HHH - Earnings call transcript Q1 2024 | Howard Hughes Corporation

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Operator

Ladies and gentlemen, thank you for standing by. Welcome to Howard Hughes First Quarter 2024 Earnings Call. [Operator Instructions] 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. ahead. go Please

Eric Holcomb

Officer; welcome Earnings and Chief Hughes First Joe Chief Holdings Officer; Management of Good Operations; and With to me XXXX and Financial Olea, Carlos Call. Cross, General O'Reilly, Striph, today Quarter President Jay Asset Counsel. morning, Valane, President; Howard David are Executive David

The you supplemental release would our first both most include I begin, you measures. and we financial non-GAAP that download supplemental to direct financial and to comparable to directly will today earnings can press earnings our reconciliations of Before be GAAP like their website, package in our package. howardhughes.com release where measures quarter relation discussed

statements laws. in statements present company's that tense within today of or forward-looking the the federal the are Certain meaning made securities not the discuss are that expectations

forward-looking the will that filings believes are that upon and the reasonable such for expectations no press between our release achieved. we material forward-looking could in be factors risk these differences first Please disclaimer based actual and factors SEC statements cause reflected assurance company Although in give results. the in can our statement assumptions, quarter expectations earnings that forward-looking statements the see

statements any unless are update We law. not duty to required under forward-looking by

the turn our call now will CEO, I to over David O'Reilly.

David O'Reilly

and from Eric, Phoenix. good all you, morning to Thank

and have of expertise first we're pleased for we and with begin, legal our Before across him I'd overseeing Howard a like many on team. Valane, estate our earnings platforms call his wealth classes, Joe to General Counsel, large Joe to new asset welcome Hughes. real brings experience

highlights projects. our Seaport. and recap Jay development Cross, I'm with Master cover Planned today, from provide on will begin remarks will assets, the the Dave by call of cover Striph a updates our in performance of our followed the On who to strategic Communities first our quarter for operating segment going

we to up Carlos Finally, the the balance our before and Q&A. full will guidance sheet open review Olea lines year

All Jumping into right. our results.

expect demand, of another the new land Texas The year experienced MPCs, our businesses. in each strong increased XXXX, home across homebuilder quarter to our expect be of continued XXXX the which our for will elevated sales core remainder interest momentum throughout we incredible land, underlying In our strong saw of during we we Nevada setting double-digit first what for stage a sales yield year. the including acceleration and and of

land Teravalis. we paving Arizona, residential start major milestone the our In the for with of a sales closing Floreo, MPC, great achieved next of way the in first our

NOI, full all-time new year-over-year expect provides assets $XX foundation which improvement representing of high X% in strong for Our NOI multifamily. for solid an year, growth and operating XXXX. impressive million achieve will we result delivered with office the in a This a

the in which will with fourth in condominium represent still of future of Hawaii our Victoria We're generate quarter. of late project developments, than Place, track delivery the residences million revenue for In in presold newest more revenue Texas on $XXX nearly a million. XXXX for extraordinary, we was strategic XXX demand and approximately quarter, expect which $XXX

at Looking under currently delivered that the or in $X we've that sales. Ward towers construction including billion increased XXX% towers are and overall, reached sales, Village those sold community's are X

of MPC in and quarter, largely our Looking into million of land by Bridgeland residential acres first the $XX driven EBT participation price our results communities. delivered XX million the of of $XX builder sale in segment, we of across MPC the

residential Summerlin any As the on sale third did in all expected, in close pads second land are as super and to close we expected of the not quarters.

land anticipate sales were results. quarter These as permitting levels muted postponed since we delays resolved, were lot MPC year, result XXXX's many sales the increases land a issues. been to is Hills likely in have during outpacing of and Woodlands the remainder as of the most residential the deliveries In in municipal significant

and occurring Woodland average for to only and the sales year-over-year in during in price million X residential sales a $X.X land primarily Hills, custom With the acre. $XXX,XXX. per our lot reduction, Woodlands due Bridgeland This prior Summerlin acre reflected year per was

Excluding per loss acre sales, these increased our XX% custom price year-over-year.

to reiterated year-over-year sales changes by for a As custom volatility we've land comparison. sales, sales, should which could years, basis, be be in measured and all lumpy of be driven lot the quarterly commercial on this land contributed quarter's not inventory, can

of strong not our confidence results of guidance current year. for this in have are the remainder and quarter's We expectations the indicative our

landfills, venture joint first will Floreo $XXX,XXX impressive year. early Much we was residential as acre. complete infrastructure this deferred net XX on acres preparation loss its our revenue totaled or of year next Arizona, In which later and closed per and an this

We third grand closings our next celebrate and expect more occur to lot opening the second in to and hope quarters year.

a XX% in commutes. the of of which with our land sales. of exceptional outpacing We housing utilized total our amenitized a Turning by we continuing MPCs highest highly sold demand by short variety indicator quarter increased first leading sales to sales, years, and a new each represented XXX X people quarter XXXX offer home saw fourth to choose communities, future in in believe of which were the across MPCs, of this with options XX%. the of quality our are Increases homes life, quarterly

expected continued expect we of future most in less, X% homeowners of foreseeable forward, resale mortgages at levels demand new With around the from lack sales now rates home of benefiting XXXX. remainder market. X% the mortgage the existing supply strong and a significant for or anticipate to we Looking mortgage remain -- for of during

be homebuyers rate they lucrative where buydowns our the benefit driven other result, homebuilder construction will often market, new from mortgage from a into home As incentives and partners.

a we XXXX. more equilibrium drive in year provide markets, the for which lots, below Vegas be will the land EBT strong what undersupply With ultimately well well will continued elevated homebuilder demand expect incremental for demand homes, we Las vacant residential for significant in and robust details of new as remain minutes. in This full as in a MPC Carlos developed Houston expect a few will acreage. sales

of Turning to progress Nikodemus of with XX% Anton team, Ballpark, remain considerable Seaport Seaport of successful for Vegas. in will Mall Vegas positive Las XX% rights Show soon. and Entertainment, Seaport ahead Seaport In Hughes in spinoff all Jean Howard air create Aviators spin-off improvements. his the which the forward Seaport. the we years Las confident CEO interest time, the that We and Howard the been actively you implementing the making that he look restaurants building since the baseball both over operational sharing our more as our Hughes with the towards team opportunities and will Vegas about in Fashion business, in joined has Las running We're Entertainment, and management include the to the and Entertainment, January, Georges the

opening year. benefited Building, financials. late the These poor the The increased the well reflected Wang foot Market results decline generating of Seaport associated and weather traffic at a was revenue million, $XX.X primarily Looking decrease from Fulton sponsorships. reductions Club operating partially and offset at revenue last which the $XXX,XXX Alexander of year-over-year from commencement the with of as our has lease challenged, were as which remained lower by Lawn reduction. a modest restaurants the in

loss primarily to a with the Building, or mix costs quarter. increased standup losses losses Seaport quarter $X.X NOI $X of due a of million in year-over-year million Entertaining. were total million in sales operating with of from and Including the $X.X Tin million Net Seaport the primarily equity reduction, associated the $XX.X

expect see improved Anton to are and Although platform, sequentially positive these to losses year-over-year. yielding did his team been further improvements financial Building going come, efficiencies by remain with results, results consultation Tin implemented in the changes and which Jean-Georges and changes more contributing forward. costs. in and With sizable, Significant reduce the enhanced have both operating we

turn call I'll our to over David the Striph review operating that, of for a assets. With

David Striph

Thank growth of $XX segment, Woodlands generated X% reduced of primarily and the our the This strong million started and $XX driven bankruptcy. The improvement year primarily year-over-year a first year-over-year In These million. XX% to in and Woodloch positive was XXXX our due delivering Woodlands asset NOI including at office, which note, offset was year-over-year most Landing seen most activity tenant were from by on in result a the This a lease-up represented multifamily Hughes from rent properties notably or strong of contribution the by a portfolios. Summerlin, and lower the primarily XXXX gains $X ventures. at in NOI improvement, a NOI million from significant X,XXX you, unconsolidated various partially expirations reflected office occupancy, quarter David. Pavilion. and abatement Forest we operating

Woodlands feet Downtown or new execute including to continued feet and XX,XXX totaling we in square square square office quarter, the feet, XX,XXX XX,XXX the During expanded leases in Columbia.

renewals feet. from seeking totaling to their in Woodlands We to XXX,XXX performance employees demand leasing quality also see successfully the X completed workspaces communities square continue want where This and the walkable companies exemplifies we heightened mixed-use in live. strong significant

office our now Woodlands, leased. Since most which notable in XX% this XX% stabilized portfolio is improvement has time last from to leased XX% year, the increased within

from rent office NOI significant this in leasing periods in are free improvement off. We to benefit completed burn later as expect more and year momentum with XXXX build-outs the

XXXX, we our driven related a Downtown the $XX X% see quarter, to These rental At unstabilized by increased nonrecurring in This well quarter and assets. of the year-over-year Our revenue at region. well with partially lease-up properties lease-up by continue in growth. in-place X% was XX% delivering million were were as multifamily stabilized rent freeze offset recoveries increase. the gains were the portfolio of winter in first end, Columbia growth damages to which Marlow also and leased, primarily Houston solid the Bridgeland quarter performed Starling as of from insurance our in or at associated NOI XXXX

now under with the construction units At we of XX% Wingspan, are remains and XX% which partially leased. delivered,

quarter We Nevada, completed Tanager Echo And was progresses. this and finished expect NOI be In as leased. multifamily leased. with we these pleased the results, expect growth the further Marlow project Columbia, the XX% are Downtown summer. will year we Overall, XX% in fully

Columbia of million In which ground was $XX floor retail, at impact in and Downtown a offset new tenants revenue in Marlow by NOI from the the in increased rental first quarter, unchanged space was NOI the we Juniper in were retail are national This underway XXXX. full tenant Summerlin. year and Downtown upgrades, tenant bankruptcy expect Downtown is lease yield Summerlin other now in this to in and growth in already which negotiations, year-over-year,

over that, With our now Jay turn the President, will to call I Cross.

L. Cross

morning, our represent XXX of we in-line development experienced NOI this XX% on retail stabilized expected assets ground At solid demand from tower Central, a end the contribution our Bridgeland more we an is with of Row, Riva quarter, advanced This store our Bridgeland, we than Bridgeland, and strong the Village construction completed commercial new nearly in Dave, anchored future Waterway grocery Thanks, million of first quarter, well. X stand-alone will which mixed-use operating preleased the Woodlands being the continued $XX space in everyone. negotiations. First, very With on and or at in-line unit lead $XX restaurant progress be luxury first HEB and to for the recently potential was on on make by good million tenants. retail in development of In second XXXX large-scale be segment, already and silver of retail the projects, high stabilization. In in which construction the Woodlands, NOI multifamily going is a Green half to the featured restaurants. in broke have development,

complete year. expect next this We to project

kind Houston on also foot is ground and demand building office breaking timber seen the or area. advanced this week also This pre-leased strong are in remarkably the will of has XX,XXX first its Bridgeland's square building negotiations. be first which We innovative XX% mass office in

quarter. Downtown the on construction center, in Market which will Summerlin Foods the grocery first of Summerlin, track In feature is third Whole to Summerlin's anchored completed be

part vital Summerlin retail Tanager and center, properties, which our our We is master our Echo, an multifamily to important be amenity expect will of Tanager and Downtown plan. adjacent this

expected construction square-foot A completed adjacent XXX,XXX on quarter. to studio our the be proposed XX this miles Meridian, site building in and away, budget to movie couple of on up Village is office finishing

experience mirrors With to per at positive share interest project has essentially increased, coming substantially tenant $X,XXX in which the months. we news and leasing our now the hope billion, complete,

of with In our the Maryland, medical we advanced in construction This are Downtown office in of negotiations. foot Columbia. stages space final project XX% experienced the pre-leased has square high XX,XXX of in or building demand

in both representing our approximately for At presales as tremendous first of of Launiu, sales, just which launched had David condo presales Village, condo mentioned, sweeping condos, we to will eclipsing related which to project The to this use of a with days. Texas. on majority $XXX and in XXX went at Village, future offer condo incremental XX% Hawaii in head unit million. The in contract Diamond XXX in quarter, of presales first Shifting Ward XXth XX revenue we our these project, was under February. Demand total units solid, Ward

at sold also We and the respectively. towers these now Clyde units XX and XX% Ward X combined Park XX% with Village presold,

Ko'ula to XXXX, From the later with Park construction fourth on respectively, Victoria deliver Ward a XXXX we in to Village deliveries this track quarter. is Ulana advancing and expect we and on perspective, remain Place start on in and quarter. anticipated construction Construction the

than best Residences, this commenced has for the quarter. of Demand April. We amazing, And project was the its of on at short Houston first the in market. been presold ultra-luxury quarter at we exciting saving Sales the Woodlands solid nothing the end year. start project presold. Woodlands And shores on residents before throughout square of last, foot The finally, the with XX% at this The never construction of Texas, continued currently, its prices of kind a is seen condo more for pace Ritz-Carlton Lake this already later presales per have the in XX% hope to of closing

to and hand balance will Olea, I sheet. would the now the Carlos who guidance over CFO, our to review call like our

Carlos Olea

Thank and good everyone. Jay, you, morning,

momentum earnings ability the across last in first during quarter, our experienced we we XXXX segments remain call. our the With strong core guidance as that deliver confident on our to our issued

historical year-over-year $XXX million In Looking This briefly significantly we midpoint. into project XX% which represents continue still is higher to reduction, to XX% EBT to have pre-COVID. a MPC, but at to segment. been norms, than robust million $XXX the of each closer $XXX million

continue we to X% the XXXX. compared assets, at year operating NOI of increase midpoint, million In to approximately X% $XXX full reflecting an of project to

of Our includes Ballpark, the Las approximately and the NOI Las be which full in are expected spin-off from Seaport of included year guidance the Vegas Vegas Entertainment. to projected Aviators $X million

fourth projected to be $XXX quarter. completion Condo in $XXX between and sales million are revenues range of the entirely driven and by million Victoria Place the

XX% to for anticipate this gross and strong between continue We XX% margins development.

of first revenue $XX quarter sale approximately due to contemplates Place. at guidance Victoria condo Our million closings of of XXXX relating to timing the the

$XX range And spin-off expenses expect Seaport as year. the noncash excludes finally, approximately stock we full $XX cash G&A the for to approximately well of $X as to Entertainment between million compensation. anticipated of cash and $XX guidance complete million million This million of

Park Looking This gain the Creekside In an at approximately during reflected million. $X sold dispositions. the $XX for generated Medical asset million quarter. Woodlands cap a Plaza attractive the February, which sale, rate, X.X% in we of

our to sheet. Turning balance

strong deploy our March, At quarter. our end into was equity to needed we with positioned well Together full $XXX to are expectations We additional the have our pipeline. development the capital current cash of at million guidance the approximately remaining the end million. of year, $XXX contribution of the projects fund for

well units From which a billion repaid closed due as million Approximately maturities outstanding payments to perspective, $XX Place, million XXXX. fourth we will debt with of us in $XXX the loan this in positioned construction have only only principal leaving was Victoria the in of be million XXXX. quarter related $X.X of $XXX amortization in with

more. X bridge maturing, XXXX, Refinancing XX% includes Tanager in are multifamily Pavilion, office Marlow and X,XXX Woodloch which Echo. XXXX leased Forest, also construction quarters. discussions newest or many X loans of will our underway, X,XXX $XXX includes for already Merriweather the for million which we For are construction you all and we approximately for loans the properties, in with these share and have of to coming It have more

David call over for With back turn that, the to like would to remarks. closing I now

David O'Reilly

Thank you, Carlos.

November the up the lines which announce conjunction be date in with to our of XX, REITworld Investor the by next us held Las of available and open Day, information the your of we months, calendar in Q&A, in Monday, the we the want Before afternoon Investor More Summerlin for Nareit Conference please coming in experience best-selling country. the Summerlin, ranked consistently MPCs but in will join be one as in mark Vegas. will to

a just Now few final thoughts.

First, strength for year our of have Hughes. and first groundwork another for laid and the new sales the outstanding quarter home condo presales Howard

anticipates profit which year sales MPC remains result, our full NOI gross intact. over EBT, of As record a condo million and operating $XXX from guidance, robust asset

solid Entertainment, improvements completing summer. With years anticipate we make this in performance to and already Seaport quarters are to later identified pathways and continue Anton respect many to enhanced of and for his making spinoff assets these unique we team and transaction have the progress, the the incremental ahead.

For Howard pure-play strong Hughes, our company a we're for bank, premier the of our of uniquely Communities. unmatched operating Master the as condo in With on future future. solely strong as are demand land our grow net returns future well developments excited Planned assets to portfolio real and about solid of estate world-class we development asset value upscale our and pipeline opportunities, positioned as drive focused

let's line you first can the please the call. portion that, Operator, for start the open With of question? the Q&A

Operator

Paolone [Operator Instructions] with The first Anthony question JPMorgan. comes from

Anthony Paolone

Great.

guidance First just first we if you your already. operating the relates put question annualize is it to as just I it think quarter, portfolio, the property above

offset you a or if now? of expect you're run of sort other wondering are feeling the that of like headwinds about doing better rate just to that of could sort you over there how the the So about bit prospects right if talk year course the maybe

David O'Reilly

we that office, quarter, start it Look, also the annual the the expectations. our to the we received had is In great year, candidly increases time though, year. one a we appreciate from question. a multifamily saw the Hospital, exceeded across and Summerlin distribution which our great I Tony, first

wouldn't path and you to just not the first do hopefully that I I'm given that So annualizing today, if out annualize we a this think But over taking uncertainty that along enough things the as opportunity, sit that there. I have of comfortable lot as quarter here the that's it. time, range. we And think about look, increase guidance continue to

Anthony Paolone

Fair Okay. enough.

of where the on to pretty sense Second be one is potential project other that making MPCs condos see you going the opportunities other Ritz-Carlton and Outside taking to or seems just are well side. condo there off areas? those Hawaii, capability

L. Cross

on respond It's do. Jay question. we to Cross really on Downtown to Summerlin. We're that Yes, bullish

We have and X design third. possibility condo projects phase of now a in the right even

see matures on enjoyed the the very that we we could based well so that And as an product and that do market Summerlin, think we've success there. at urban

Anthony Paolone

could just one Okay. And just then I final more if ask one.

Just David, just performing maybe for well. is housing

seemingly still stock? doing business are you MPCs revisiting on had discount and to capacity anything on for stock role. is Your leaving some the Ackman or front? using the Bill well. that a Or has at buyback just the The Chair of a performing, thoughts are reaction the Any

David O'Reilly

terms allocation Yes. in as And it's in Absolutely, in very well it's on and boardroom, Tony. both something our that radar team capital. real time, of as a discuss absolutely potential much of management the the we

shares. information can keeps now where spinoff, buying we're right of out announced imagine, our spot have the with in us spinoff a market an but filed, that documents no associated with we As that own publicly you from

that filed. need We get to publicly to So that on get record. need we

when way in both companies have to information So public overhead that back expected can we companies, both capitalization is the of and we the the of timing the and of where be both capital opportunity see companies, into very the disappointing if we be that think to a that the own into we level at would potential that our allocate trade back in would continue shares. I candidly future market, this

Operator

Sandler. question next comes Piper The Alexander (sic) [ Anthony Instructions] Goldfarb [Operator from ] Goldfarb with

Alexander Goldfarb

just maybe, smarter than will Anthony so Alex. It's my stage questions ask name,

on the buybacks, Anthony Paolone's real So on David. let me question continue just

going stock if split it's if are to stock ground to buybacks to really perspective, the able cash equal, Board's you or where else I'm to or it is on that means on understand from sort the all do back market, incremental would perspective, it you Assuming is the hand project of buying versus breaking between your back be in trying underwrite the the guys the development? stock hard just a it be see where X. is, new when

David O'Reilly

or don't all none it's think an decision. I

we look going make where can trading each and point, that we're we're think the and I to moment at development decision time at in that potential Alex. at best

now, a today's go that potential a if out to in unknown world to environment, rate think of pretty capital into largely think I interest it's office a today's rate try cap development. I instead office right that, I in buybacks would pencil easy decision say development speculative

with even buyer to to meaningfully of a But if opportunity that condominium and presales buybacks. outside basis, amount nominal land our we have relative the massive risk-adjusted a build equity deposits low tower returns generate given

I think ]. developments Hawaii of continue also and in assets [ you'll terms our see us thoughtful continue number be where to build of developments to those are. a condo towers in There's

As about on. best for you that we've postage we're example that the the that Foods Summerlin. great developing a Whole past, that is the don't in stamp this know, and in And yield Downtown of talked generate

have we that value unlock development multifamily the And potentially that condos will consider surrounding own, drive land as higher, the we creates new things value product that, on the add of for absorptions that development up, you those. that long-term impact in way But all to said, Summerlin, that rents our development higher, shareholders, the Downtown those of types. when and much Jay so potentially multifamily

Alexander Goldfarb

Okay.

looks again, David, easy. -- guys that so sales I'd is far. easy, review really expectations like Phoenix so your you look everything The question, make and exceeded Second but the to again, Ritz-Carlton,

You you Hawaii. out same the do in guys exceeded Obviously,

could to market guys Or then it and view in are you each just where it talk Houston, is? those underwriting? the where exceed because Because slightly more, a you maybe of do is that two, projects? And conservative especially in little we new think where versus the you literally, if not actual should a but bit you Phoenix around seems guys well thinking. in Ritz time that just disconnect like just are So are the take your exceed, demand team's there's really

David O'Reilly

go to the think Phoenix, as in And of first of we to with your sales to think set kind Floreo, bid out The my don't people pleasantly hope and over part with market, make of it. demand process. level about job we interest we land when an go we We like we've necessarily prices surprised to we is of continue. the and -- overdeliver. I'd underpromise the and communicate out open with And jump been part will for as that and among Street the that, answer homebuilders question,

know, home will for homes builder price continue be sold whole. if means amounts what participation higher go interest expect despite as and contracts, greater in our Now those we higher made that to which than you rates also prices we get

I a overall, great that's the So think process land on sales.

pricing the sometimes of pulled units since of exception all to a the have and that we XX%. of launch, excess times possible, we on multiple As did of over those increased And excess what was condos, it push market any boardroom. it higher. the heavily a decided was small to And within we of the C-suite. we course totaled the said in but with launch the that continued was well pricing heavily It off day the debated portion within this per we almost market the was of relates Ritz-Carlton where building. is where in -- and pricing And launched study to launch, debated handful

building they'll And see to the see of go the incredible our that building, residents achieved And remaining think point exceed Ritz-Carlton. view even They when we'll hold that Pristine the people design. that complete, from units further that Lakefront can the Bob remaining in the the that going we off as selling at point, is until this the the the to Ritz Stern at and of XX% walk can is pricing date. we've we're views I sell units, those enjoy to until

Alexander Goldfarb

though, just David. that, up on me let follow So

change hand in worth why bird whatever Sometimes, though, continue is the developer the Why market the the X risk when deliver? in expression expectations, now? or take sell not like you could bush to that is,

David O'Reilly

Woodlands. this think is remaining I the that in Well, site the residential best

With never of date, ever the outstanding have finishes potential combination short nothing To we best incredible that seen. have the seen bit level money of And been we are highest and pricing that little been have pushing demand has of to interiors been market of while levels I seen take that architecture, going market the a risk, the Houston we in to think that before. isn't it's left the table for if on risk. And Woodlands as taking be the finish the we will have the when construction, time by worth site in that the best market receptive, not we if we're are on just pricing is residents achieve these appropriate. Lake buy we once-in-a-lifetime think going we'll to until fire to incredible opportunity the sell units. and These Woodlands, wait

Alexander Goldfarb

$X.XX remaining Street there's just spin in in us we The Okay. And costs be Presumably, quarter? of FFO an the the should I are know, that those David, there was it's any of. on -- aware first just we but modeling, an guy, additional question. Carlos, final be just can that not additional

can about spin think some costs. of about we're we year, of as thinking element impact of rest So the the earnings

Carlos Olea

disclosed that $XX the between and towards full that the number now we Now of the million tracking the completion we're spin-off.

that use can number, that you So is to. tracking that a we're number comfortable

Operator

Our with Housing -- next Alexander I'm sorry, question Alex from comes Center. Research Barrón

Alex Barrón

be details piece guys? venture. forward, sales you the I expecting is joint the bit to lumpy? by what's you I more hoping joint the was guess, outlook or you it each Like a are going of percentage as of size look Floreo venture, on owned get And of a What land similar to I guess, Is land, just quarter? there?

David O'Reilly

at Floreo, XX% venture. We're of phase Teravalis joint joint partner venture the the first a appreciate overall Alex, question. is which the

expect I think don't that land sales our saw level similar amount of to quarter. that we about lumpy. land with we've this every a talked MPCs, Floreo of quarter kind a at lot tend that the I see sales all we as single will be of to

likelihood fourth There'll on all per close remainder model to of with sell keep we'll be It quarter handful something to group sales. or of of the and X year. with over up builders. another in potentially on a the underlying probably sales. basis. XXXX, home think we our not be course And in quarterly hands the I in this enough is to will of into to of Xx parcels will that should track land quarter. But the third the a We'll will have years, allow builders us that X

Alex Barrón

Great. Okay.

more Or looks attached product? seems future? other X single-family density about question go in type is acre, more a the homes per which X homes to is was The likely it little the like density Was like to high. that the down bit

David O'Reilly

And great community. product, across these are is in are attached be I as of to block first host more product especially a because The the exists all a going would we single-family out that density of a have of phase sizes, out plot of products. of we which mix, way, what at looking acres come variety going And Phoenix, affordable may a instead we're say we're not net No, of this launched hopefully be demand builders. the variety sweet homes. that meeting to West gross. there These Valley of the

Alex Barrón

at a project, quite going continue Ritz-Carlton rest? to bit and sold week. Or prices Got to the down it. And a the obviously, raise the on pace? you going Are the sales guys slow for in you that are

David O'Reilly

vast prices question, even already an complete XX% we've price We're -- the remaining exact we higher think market the but of from it raise to the [ per we'll we're of majority already be today. going but further, to launch mentioned to we ] raised of the until hold going Alex, units as we've off able I unit. kind Well, construction, last

Operator

[Operator time. back call would the remarks. questions further Instructions] now I David like showing for turn am to closing at no I this to O'Reilly

David O'Reilly

Appreciate time thank again everyone's our you and today, joining call. for

America. as in and Just right we one of reminder, the in last planning out Nareit live our Summerlin, Day before a to see places next it's best are why Investor come

Howard investors' about a I ability think the community. influence can we the our of in live exceptional to and within terms Hughes thoughts quality

please next out you reach and now Carlos We're questions help. by to As always, anything to are if and happy means, Eric, call, again. there myself. always follow-up need Thank you or all between the

Operator

you concludes This participation. for your conference Thank call. today's

. may You now disconnect.

Howard Hughes (HHH) 9 May 242024 Q1 Earnings call transcript