Financial Data and Key Metrics Changes - The company reported a record quarter with EBT of $205 million in the MPC segment, driven by strong land sales in Summerlin [4] - Full-year EBT guidance has been raised to $450 million, up $20 million from prior guidance, indicating a strong performance [9] - Operating assets NOI grew 5% year-over-year to $68 million, with office NOI up 7% and retail NOI up 9% [6][10] Business Line Data and Key Metrics Changes - The MPC segment achieved record land sales, selling 319 acres at an average of $795,000 per acre, with a significant bulk sale at a 75% margin [4] - Multifamily NOI grew 2%, with the stabilized multifamily portfolio now 96% leased [6] - The company reached a new record with $1.4 billion in condo pre-sales, with Malia and Alima towers at Ward Village being 57% pre-sold [6][10] Market Data and Key Metrics Changes - Despite national trends indicating slower home sales, the company reported strong results in its communities, countering broader market headlines [5] - The stabilized retail portfolio remains above 90% leased, indicating strong demand in retail spaces [6] Company Strategy and Development Direction - The company is focused on transforming into a diversified holding company, with significant progress in acquiring an insurance company [12] - Cash flows generated from real estate will be reinvested into value-creating developments, enhancing future cash flows and net asset value [11][20] - The company aims to maintain a competitive edge through limited competition and a self-funding model [5][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving record-high residential land sales and pricing by year-end [5] - The company anticipates that 2025 will be another record-breaking year, although not every year will replicate this performance [9] - Management emphasized the importance of quality of life and community connectivity in driving demand for their developments [55] Other Important Information - The company has refinanced $114 million of near-term maturities, reducing 2025 maturities to $76 million [9] - The company is maintaining G&A guidance between $76 million and $86 million, with a midpoint of $81 million [10] Q&A Session Summary Question: Regarding super pad sales and their trade-off - Management explained that the recent super pad sale was a unique situation that generated significant cash flow, and future transactions will likely be at higher prices per acre [15][16] Question: Impact of the insurance company acquisition on capital - Management indicated that the acquisition will consume available cash but is expected to create significant value and flexibility for future investments [17][20] Question: Status of condo pre-sales and future projects - Management expressed satisfaction with the 57% pre-sale rate and discussed ongoing evaluations for future condo projects in The Woodlands and Summerlin [24][36] Question: Pricing trends for the Ritz-Carlton Residences - Management noted that prices have increased by approximately $350-$400 per square foot compared to initial sales, reflecting strong demand [38][39] Question: Outlook for MPC land sales in 2026 - Management stated it is too early to provide guidance for 2026 land sales, emphasizing a cautious approach based on current market conditions [52][53]