Howard Hughes Holdings Inc.

Thank you for standing by, and welcome to Howard Hughes' first quarter 2026 earnings conference call. Currently, 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. To remove yourself from the queue, you may press star 1-1 again. I would now like to hand the call over to Joe Valente. General Counsel. Please go ahead.

Good morning and welcome to the Howard Hughes Holdings First Quarter 2026 Earnings Call. With me today are Bill Ackman, Executive Chairman, Ryan Israel, Chief Investment Officer, David O'Reilly, Chief Executive Officer, Carlos Alea, Chief Financial Officer, Jill Chapman, who leads investor relations at Pershing Square, and Mark Granderson, who joined the Howard Hughes Board just yesterday. Before we begin, I would like to direct you to our website, www.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 would 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 Executive Chairman, Bill Ackman.

Thank you, Joe. So those of you on the call probably have seen a presentation we put out providing some perspectives on how we think about Howard Hughes from a valuation perspective. The company's going through a transition in terms of its business model, and we think there's been a pretty meaningful transition, or at least the beginning of a transition in our shareholder base. We thought this was a good time for us to kind of share how we think about the company and to provide some, I would say, better metrics to think about valuation going forward. So our plan for the calls, we're going to start with David O'Reilly giving kind of a comprehensive brief update on the quarter. I'll just talk a bit about, you know, kind of KPIs. Ryan will speak briefly about valuation. We'll introduce Mark to the group, and then we'll leave the substantial majority of the time for Q&A. So why don't we start with David? Go ahead, David.