Record Quarter for MPC Segment
Generated $205 million EBT, driven by strong land sales in Summerlin. Sold 319 acres at roughly $795,000 an acre, with a single 231-acre bulk sale at a 75% margin. Excluding that transaction, the rest of the land averaged $1.7 million per acre.
Increased Guidance and Record Performance
Raised full-year EBT guidance to $450 million, up $20 million from prior guidance. Expect to finish the year with record high residential land sales, record pricing, and a record full-year MPC EBT.
Strong Leasing and NOI Growth
NOI grew 5% year-over-year to $68 million, driven by leasing momentum. Office NOI up 7%, multifamily NOI grew 2%, and retail NOI up 9% year-over-year.
Condo Presales and Strategic Developments
Reached a new record with $1.4 billion in condo presales. Projects like Melia and Ilima at Ward Village are collectively 57% presold.
Successful Refinancing
Refinanced about $114 million of near-term maturities, pushing them out into 2026 and beyond, reducing 2025 maturities to $76 million.