The Howard Hughes Corporation (NYSE:HHC) Q4 2022 Earnings Call Transcript

Operator: The next question is from Alex Barron with Housing Research Center.

Alex Barrón: I was just hoping you could provide a little bit more clarity on the timing of the next couple of condo tower closings. I think when you said early 2024, is that first quarter or not necessarily? And then what follows after that? Is there another one in 2024? Or is it going to be until 2025?

David O’Reilly: So our next condo delivery is going to be Victoria Place, and that will be early 2024. I’m going to hedge on 1Q, 2Q, and I know it makes it really difficult to model for you all. But for us, we have to close it, we have to close it right, and we have to deliver a great experience for our new residents coming in. So whether that means the end of March or early April, I’m more focused on doing it right than hitting any particular quarter. Especially given the number of units in that building, it’s not as if we close them all on 1 day. We’ll space them out in blocks over the course of what would be probably at least a month. And as a result, we may see some in 1Q and some in 2Q. But sitting here today, I think it’s a little too difficult with over a year to go to say exactly what day we’ll be closing those units.

As we get closer, we can provide more detail there. We won’t see another closing in 2024, but we do anticipate in 2025 with the tower after Victoria Place, which is the Park Ward Village. And then we have a pretty good runway with Park and then and Ulana that we should see a tower a year for the foreseeable future.

Operator: This concludes our question-and-answer session. I would like to turn the conference back over to David O’Reilly for any closing remarks.

David O’Reilly: We appreciate all of you joining us today and getting some great questions and fleshing out some of these details. We hope to see a lot of you at the upcoming investor conferences we have as well as our Investor Day with a few other of our peers in Hawaii. And if there’s any other questions or follow-up, we’re always available. Thank you again. .

Operator: The conference has now concluded. Thank you for attending today’s presentation. You may now disconnect.