Howard Hughes Holdings Inc.

2025 earnings conference call. At this time all participants are in a listen-only mode. After the speaker's presentation there will be a question answer session. To ask a question during the session you will need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question please press star 1-1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today. Joe Villane, General Counsel, please go ahead.

Good morning and welcome to the Howard Hughes Holdings Second Quarter 2025 earnings call. With me today are Bill Ashman, Executive Chairman, David O'Reilly, Chief Executive Officer, and Carlos Olaya, Chief Financial Officer. Before we begin I would like to direct you to our website .howardhughes.com where you can download both our Second 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 Second Quarter earnings press release and the risk factors in our SEC filing for factors that 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, Joe, and good morning. On our call today I'm going to begin with a recap of the Second Quarter and cover segment highlights from the master plan communities, operating assets, and strategic development. Carla will review our updated failure guidance and balance sheet. Following our comments on the operating results for HHC, we'll hand the call over to Bill Ackman, our executive chairman, who will discuss HHH's future strategic direction before we open the lines for Q&A. As we discussed on our last earnings call, the Second Quarter marked a significant milestone for Howard Hughes Holdings, with Pershing Square investing $900 million in exchange for 9 million shares of HHH stocks. These funds will be strategically used to transform Howard Hughes from a pure play real estate company to a premier diversified holding company. Before Bill discusses this in a few minutes, I'm going to shift to talk about the results for HHH's real estate development business to Howard Hughes Corporation in more detail. The Second Quarter was another exceptional quarter for Howard Hughes as our team delivered outstanding results across our business segments, highlighting the strong demand in our portfolio of master plan communities, and further solidifying our strong 2025 outlook. For the Second Quarter, we delivered adjusted operating cash flow of $91 million or $1.64 for diluted shares. Our MPCs continue to see strong homebuilder demand, executing land sales at record prices for acre in both Summerlin and Bridgerton. Operating assets also set a new record quarterly NOI across office and multifamily, with solid -over-year segment growth of 5%. In strategic development, condo presales remain strong at the Lanou, and we launched presales at Malia and Alima, which are undoubtedly two of the most anticipated luxury residential towers ever to come to market in Honolulu. With these strong results, we are raising our full-year guidance for adjusted operating cash flow, driven by the current and expected strength in our MPC land sale business and operating asset NOI.