product, but you still have to qualify for it. And we had to build 1,200 reserve units in Ward Village as part of the master plan. Ulana is our second building, and with these 700 units, complete all of our reserve housing requirements. It's a rendering of the front door, landscape space, amenity space. So you can see it's not so bad if you qualify for reserve housing in Hawaii. And here we are. It's a little bit ahead of the park. It'll be topped off and finished and come to market and close in 2025. Kala'e is under construction. Kala'e is sort of the twin sister to Victoria Place. It's a front row building right on the water on the other side of the park. This is the infinity edge pool. It too sold incredibly quickly. These are renderings of the lobby, the amenity deck. And then Launiu. Launiu has only been in sales mode for about six months. We're over half sold already. So we're quite happy with the pace at which it's being sold. It won't start construction in all likelihood until mid-2025 with a completion in 2028 after Kala'e. And a view of the amenity deck there, amenity party space. And then the final two projects that are in planning and soon to go into sales mode. As we mentioned earlier, Melia and 'Ilima are two really they're going to be the best products in Ward Village, highly anticipated. And Mahana will be at the top of the park. Between the three of them, 800 units, another $2.5 billion of revenue. Focusing on Melia and 'Ilima, as was mentioned, 'Ilima is a joint venture with Discovery Land. You can see in terms of the products, it's roughly the same size building, but a lot fewer units because they're much, much bigger units, bigger than what we would typically do. We're planning on the Discovery special sauce to sell those units. That includes a Discovery Club in the base of the building. Both buildings are completely separate, even though they sit on a shared podium and share the same architecture. We put together what we consider to be a real dream team for this product. Bob Stern out of New York once again is the architect with this classical style. Champalimaud is an interior designer we have not worked with, but Discovery has considerably in the past. They've done a lot of resorts around the world. The combination of Champalimaud and RAMSA have really been a strong one. We paired both of them with Don Vita, who's done all the landscaping at Ward Village today, quite successfully. So this is a view of the Discovery Land deck. You can see the pool, multiple level pools. This is the gym with the exercise lawn in front. That's the view. It'll have the best views of Diamond Head. Then this is the Champalimaud interior of Discovery Club space down on the pool deck. Moving to Mahana, some people might think poor Mahana is at the back, but we've actually put a lot of time and attention into this building. We think it's going to be very efficient. It's going to have great views. It's really got some striking architecture embedded in it. Its site is right here. So you can see it's still got a good view passage. And so in the end, there'll be 14 condo towers, almost 6,000 units in Ward Village, an extraordinary success of $9 billion of revenue. And with that, I'm going to move on to our communities. Communities for us is our placeholder, if you will, for our ESG program. And a big part of our ESG is really the environmental aspect of it. And we look at it in sort of four cycles. Master plan communities, we really focus on the open space. And we historically have always had at least 20% of our total acreage dedicated to open space, and this predates any ESG conversations at large. It's what we do to make our communities better and stronger. And then now, more recently, we've been focused on working with home builders to really make sure that all of the homes have all of the smart technology features as we move into a much more water-sensitive and energy-sensitive environment. Within our own strategic developments, we now have a benchmark of at least LEED Silver for each one of our new projects. We require lots of green requirements in terms of our energy conservation and putting a lot of attention into commissioning and making sure that what we buy is actually working in accordance with the specs. We're getting all those energy savings, which is helping drive our NOI. As we move into our operating assets, some are old and some are new. In both cases, it's a question of maximizing NOI. We spend a lot of time adding additional monitors to existing buildings to really optimize building management systems and to reduce energy usage in particular. We've also managed to get Energy Star certifications on most of our assets, which means we've gone through and upgrading where required. Then at the corporate level, we've been working hard to get our own carbon goals in place by 2030. Speaking of that, we are the leading in our sector in GRESB, which is the real estate group we're in. We consistently rank number one. We've got 83 certifications across our portfolio and continuing to work on more. Most importantly, we lead now as a community certification, which it didn't have when it first got started. We've managed to get all of our communities through the LEED community certification process, which actually positions us as the leader in the industry when it comes to LEED communities, and then our goals for 2030, rather than just say glibly, we will be carbon neutral by a certain time, we've decided to really dig in deep, take into account all of our existing portfolio and all of the strategic development assets that are in the pipeline between now and 2030, and ask ourselves how much can we really meaningfully reduce our absolute carbon emissions, and that's the 46% scope, which we're committed to and was adopted by the Science Based Targets initiative in Paris. That's our goal for 2030, and then we move to a topic that's always topical here in Summerlin and in Phoenix, water conservation. And as David mentioned, what we've done in Summerlin is an extraordinary poster child for what we can do elsewhere. 7,300 homes, 500,000 sq ft of office, a ballpark, and we use exactly the same amount of water as we did before we started. And that really is leading to this goal of 86 gallons per person per day. If we get to that, that'll be exceptional. And we do it through a lot of smart water management. And that is in turn, like we don't allow leaky pipes. We're constantly monitoring valves and which waters we shifted where. We have obviously focused a lot on reducing traditional landscape with desert landscaping. We have pool covers. As we move into Teravalis, we'll start to think more in terms of a white roof certification. How can we use absorption chilling in the evening to generate potable water for the day? The important thing to note about Teravalis is that it falls into two categories. There's 34,000 acres, which is the broader Teravalis, and there's 3,000 acres, which is our phase one project called Floreo. In Floreo, we have a 100-year water certificate. That means we've got certified water for 100 years, which will get us through the first 7,000 homes. We've only sold about 800 homes thus far. We've got a lot of runway here. The other important point to note about Teravalis is it sits on a major aquifer. It's never a question of whether or not there's enough water there for Teravalis. It really comes down to water management policy in the state of Arizona. And we're working very hard with the Arizona Department of Water to try and set goals and standards that will allow us to maximize that existing water. And so we are aiming for 95 gallons per person per day, which based on what we're enjoying here in Summerlin, we know is easily achievable. And that's our goal going forward. And then finally, within the communities, as was mentioned earlier, we live in our own communities, and therefore we spend a lot of time giving back to our communities. The more we give back to our communities, the better it is for our own employees, families. And so we spend a lot of time on volunteer hours throughout each community and the charities that we enable. And with that, I'm going to turn it over to Carlos and the corporate balance sheet. Thank you, Jay. Today is my seven-year anniversary with Howard Hughes. What a better way than to spend it with all of you here. Thank you. I know that's what you came, right? Thank you. Thank you for that. Thank you for the opportunity to talk about this company that we love so much. I'm going to take you through debt. We're going to move to talk about NOI. After that, we're going to talk about our metric that we plan on presenting and giving guidance starting in Q1 of next year when we provide the first full-year guidance. We're going to move to NAV. Our debt maturities are in front of you. Two things that I want to point out here. One is that, well, three. You don't see anything in 2024. It's not just because it's November and the year is almost done, but it's because with the closing of Victoria Place, we paid off the maturity that we have in 2024. As you know, one of the great things about condos is that with the closings, we immediately pay off the debt and then we move on. So we don't have anything there. In 2025, we have some of the assets that were mentioned before, like Marlow, Tanager, 6100 Merriweather, that will be maturing in 2025. And all of those are already in different stages of negotiation for refinancing. The last point that I want to make, if you've been following us, you saw in our last earnings release that we talked about the sale of MUD receivables in Bridgeland. It was the first time we've done a sale of MUD receivables. And it allowed us to do multiple things. First, we paid down the facility on Bridgeland from $475 million that we had outstanding to $283 million. That was going to mature in 2026. You don't see it here because as part of that, we were able to extend that all the way to 2029. In addition to doing that, we were able to upsize the facility from $475 million to $600 million. So there's many positives of being able to create this liquidity avenue for MUD receivables. And you can expect to see us take advantage of that in the future if it makes sense, if the market is there, and if it is the right thing to do at the time. We spend a little bit on operating asset. I won't spend much. The numbers are in front of you. But what we're trying to, what we're highlighting here is the strength of NOI to service its own debt. This is important for us because, again, condos pay for themselves at closing. MPC segment has very little leverage. So what is important here is that we show you that our long-term revenue, the segment that has our long-term revenue, our NOI, is producing sufficient NOI to pay for its own debt. And as I'll show you later, it does that and much more. Moving on to G&A. Well, back in 2019, we were at $137 million when we decided to focus on our core, close our Dallas corporate, move to The Woodlands, and essentially focus on what we do best, which is create this amazing community like the one that you'll see later today. Since then, we perhaps, arguably, maybe we went down a little bit too far during the days of COVID. We've been stabilizing in the $80s million. And so what I want you to take from this is that this is an area of focus for many of us, as much as it is driving price per acre and leasing, because as we decrease G&A, we increase the value of the company. And so the focus is there, and we are going to continue to stay on top of G&A to right-size it to our portfolio. Moving on to a new metric. For now, we're calling it adjusted operating cash flows. What is going to be in this metric? Well, you see the five components there. We're going to have operating assets, MPC EBT, and condo profits. Those are all the sources. Less cash G&A and interest expense. Why did I leave interest expense to the end? This is the only component that we currently don't give guidance on. We're hoping that by adding it and turning it into one metric that replaces FFO in a way that it is much more applicable to our business, we're hoping that it gives you better insight into our cash generation capabilities. Let me show you what it would have looked like if we had started giving this guidance in 2024. In 2024, we would have guided you to $541 million that comes from condo closings, MPC EBT, and NOI. This is where I can go back to the point that I was making in NOI that it covers its own debt and more. Here, as you can see, our NOI is in 2024 sufficient to cover all of the interest expense and to cover all of the company's G&A with $2 million to spare. For us, this is very important because if NOI takes care of the overhead, everything else can fund future capital allocation decisions. So you can expect to start seeing this metric reported and with guidance starting on Q1 of 2025 at the time where we normally provide guidance for the full year. In between now and then, well, what can you expect? Giving you a little bit of a glimpse into 2025 and 2026. Well, everything that David mentioned before about the strength of our communities is not abating. So you can see that MPC EBT, we expect that it's going still to be very, very, very strong in 2025. Same with NOI. So we continue to stay focused and drive to those NOI targets that we set for ourselves. Jay talked about the condo gross profit. The condos, and you can see the gross profit. We expect that to be important, not in 2025 because we only have the closing of the break-even property, but in 2026 and in 2027, as you can see. We expect significant, significant profits from condos that are going to be derived by this contracted revenues. Important as well to note that 2027 is where we will have the closings on the first condominium outside of Ward Village, the Ritz-Carlton in The Woodlands. Let me move on to NAV. We followed the same method that you've seen from us now for a few years. We did sum of the parts, and so where did we end up? Well, in 2024, we have an NAV of $118, which looking at our share price as of this past Friday reflects a discount of 48%. 118 is a little bit hard to analyze without context. So where were we last year? Well, we were at 106, excluding the seaport. And where did that 12 come from? You can see it's in corporate. MPC operating assets are flat, and there's a little bit of a decrease of $1 in condominiums. I'll walk you through each one of them. But I'll stay in corporate briefly just to say that this seven, it's a little misleading to say that condominiums is minus one because the reason why corporate grows is because it harvests cash from sales of condominiums. Every dollar that we make around the regions comes all to central treasury and is reflected in corporate. So that's really where this is coming from. So the strength of the condos is reflected here once it becomes cash from closings. So operating assets in AV. Again, David covered that we had this position of non-core assets, and we had a little bit of increase in construction financing, but the new developments are offsetting all of that, which bodes well for the fact that they're brand new and they're already offsetting the loss of recurring NOI. So it bodes well for the future of additional assets that we're going to put into operations going forward. MPC, and this is impressive, that the increases in price per acre is driving $12 of NAV. Again, the fundamentals were explained by David. You can see it here reflecting in our estimation of what NAV needs to be. And it is more than offsetting even the loss of inventory in land sales, which also plays well with what we've seen before during the presentation. In condominiums, we have, as we refine the model, the model and timing of the different units and the construction timing of the units, we had adjustments that are giving us -$2. There's a little bit of net debt, but exciting to see that the Ritz-Carlton in The Woodlands is going to start to contribute. And again, let's keep in mind that there's $7 that came out of this segment and went to corporate. So it's a very, very, very strong performance for condos as well. And with that, I'm going to turn back the conversation to David for closing remarks and move into Q&A. Thank you, Carlos. I'll be brief. Look, just to wrap this up before I open it up for Q&A, with this year's spinoff of the Seaport Entertainment, it leaves us as an incredible pure-play company focused on creating the best master-planned communities and the best places to live, work, and play in the country. We've achieved record results across almost every single segment in our portfolio despite headwinds, market turbulence, and higher interest rates. We are at a strong inflection point that Carlos just covered where in the next several years ahead, we're going to see our cash flow generation grow in meaningful leaps and bounds as our operating asset NOI covers the interest and overhead. We have condo closings coming in, and land sales continue to accelerate at ever higher prices per acre across each one of our communities. Our ability to self-fund all of our own developments or self-fund share buybacks without ever diluting our shareholders by raising capital separates us and provides a meaningful competitive advantage that most others don't enjoy. So I'll stop there, and we'll open it up for a Q&A. Just wait for a mic, if you don't mind, so those online will be able to hear your question. Excellent. Thanks, Alex Goldfarb, Piper Sandler. I won't comment on your still incredible pace on condos in Ward Village, but you guys do make it look easy. Turning to the studios in Summerlin, clearly in the land, studios had a number of years ago, everyone loved them. Right now, it's giving challenges to a company that focuses on them. Given what's going on, the slow pace of studio recovery in LA and increased competition from other states with tax, what gives you guys the confidence to go forward on this? And has anything changed between when you originally proposed this idea to how the studio business is today? No, it's an excellent question, and I am very much aware of the national headwinds in the studio space driven by what I think has been a lot of new supply in areas like Georgia, New York, New Jersey that has been largely developed to build on the film tax credits that have been enacted there. I do believe, and my friends at Sony share this belief, that Las Vegas holds a unique competitive advantage from anywhere else to film that is not Los Angeles. That's a, its proximity to LA that gives the movie stars, producers, and directors the ability to get home on weekends to see their family that they otherwise couldn't if they were in Australia, Canada, New Orleans, Atlanta. It relies on an existing workforce here in Las Vegas. The foundation of the existing workforce in Las Vegas is highly synergistic and highly transferable to working in a studio. You have physical assets. You have Sony that's guaranteed to produce $100 million a year for 10 years or $1 billion of filming here. Other movie studios are dying to come into the market. An existing workforce that's highly transferable can work in the studio overnight. These studios will have a meaningful competitive advantage over any other location out there for all those reasons. Not to mention those workers that come here with an average wage of about $115,000 will enjoy Nevada state income tax rather than California. Other questions? If you raise your hand, they'll bring a mic around. It's usually the first one that's the hardest, not the second. Hi, could you talk a little bit about your view on if you do end up having a stronger U.S. dollar next year, what that could potentially mean for the large amount of Japanese buyers in Ward Village? It's a great question. And as you saw in Jay's slides, we've been building almost one tower a year for the past 10 years. And we haven't seen a slowdown in sales throughout any of those years, despite meaningful changes in interest rates, despite pandemics, despite even more meaningful changes in exchange rates. The mix of Asian buyers, predominantly from Tokyo and Japan, have remained largely consistent between 25% and 35% of each tower and despite the weaker yen, those buyers seem to be continuing to buy our condos. I think the reason for that, and I've spent some time recently in Tokyo meeting with a lot of our buyers and our brokers there, is because the nature of the Japanese buyer that's buying a condo in O'ahu and Ward Village, it may not necessarily be their first purchase of U.S. real estate, or they have sufficient U.S. assets such that they're just using their existing U.S.-denominated assets to acquire these condominium units. I would hope that as if the exchange rates shift and if the yen becomes stronger, we'll see, we could unlock additional buyers, but right now, we still see incredible demand. Right now, the demand that we're feeling for our future towers that will hopefully launch sales of next year in 2025, Melia and 'Ilima, will continue to enjoy strong demand from our Japanese buyers. Just to piggyback on the studio question, it sounds like the development would start only if the tax credit is passed. Is that right? Or would you proceed anyway? No, this entire development of Village 15 that we'll drive by in our tour today and the production studios in partnership with Sony are entirely dependent on a film tax credit bill being passed by the Nevada legislature. They come back into session in February, so that could be the earliest it could be done. Session is generally February to June. We're hopeful to get there. We're hopeful to get it done early. We've spent a lot of time educating legislature, educating local residents on the benefits of this, and the benefits of this are much broader than just a real estate development deal that's going to create value for our shareholders on that one postage stamp of dirt. The value proposition for Howard Hughes is that this development creates 19,000 jobs during construction, 15,000 permanent jobs that have an average wage almost double what's the average wage in the existing Las Vegas Valley. Those are people and workers that need homes, that need places to shop, that need places for their spouses to go to work, and those are all the things that we do. We're going to grow Summerlin fastest. We're going to grow Summerlin best by bringing in new industries and new jobs here. Same as The Woodlands, bringing in new companies to occupy those office towers. That synergy trickles down throughout everything that we do in building communities, in creating value, and this opportunity to unlock value by bringing a studio and bringing in these thousands of well-paying jobs will transfer to future home sales, future value in land per acre that we sell to our homebuilder partners, and future commercial developments that will be ancillary and supportive to those new people that move into Summerlin. Hi, Ray Tong here from J.P. Morgan. Another question on studio. I think you guys quoted the square footage there. Any sense on the dollar amount, the yield? Is it competitive versus the other projects you guys have? Would it be higher than that? Any color? I know probably it's early to ask those questions, but any directional color would be appreciated. And then another question associated with that is on capital allocation. You guys pointed out $500 million-plus this year, and you pointed to three buckets, development being one, and then you have share buyback and also debt pay down. I guess on the other two bucket, how do we think about leverage? And if you do one or the other or do both at the same time, how should we think about that? I guess it's a two-part question. Okay, there's a lot there. I'll try and take it one at a time, but hold me. I'm not skipping. I just forgot. So let me know if I don't answer something. And I'll let Carlos talk a little bit about the capital allocation. On the studio, it's too early to tell you how much it's going to cost. It's too early to tell you what the yield will be. We have a rough estimation, and I think it's fair to say that we will be developing this at a sufficient premium to underlying studio cap rates. And I understand cap rates have moved in studios that will create value for our shareholders. I think if we are able to get the bill passed, we'll have shovels ready. And at that point, once we announce construction, we will be sharing within our supplemental the exact cost and the exact yield that we expect to achieve. I think it is telling that Sony is not only a tenant, but a partner as a landlord in owning the studios, to understand that this is a desirable asset, not just for us because of the tangential benefits across all of Summerlin, but for someone who's just going to own that one small piece of dirt in terms of making their investment. From a capital allocation perspective, Carlos, if you want to jump in and talk about where we see that going. Sure. Thanks for the question. We have a very structured capital allocation process that every project has to come to committee. And so it's hard to give you a one-time one-size-fits-all answer because it's really on a project-by-project basis. We're going to analyze every project to see what has the highest risk-adjusted return whenever we had capital to spend. And it could be a condo, condo center to have the best economics. It could be a multi-family. It's probably not going to be spec office, but who knows? We might get a corporate relocating, and that's not spec, I know, but you might see us build office that way. Or we might decide to pay debt and share buybacks. I mean, I know that I'm not giving you a specific answer that you want because it's just not possible at this time. Those are the options, and we're going to evaluate every single one of them and decide what has the highest risk-adjusted return and creates more value. I think circling back to kind of the last piece of your question was from a leverage perspective. We feel like that we're at an appropriate leverage level. And I think if anything, you may expect to see us trend a little bit lower over time than higher. I think that right now, we feel like we're about a spot that's very comfortable. We have great coverage across the board. Our rating feels very strong. But over time, I think you could see us drift a little bit lower. Another question on the movie business. Would you envision the business being more long-term leases with the studios, or would you have a mix where they're kind of shorter, you just kind of rent it as you kind of want to produce a movie or whatever? And do you also envision getting involved in the more volatile services component of the movies business? We have a great partner in, so I'm going to go in reverse order. We have a great partner in Sony that is super familiar and runs a services business right now in their Culver City Studios. We're going to rely on the experts to do that. I don't need to get into any new businesses that we're not very comfortable with. In terms of the lease structure, I expect we'll have both. I don't think we're going to be a master lease to any one company. Sony is going to do $100 million a year, but we have the ability with what we believe is our build to do a lot more than that. I think we will have some studios that will want longer-term leases and some that will fill them on an as-needed basis. I think that the opportunity here to diversify the economy and to create outsized risk-adjusted returns are really unmatched in terms of development opportunities. So I think that this is something that we're working very hard on. Everyone wants to talk movies. Okay, no more movies. Other real estate's not sexy enough? Come on. No, no more movies. In terms of your MPCs, so the resi land value and the future land sales seem more manageable in terms of the future growth. In terms of the commercial land remaining and the asset mix, you envision a property type mix, office, retail, schools. How do you think about that mix? How often does it change? Do you guys get together every quarter, rethink what should be the ideal mix, who are you selling to, etc.? Yeah, I would say that we have, for the next eight to 10 sites in any one master plan community, we have a rough idea of what will go there. Maybe a condominium, maybe an office site, maybe multi-family. But in general, taking a step back, looking at the commercial acres, there isn't a pie chart that's driving our decision-making that this is the perfect mix. Because I think every day as consumers move in and as consumer demand shifts, that perfect mix shifts. Our job isn't to build to fill the pie chart. Our job is to build to meet demand. So as we see assets fill and incremental demand, multi-family is a perfect example, 9% same store growth last year to this year. We need to build more product to meet that demand. And that's what you'll see us do. We won't invest to fill the pie chart. We'll invest to fill our buildings. Hi, David. Question on condo sales. And it's a two-parter. The first is, what comes next after you've completed this section of Ward Village? And the second is, could you see more of those condo opportunities in The Woodlands or other MPCs? And are there any restrictions in terms of residential versus commercial zoning there? Great question. Look, I think that we have at Ward Village, and it's often occasionally joked about by some in the room, I think among the best teams and machines that have ever been built to build, design, and sell condominiums, and I think part of the job of the three of us on the stage is to figure out how to make that go longest and furthest. So within Ward Village and within the islands of Hawaii, we're always looking for opportunities to use that team to find other places where we can put that machine to work and create value for our shareholders. You've seen us do it most recently in The Woodlands with the Ritz-Carlton, and I think that's kind of the first step outside of Hawaii. Because I think we have the opportunity to do additional sites in The Woodlands, as well as multiple sites here in Columbia, where we thank you. Put in my mouth. In Summerlin, to take advantage of the team and take advantage of what I think is great demand here to build a lock-and-leave product, a luxury lock-and-leave product for our existing residents as they age in place. So I'm pretty excited about the opportunity to do condos throughout the portfolio and to expand what we've been doing in Hawaii as well. Thanks. So if you believe the kind of NAV number that you guys put up there, it's hard to imagine that any marginal new development project is going to have a better return than buying back your own stock at those prices. So given the amount of cash you expect to come in the end of this year and going forward, why not more aggressively repurchase stock? Is there anything preventing you from doing that? Does the Ackman, does his 13D filing prevent you at all? It's a great question and something that we debate all the time. And I think that there is a higher and higher likelihood that you'll see us allocate capital towards share buybacks in the very near term. I think it's easy to say that a 40-ish plus% discount to NAV where we trade automatically creates more value than any development. But if you think about Victoria Place that just closed, it's generating north of $200 million of profit and an asset that we had once upon a time peak equity of about $40 million and almost zero when we closed. Less than $5 million of equity in. And if you're going to put $5 million of equity to generate $200 million of profit, that's a deal you should do in lieu of a buyback. But again, your point is well taken and that the opportunity for buybacks to create more value for our shareholders is absolutely at the top of the list. David, just going to the homes, it almost seems like higher mortgage rates are almost good for you guys and forces more people to new home market. And if you're going to pay up, you want the amenity base that you guys have. On the other hand, you talk about the homebuilder incentives. What% of new home sales in your communities have builder incentives versus new residents who are paying full freight, meaning whatever the market rate is for a mortgage? It's a difficult question to answer because I think what you're saying is when you say builder incentives, you're talking about mortgage rate buy-downs. Yes. But I think builder incentives come in a lot of different flavors. Well, whatever it is, I'm just curious how many people are coming into your communities just paying full freight, no benefits of anything. They're just ponying up and paying today's higher cost versus how many of the people coming in are getting some sort of economic incentives, buy-down, build, whatever it is that helps them make the math work. So I think what we showed earlier is that the number of new home sales relative to total home sales doubled, and it was closer to 16% than historical norms of 8%. I would say the percentage of new home sales in Summerlin and Bridgeland is much higher than that. So I would say that the incremental person coming into Summerlin for the first time buying a new home versus an existing home is probably closer to 30% or 40% than the national average of 16%. And I would say that almost every buyer of a new home is getting some form of incentive. It may not be mortgage rate buy-down because they may be an all-cash buyer, but they might be getting an upgrade or a view premium or something else that is a builder incentive that is giving them a reason to buy that home. And look, I think that there's incentive enough in buying new homes, as we talked about. You're getting to customize it the way you want. You're getting something that is less close to being obsolete than a home that's 30 or 40 years old. You have lower maintenance costs and lower operating costs. I think there's a lot of reasons why new home construction is a favored product compared to a resale home, but builder incentive is absolutely one of those. Just following up on Alex's question, it seemed like a few years ago, builders were all about NOI, NOI margin, NOI margin. And like in the past two, three years, that's kind of gone out the door and it's just kind of going after volume. Are you seeing them changing strategy at this point in a world where rates just kind of remain high, or is it just going to still give as many incentives, just kind of close, close, close, close, close? I don't know if there's a one-size-fits-all answer to that question. I think it's highly builder-dependent. What I see from several years ago till now is very similar and that we are having our builder partners pay the maximum value they possibly can for our land, and that's what I'm focused on. I want them selling homes. I want them welcoming in new residents, and they're incentivized to do that, whether that's at a higher margin or a higher volume. That's their business, not mine. What I need to do is sell them the land to keep up with underlying home sales and an ever higher value per acre every quarter, and that's what we've continued to do. And we've also continued to do it with builder price participation, which has locked in our value even when home prices run very quickly outside of our expectations. So as long as we can continue to do that, whether they're margin or price volume, I don't mind. All right. I think that's all of our questions. I thank you all for joining us again. We have some logistics to go through.