Financial Data and Key Metrics Changes - The company reported record full-year results in each segment, with Master Planned Community (MPC) EBT reaching 349million,drivenbyrecordresidentiallandsalesrevenueandaveragepriceperacre[9][14]−OperatingassetsdeliveredrecordNOIof257 million, a 6% increase year over year [10][21] - The company executed over 860millioninfinancingsduring2024,includingmorethan300 million in the fourth quarter [11][50] Business Line Data and Key Metrics Changes - In the MPC segment, EBT was 57millioninQ4,primarilyfromthesaleof60residentialacresatanaveragepriceof909,000 per acre [12][14] - The operating assets generated 61millionofNOIinQ4,reflectinga913 million, with full-year retail NOI increasing 8% to 54million[26][27]MarketDataandKeyMetricsChanges−Thecompanysold510residencesinQ4,totaling2,234homesfortheyear,rankingSummerlinandBridgelandasthefifthandseventhtop−sellingMPCsinthenation[15]−Despiterisingmortgagerates,thecompanyanticipatesstrongnewhomeconstructionin2025duetolimitedinventoryandhighdemandfornewhomes[16][18]CompanyStrategyandDevelopmentDirection−Thecompanyplanstofocusonresidentiallandsalesandanticipatescontinuedstrongdemandfornewhomesin2025,particularlyinSummerlinandBridgeland[39][40]−ThecompanyisalsoexploringadditionalentitlementsinWardVillage,potentiallyadding2.5596 million in cash and approximately 315millioninavailablelendercommitments,providingover900 million in liquidity [48] - The company plans to introduce a new guidance metric for 2025 called adjusted operating cash flows, expected to range between 320millionand375 million [45][46] Q&A Session Summary Question: Update on Seaport and its impact on cash flow - Management noted that Seaport has historically been a cash drain, costing about $170 million in adjusted operating cash flow in the past year, and its absence in 2025 will allow for better capital allocation [66][70] Question: Guidance for operating free cash flow and net cash position - The stable net cash position is attributed to deliberate capital deployment and a focus on specific projects, despite lower condo deliveries [71][72] Question: Commentary on Summerlin's price per acre increase - The increase in price per acre is primarily driven by the sale of Superpads at higher prices, reflecting strong demand from homebuilders [74][78] Question: Expected legislation in Nevada for studios - Management is optimistic about the passage of a film tax credit bill and is actively engaging with the legislature [92] Question: Commentary on Columbia move-outs and turnover expectations - Management reported active marketing efforts and positive absorption in multifamily assets, with no significant negative fallout from external factors [105][106] Question: Updates on Superpad sales and acreage sold - Management is cautiously optimistic about strong Superpad sales, expecting significant price increases due to strong demand from homebuilders [109]
