Ladies and gentlemen, thank you for standing by. Welcome to Howard Hughes First Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. Please be advised that today's conference is being recorded. I would like now to turn the conference over to Eric Holcomb, Senior Vice President of Investor Relations. Please go ahead. Good morning, and welcome to Howard Hughes Holdings first quarter 2024 earnings call. With me today are David O'Reilly, Chief Executive Officer; Jay Cross, President; Carlos Olea, Chief Financial Officer; Dave Striph, President of Asset Management and Operations; and Joe Villian, General Counsel. Before we begin, I would like to direct you to our website, howardhughes.com, where you can download both our first quarter earnings press release and our supplemental package. The earnings release and supplemental package include reconciliations of non-GAAP financial measures that will be discussed today in relation to their most directly comparable GAAP financial measures. 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. Please see the forward-looking statement disclaimer in our first quarter earnings press release and the risk factors in our SEC filings for factors that could cause material differences between forward-looking statements and actual results. We are not under any duty to update forward-looking statements unless required by law. I will now turn the call over to our CEO, David O'Reilly. Thank you, Eric, and good morning to you all from Phoenix. Before we begin, I'd like to welcome Joe Villain, our new General Counsel, to his first earnings call with Howard Hughes. Joe brings a wealth of legal expertise and experience overseeing large real estate platforms across many asset classes, and we're pleased to have him on our team. On our call today, I'm going to begin with a recap of the first quarter and cover the segment highlights for our master-planned communities and Seaport. Dave Striph will cover the performance of our operating assets, followed by remarks from Jay Cross, who will provide updates on our strategic development projects. Finally, Carlos Olea will review our full year guidance and the balance sheet before we open up the lines for Q&A. All right, jumping into our results. The first quarter of 2024 continued our strong momentum experience throughout 2023, setting the stage for what we expect to be another incredible year across each of our core businesses. In our MPCs, we saw increased underlying demand, including a double-digit acceleration of new home sales, and elevated homebuilder interest for our land, which we expect will yield strong land sales in Nevada and Texas during the remainder of the year. In Arizona, we achieved a major milestone with the closing of our first residential land sales in Floreo, paving the way for the start of our next great MPC, Teravalis. Our operating assets delivered $63 million of NOI, representing an impressive 7% year-over-year growth, with solid improvement in office and multifamily. This result provides a strong foundation for the full year, which we expect will achieve a new all-time high for NOI in 2024. In strategic developments, demand for our newest condominium project in Hawaii and Texas was extraordinary, with more than 250 residences pre-sold in the quarter, which represent future revenue of nearly $560 million. We're still on track for a late 2024 delivery of Victoria Place, which we expect will generate approximately $700 million of revenue in the fourth quarter. Looking at Ward Village overall, we've reached $6 billion in sales, including the community's six delivered towers that are 100% sold, and those towers that are currently under construction or in pre-sales. Looking into the results of our MPC segment, we delivered MPC EBT of $24 million in the first quarter, largely driven by the sale of 31 acres of residential land in Bridgeland and $13 million of builder price participation across our communities. As expected, we did not close on the sale of any residential land in Summerlin, as all super pads are expected to close in the second and third quarters. In The Woodlands Hills, land sales were muted in the quarter as many lot deliveries were postponed as a result of municipal permitting issues. These delays have since been resolved, and we anticipate significant increases in residential land sales in this MPC during the remainder of the year, most likely to levels outpacing 2023's results. With land sales only occurring in Bridgeland and The Woodlands Hills, our average residential price per acre was $600,000. This reflected a year-over-year reduction, primarily due to six custom lot sales in The Woodlands and Summerlin during the prior year, for $2.9 million per acre. Excluding these custom lot sales, our price per acre increased 15% year-over-year. As we've reiterated for years, land sales can be lumpy and should not be measured on a quarterly basis. The volatility can be driven by custom lot sales, commercial land sales, changes in inventory, all of which contributed to this quarter's year-over-year comparison. We have strong confidence in our current guidance, and this quarter's results are not indicative of our expectations for the remainder of the year. In Arizona, our Floreo joint venture closed on its first residential land sales, which totaled 52 acres and an impressive $758,000 per net acre. Much of this revenue was deferred until we complete infrastructure and lot preparation later this year or early next year. We expect more lot closings to occur in the second and third quarters and hope to celebrate our grand opening next year. Turning to new home sales, which we believe are a leading indicator of future land sales. We saw increased demand with a total of 654 homes sold across our MPCs. This represented the highest quarterly sales in three years, outpacing the first quarter of 2023 by 18% and the fourth quarter by 24%. Increases were realized in each of our MPCs, with people continuing to choose our highly amenitized communities, which offer an exceptional quality of life, a variety of housing options, and short commutes. Looking forward, we anticipate strong demand for new home sales during the remainder of 2024. With mortgage rates now expected to remain at levels around 7% for the foreseeable future and most homeowners benefiting from existing mortgages of 5% or less, we expect a continued significant lack of resale supply in the market. As a result, home buyers will be driven into the new home construction market, where they often benefit from lucrative mortgage rate buydowns and other incentives from our home builder partners. With elevated demand for new homes, as well as a significant undersupply of vacant developed lots, which remain well below equilibrium in the Las Vegas and Houston markets, we expect continued strong home builder demand for incremental acreage. This will ultimately drive what we expect will be a robust residential land sales in MPC EBT for the full year in 2024. Carlos will provide more details in a few minutes. Turning to the Seaport, we're making considerable progress towards the successful spin-off of Seaport Entertainment, which will include all of the Seaport, the Las Vegas Aviators baseball team, the Las Vegas Ballpark, our 25% interest in Jean-Georges Restaurants, and our 80% air rights over the Fashion Show Mall in Las Vegas. In January, Anton Nikodemus joined Howard Hughes as the CEO of Seaport Entertainment, and since that time, he has been actively running the business, building his management team, and implementing operational improvements. We remain positive and confident about the opportunities that the spin-off will create in the years ahead, both for Howard Hughes and Seaport Entertainment, and we look forward to sharing more with you soon. Looking at the financials, Seaport operating results remain challenged, generating revenue of $11.5 million, which reflected a modest $395,000 year-over-year reduction. The decline was primarily associated with poor weather and lower foot traffic at our restaurants, as well as a decrease in sponsorships. These reductions were partially offset by increased revenue from the Fulton Market Building, which has benefited from the commencement of the Alexander Wang lease and the opening of the Lawn Club late last year. Net operating losses were $8.6 million in the quarter, or a $3 million year-over-year reduction, primarily due to sales mix and increased costs associated with the stand-up of Seaport Entertainment. Including equity losses of $8.9 million, primarily from the Tin Building, total Seaport NOI was a loss of $17.5 million in the quarter. Although these losses remain sizable, the Tin Building did see improved financial results, both sequentially and year-over-year. Significant changes in the operating platform, which have been implemented by Jean-Georges in consultation with Anton and his team, are yielding positive results and contributing to enhanced efficiencies and reduced costs. With more changes to come, we expect further improvements going forward. With that, I'll turn the call over to David Striph for a review of our operating assets. Thank you, David. In our operating assets segment, we started the year on a positive note, delivering strong NOI of $63 million, including the contribution from unconsolidated ventures. This represented a 7% year-over-year improvement, driven primarily by our office and multifamily portfolios. The most significant year-over-year growth was seen in office, which generated first quarter NOI of $31 million. This reflected a $3 million or 10% year-over-year improvement and was primarily the result of strong lease-up activity and rent abatement expirations at various properties in The Woodlands and Summerlin, most notably at 9950 Woodloch Forest and 1700 Pavilion. These gains were partially offset by reduced NOI from 1725 Hughes Landing in The Woodlands due to lower occupancy, primarily from a tenant bankruptcy. During the quarter, we continued to execute new or expanded office leases totaling 86,000 sq ft, including 46,000 sq ft in The Woodlands and 40,000 sq ft in Downtown Columbia. We also successfully completed two significant renewals in The Woodlands, totaling 180,000 sq ft. This strong leasing performance exemplifies the heightened demand we continue to see from companies seeking quality workspaces in walkable, mixed-use communities where their employees want to live. Since this time last year, our stabilized office portfolio has increased from 86% to 88% leased, with the most notable improvement in The Woodlands, which is now 90% leased. We expect to benefit from this leasing momentum later in the year, with more significant NOI improvements in 2025 as office build-outs are completed and free rent periods burn off.... Our multifamily portfolio also performed well in the quarter, delivering NOI of $14 million, or a 9% year-over-year increase. This growth was primarily driven by increased rental revenue associated with the lease-up of Starling at Bridgeland in Marlowe in Downtown Columbia, as well as 4% in-place rent growth. These gains were partially offset by non-recurring insurance recoveries in the first quarter of 2023, which were related to damages from the 2021 winter freeze in the Houston region. At quarter end, our stabilized properties were 95% leased, and we continued to see solid lease-up at our unstabilized assets. At Wingspan, which remains partially under construction, with 63% of the units delivered, we are now 28% leased. We expect the project will be fully completed this summer. In Downtown Columbia, Marlowe finished the quarter 65% leased, and in Nevada, Tanager Echo is 31% leased. Overall, we are pleased with these results, and we expect further multifamily NOI growth as the year progresses. In retail, NOI was $15 million in the first quarter, which was unchanged year-over-year. Increased rental revenue from new tenants in the ground floor retail at Juniper and Marlowe in Downtown Columbia were offset by the impact of a national tenant bankruptcy in Downtown Summerlin. This space is now in lease negotiations, and we expect this and other tenant upgrades, which are already underway in Downtown Summerlin, to yield full-year NOI growth in 2024. With that, I will now turn the call over to our President, Jay Cross. Thanks, Dave, and good morning, everyone. In the first quarter, we continued to make solid progress on our commercial construction projects, which represent future stabilized NOI of more than $21 million for our operating asset segment. First, in The Woodlands, construction on 1 Riva Row, our 268-unit LEED Silver multifamily tower, is going very well. This luxury development on the Woodlands Waterway is expected to be completed in the second half of 2025, with a strong NOI contribution of nearly $10 million on stabilization. In Bridgeland, we recently broke ground on Village Green at Bridgeland Central, a new mixed-use development, which will be anchored by an H-E-B grocery store and feature in-line retail and standalone restaurants. With this being the first large-scale retail development in Bridgeland, we've experienced high demand from potential tenants. At the end of the quarter, 94% of the in-line retail and restaurant space was already pre-leased or in advanced negotiations. We expect to complete this project next year. We are also breaking ground this week on Bridgeland's first office building, which has also seen strong demand and is remarkably 94% pre-leased or in advanced negotiations. This innovative 49,000 sq ft mass timber office building will be the first of its kind in the Houston area. In Downtown Summerlin, construction of the Summerlin Grocery Anchor Center, which will feature Summerlin's first Whole Foods Market, is on track to be completed in the third quarter. We expect this retail center, which is adjacent to our Tanager and Tanager Echo multifamily properties, will be an important amenity and vital part of our Downtown Summerlin master plan. A couple of miles away, construction on Meridian, our 147,000 sq ft office building, adjacent to the proposed movie studio site in Village 15, is finishing up and expected to be completed on budget this quarter. With the project now essentially complete, tenant interest has substantially increased, which mirrors our experience at 1700 Pavilion, and we hope to share positive leasing news in the coming months. In Maryland, we are in the final stages of construction of our 86,000 sq ft medical office building in Downtown Columbia. This project has experienced high demand, with 93% of the space pre-leased or in advanced negotiations. Shifting to condo sales, as David mentioned, we had a tremendous first quarter, both in Hawaii and at our first condo in Texas. At Ward Village, we went to contract on 196 condos, representing incremental future revenue of approximately $320 million. The majority of these pre-sales related to The Launiu, our 11th condo project in Ward Village, which launched pre-sales in February. Demand for this 485-unit project, which will offer sweeping views of Diamond Head, was solid, with pre-sales eclipsing 37% of total units in just under 45 days. We also sold 14 units combined at The Park Ward Village and Kalae, with these two towers now 95% and 90% pre-sold, respectively. From a construction perspective, we remain on track to deliver Victoria Place in the fourth quarter. Construction on Ulana and The Park Ward Village is advancing, with anticipated deliveries in 2025 and 2026, respectively, and we expect to start construction on Kalae later this quarter. Finally, in Texas, saving the best to last, we commenced pre-sales of the Ritz-Carlton Residences, The Woodlands, at the end of the quarter. Demand for this ultra-luxury, first-of-its-kind condo on the shores of Lake Woodlands has been nothing short of amazing, closing the quarter with more than 50% of its residences already pre-sold at prices per square foot never before seen in the Houston market. Sales have continued at a solid pace throughout April, and currently, the project is 61% pre-sold. We hope to start construction on this exciting project later this year. I would now like to hand the call over to our CFO, Carlos Olea, who will review our guidance and the balance sheet. Thank you, Jay, and good morning, everyone. With the strong momentum that we experienced across our core segments during the first quarter, we remain confident in our ability to deliver our 2024 guidance as issued on our last earnings call. Looking briefly into each segment, in MPC, we continue to project robust EBT of $300 million at the midpoint. This represents a 10%-15% year-over-year reduction, but is still significantly higher than historical norms, which have been closer to $200 million-$250 million pre-COVID. ... In operating assets, we continue to project full year NOI of approximately $250 million at the midpoint, reflecting an increase of 1%-4% compared to 2023. Our full year guidance includes approximately $5 million of projected NOIs from the Las Vegas Aviators and the Las Vegas Ballpark, which are expected to be included in the spin-off of Seaport Entertainment. Condo sales revenues are projected to range between $675 million and $725 million, and be driven entirely by the completion of Victoria Place in the fourth quarter. We continue to anticipate strong growth margins between 28% and 30% for this development. Our guidance contemplates approximately $75 million of condo sale revenue delaying into the first quarter of 2025, due to the timing of closings at Victoria Place. Finally, we expect cash G&A to range between $80 million and $90 million for the full year. This guidance excludes approximately $25 million of cash expenses to complete the spin-off of Seaport Entertainment, as well as approximately $5 million of anticipated non-cash stock compensation. Looking at asset dispositions, in February, we sold the Creekside Park Medical Plaza in The Woodlands for $14 million. This sale, which reflected an attractive 5.6% cap rate, generated a gain of approximately $5 million during the quarter. Turning to our balance sheet, we have $463 million of cash at the end of the quarter. Together with our strong guidance expectations for the full year, we are well positioned to deploy additional capital into our development pipeline. At the end of March, the remaining equity contribution needed to fund our current projects was approximately $260 million. From a debt perspective, we have $5.4 billion outstanding, with only $257 million of maturities in 2024. Approximately $246 million of this is related to a construction loan on Victoria Place, which will be repaid as units close in the fourth quarter, leaving us well positioned with only $11 million of principal and amortization payments due in 2024. For 2025, we have approximately $548 million maturing, which includes the bridge and construction loans for our three newest office properties: 9950 Woodloch Forest, 6100 Merriweather, and 1700 Pavilion, all of which are 90% leased or more. It also includes our two multifamily construction loans for Marlowe and Tanager Echo. Refinancing discussions for many of these are already underway, and we will have more to share with you in the coming quarters. With that, I would now like to turn the call back over to David for closing remarks. Thank you, Carlos. Before we open up the lines for Q&A, we want to announce the date of our next Investor Day, which will be held in Summerlin the afternoon of Monday, November eighteenth, in conjunction with the NAREIT REITWorld Investor Conference in Las Vegas. More information will be available in the coming months, but please mark your calendar to join us and experience why Summerlin consistently ranks as one of the best-selling MPCs in the country. Now, just a few final thoughts. First, our first quarter and the strength of new home sales and condo presales have laid the groundwork for another outstanding year at Howard Hughes. As a result, our full-year guidance, which anticipates robust MPC EBT, record operating asset NOI, and over $200 million of gross profit from condo sales, remains intact. With respect to the spin-off of Seaport Entertainment, we continue to make solid progress, and we anticipate completing the transaction later this summer. Anton and his team are already making incremental improvements to these unique assets and have identified many pathways for enhanced performance in the quarters and years ahead. For Howard Hughes, we're excited about our future as a pure-play real estate company focused solely on the development of our world-class portfolio of master-planned communities. With strong demand for our unmatched land bank, premier operating assets, and upscale condo developments, as well as our solid pipeline of future opportunities, we are uniquely positioned to grow net asset value and drive strong returns in the future. With that, let's start the Q&A portion of the call. Operator, can you please open the line for the first question? Thank you. As a reminder, to ask a question, please press star one one on your telephone and wait for your name to be announced. Press star one one again to remove your question. Please stand by while we compile the Q&A roster. The first question comes from Anthony Paolone with J.P. Morgan. Your line is open. Great, thank you. The first question is, just as it relates to, excuse me, to the operating property portfolio, if we just annualize the first quarter, I think it puts you above, your guidance already. So wondering if you could just talk about, like, you know, how you're feeling about the prospects of that maybe doing a bit better, or if there are other, sort of headwinds that you expect over the course of the year to offset sort of the run rate right now. Morning, Tony. I appreciate the question. Look, we had a great start to the year, and we saw great increases across office, multifamily that, you know, it candidly exceeded our expectations. In the first quarter, though, we also received our annual distribution from the Summerlin Hospital, which is the one time a year, so I wouldn't annualize that as you think about, you know, taking the first quarter and annualizing it. And look, I think that we have the opportunity, if things continue along this path, to hopefully, over time, increase that guidance range. But as we sit here today, I'm just not comfortable enough to do that, given a lot of the uncertainty that's out there. Okay, fair enough. Second one is just, you know, the Ritz-Carlton project seems to be going off pretty well on the condo side. Outside of Hawaii, are there other, you know, potential MPCs or opportunities where you see condos making sense and taking that capability, you know, to those other areas? Hi, it's Jay Cross. I want to respond to that question. Yes, we do. We're really bullish on Downtown Summerlin. We have two condo projects in the design phase right now, and possibly even a third. And so we see as that market matures, and based on the success that we've enjoyed at the Summit, we think that an urban product could do very well there. Okay. And then just if I just ask one more final one, just you know, maybe for David. Just you know, housing is performing well, your MPCs are doing well, business is performing, stock still seemingly at a discount, and has had a reaction to you know, Bill Ackman you know, leaving the chair role. You know, any thoughts on just revisiting the buyback or anything on that front, or using some of the capacity for the stock? Yeah, absolutely, Tony, and it's something that we discuss very much real time, both in the management team as well as in the boardroom. It's absolutely on our radar in terms of a potential allocation of capital. As you can imagine, with an announced spin-off, but no documents associated with that spin-off publicly filed, we're in a spot right now where we have information that keeps us out of the market from buying our own shares. So, you know, we need to get that publicly filed. We need to get that on record so everyone can see the capitalization of both companies, the expected timing of both companies, the overhead of both companies. When that information is public and we have the opportunity to be back in the market, if we continue to trade at this candidly very disappointing level, that I think that a potential way that we would allocate capital in the future would be back into our own shares. Great. Thank you for that. As a reminder, to ask a question, please press star one one on your telephone and wait for your name to be announced. Please stand by for the next question. The next question comes from Alexander Goldfarb with Piper Sandler. Your line is now open. Hey, morning down there, and it's just my stage name. So maybe Anthony will ask smarter questions than Alex. So let me just continuing on the real, the real Anthony Paolone's question on buybacks, David. Assuming all, all else equal, the stock is where it is when you guys are able to be back in the market, do you see incremental, you know, cash on hand going to buybacks or development? I'm just trying to understand from your perspective, the board's perspective, if where the stock is means that it's really hard to underwrite breaking ground on a new project versus buying back the stock, or if, you know, it would sort of be split between the two. Look, I don't think it's an all or none decision. I think we're going to look at each potential development and where we're trading at that moment in time and make the best decision we can at that point, Alex. I think right now, if I tried to pencil out a potential office development in today's largely unknown cap rate world, in today's interest rate environment, I think it's a pretty easy decision to say that that capital would go into buybacks instead of a speculative office development. But if we have the opportunity to build a condominium tower with a nominal amount of equity, given our low land basis, buyer deposits, and massive presales, it generates meaningfully outsized risk-adjusted returns, even relative to buybacks. I think you'll see us continue to build condo towers in Hawaii and continue to be thoughtful in terms of where our developments are. There's also a number of those developments, Alex, that as you know, and we've talked about this in the past, that, you know, don't generate the best yield for that postage stamp that we're developing on. And a great example of that is the Whole Foods in Downtown Summerlin. But the impact of that development and the value of that development on the surrounding land that we own, the way that that development will drive multifamily rents higher, multifamily absorptions higher, potentially unlock new product types, and as Jay said, potentially condos in Downtown Summerlin. When you add all those things up, that creates so much long-term value for our shareholders, we have to consider those. Okay. Second question, David, is... And again, I like to rib you that you guys make everything look so easy. But, you know, the Phoenix sales, you know, exceeded your, your expectations so far. The, the Ritz-Carlton, again, you know, looks really easy. You guys exceeded. Obviously, you do the same out in Hawaii. So if you could just talk a little bit more, especially around Phoenix and the Ritz-Carlton in Houston, because literally those are new, new projects. Then two, you know, should we take it that you guys are just really conservative in, in underwriting, or do you think that maybe there's, like, a disconnect in, in your team's view of where the market is versus where the actual demand is? Because each time it seems to not just slightly exceed, but well exceed where you guys are thinking. I like to think part of my job as we communicate with the street is to underpromise and overdeliver. And, as we, you know, to answer the first part of your question, think about land sales in Phoenix. When we go out to the market, we go out with kind of an open bid process. We don't necessarily set prices and make people jump over it. We've been pleasantly surprised with the level of demand and the interest among homebuilders for Floreo, and we hope that that will continue. Now, as you know, we also get builder price participation in our contracts, which means that if home prices continue to go higher despite higher interest rates, and those homes sell for greater amounts than what we expect, we'll be made whole. So overall, I think that's a great process on the land sales. As it relates to the Ritz-Carlton condos, look, where we decided to launch pricing on those was well in excess of where any market study said was possible. It was heavily debated within the C-suite. It was heavily debated within the boardroom. And what we did is we launched a small portion of the building, and over the course of that launch, we increased pricing, sometimes multiple times per day, that totaled in excess of 17%. And since launch, we've pulled almost all of the units off the market, with the exception of a handful, and have continued to push pricing higher. And our view at this point is that we're gonna hold off selling the remaining units in the Ritz until the building is complete, until people can walk and see the incredible Bob Stern design. They can see the views from those units, the lakefront pristine, that they'll enjoy as residents of the Ritz-Carlton. And I think that at that point, when we go to sell the remaining 50 cents - 50 percent of the building, we'll even further exceed pricing that we've achieved to date. So let me just follow up on that, though, David. Sometimes, though, developer expectations, you know, bird in hand versus, you know, two in the bush or whatever the expression is, why, why take that risk? Like, the market could change when you deliver. Why not continue to sell now? Well, I think that this is the best remaining residential site in The Woodlands, with the best potential combination of interiors and architecture, the highest level of finishes that have ever been seen. To date, we have seen outstanding demand that has been nothing short of incredible, pushing pricing to levels that have never been seen in the Houston market before. While we are gonna take a little bit of market risk, I think the money that we have left on the table for the best site in The Woodlands will be worth taking that risk. Okay. If there's a time when we finish construction, if the market isn't receptive, it's not as if we're just gonna fire sale these units. These, these are incredible once-in-a-lifetime opportunity to buy a, a residence on Lake Woodlands, and we'll wait until we achieve the pricing we think is, is appropriate. Okay. And just final question, Carlos, any additional spin costs that we should be modeling? There was $0.19 in the first quarter. Presumably, there's an additional in the remaining... Just, I know David's not an FFO guy, but, you know, those of us on the street are, just that we can be aware of, so as we're thinking about earnings the rest of the year, we can think about some element of impact of spin costs. Thanks, Alex, and good morning. No, the twenty-five million that we disclosed is the number that we're tracking towards between now and the full completion of the spin-off. So, you can use that number. It is a number that we're comfortable tracking to. Okay, thank you. One moment for the next question. Our next question comes from Alexander Gold-- I'm sorry, Alex Barron with Housing Research Center. Thank you, gentlemen. I was just hoping to get a bit more details on the Floreo piece of land, I guess, or joint venture. What percentage of the joint venture, I guess, is owned by you guys? And as you look forward, are you expecting a similar size of, you know, land sales each quarter? Is it gonna be lumpy? Like, what's the outlook there? Morning, Alex. Appreciate the question. We're a 50% joint venture partner at Floreo, which is the first phase of the overall Teravalis joint venture. You know, I think that as, you know, we've kind of talked about a lot with all of our MPCs, land sales tend to be lumpy. I don't expect that we will see a similar amount of land sales at Floreo every single quarter to the level that we saw this quarter. I think we'll probably have another group of sales that will sell in the remainder of 2024, and that will in all likelihood be in the third quarter or potentially the fourth quarter. But this is not something that we should model on a quarterly basis. It'll be at 1-2 times per year. We'll close on a handful of parcels with our builders, and you know, over the course of a year, will allow us to track to enough land into the hands of builders to keep up with underlying home sale. Okay, great. The other question is: looks like the density was about 7 homes per acre, which seems a little bit high. Was that more like attached product, or is the density likely to go down to for more single-family type homes in the future? No, these are all gonna be single-family homes. These are not attached products. The density may come out that way because we're looking at net acres instead of gross. You know, I would say that we have a variety of lot sizes, a variety of product mix, a host of great builders, and we're gonna be hopefully meeting the sweet spot of demand across what exists out there in the West Valley of Phoenix, which is a more affordable product, especially as we launch the first phase of this community. Got it. On the Ritz-Carlton project, obviously, you guys sold quite a bit in a week. Are the sales gonna continue at that pace, or are you gonna slow down and raise the prices for the rest? Well, we've already, as I kind of mentioned to the last question, Alex, you know, we've raised prices 17% already from launch till today. We're gonna raise it further, but we're gonna hold the vast majority of the remaining units off the market until we complete construction, where we think we'll be able to exact an even higher price per unit. Got it. All right. Sorry about that. Thank you. No worries, Alex. Thank you. As a reminder, to ask a question, please press star one one on your telephone and wait for your name to be announced. I am showing no further questions at this time. I would like now to turn the call back to David O'Reilly for closing remarks. Appreciate everyone's time today, and thank you again for joining our call. You know, just as a last reminder, we are planning our next Investor Day right before NAREIT out in Summerlin. Come see why it's one of the best places to live in America. I think we can influence in terms of our investors' thoughts about the quality and the exceptional ability to live within a Howard Hughes community. As always, if there are follow-up questions or anything you need between now and the next call, by all means, please reach out to Eric, Carlos, or myself. We're always happy to help. Thank you again. This concludes today's conference call. Thank you for your participation.