Howard Hughes Holdings Inc.

Good day and thank you for standing by. Welcome to the Howard Hughes third quarter 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 and 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 Villain, General Counsel. Please go ahead.

Good morning and welcome to the Howard Hughes Holdings Third Quarter 2025 Earnings Call. With me today are Bill Ackman, Executive Chairman, David O'Reilly, Chief Executive Officer, Brian Israel, Chief Investment Officer, and Carlos Olea, Chief Financial Officer. Before we begin, I would like to direct you to our website, www.howardhughes.com, where you can download both our third quarter earnings press release and our supplemental package. The earnings release and supplemental package include reconciliations of non-GAAP financial measures that will be discussed today in relation to their most directly comparable GAAP financial measures. 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 third quarter earnings press release and the risk factors in our SEC filing 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.

Thanks, Joe, and good morning, everyone. I'm going to start with a quick overview of the quarter and some highlights for Howard Hughes communities. Carlos will walk through guidance in our cash flow outlook before handing it over to Bill and Ryan to share updates on our holding company strategy. We delivered another strong quarter across every business segment, underscoring the strength of our real estate platform and the value of our transformation into a diversified holding company. Starting with our MPC segment, We had a record quarter, generating 205 million in EBT, driven by strong land sales in Summerlin. We sold 319 acres at roughly $795,000 an acre. That included a single 231-acre bulk sale of raw, undeveloped land, sold at a 75% margin, but below our average price per acre since it required no upfront infrastructure. Excluding that one transaction, the rest of our land averaged about $1.7 million per acre. We earned more than $14.5 million in builder price participation, reflecting continued home price growth in Summerlin. In Bridgeland, land sales remain steady, and we're gearing up for the grand opening of Terra Vallis in Phoenix later this month. Model homes are open, builders are active, and momentum is strong at Florio. While broader national headlines point to slower home sales, we're once again seeing the opposite in our communities, delivering strong results to counter current headlines. Our perpetual cycle of value creation and self-funding model, combined with limited competition, continues to give us a major edge. As a result, we expect to finish the year with record high residential land sales, record pricing, and a record full-year MPC EBT. Given this performance, we're once again raising our full-year MPC guidance. Moving to operating assets, NOI grew 5% year-over-year to $68 million, driven by leasing momentum across the portfolio. Office NOI was up 7% thanks to strong activity in Columbia and the expiration of some large abatements. We signed 55,000 square feet of new or expanded office leases, and the stabilized office portfolio ended the quarter 89% leased. Multifamily NOI grew 2% as new projects in Summerlin and Bridgeland continued leasing ahead of plan. Our stabilized multifamily portfolio is now 96% leased. Retail NOI was up 9% year-over-year, led by great performance at Ward Village and Merriweather District. our stabilized retail portfolio remains above 90% lease. Turning to strategic developments, we reached a new record with $1.4 billion in condo pre-sales, led by Malia and Aleema, our 12th and 13th towers at Ward Village. Both are off to an incredible start and already collectively 57% pre-sold. The Lanoue in Ward Village and the Rich Carlton Residences in the Woodlands are now 68% and 74% pre-sold respectively. Beyond condo sales, we broke ground on the Memorial Hermann Medical Office building in Bridgeland, the first step in what we expect will become a one million square foot medical district. And right after quarter end, we completed One Viva Row, a 268 unit luxury multifamily property along the Woodlands Waterway. That project sets a new bar for multifamily living in the area and will meaningfully contribute to NOI when stabilized. What's most exciting is how the cash flow generated across our communities is reinvested right back into value-creating developments. Projects like Aleema and Malia at Ward Village or One Riva Row in the Woodlands Each one is a perfect example of how we recycle capital to grow both future cash flows and long-term net asset value across our portfolio. It's been a busy and rewarding quarter across Howard Hughes communities, and I couldn't be prouder of how our teams continue to execute. With that, I'll hand it over to Carlos.