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Good day and welcome to Howard Hughes Holdings Second Quarter 2024 Earnings Conference Call. [Operator Instructions] Please be advised that today’s conference is being recorded. It is now my pleasure to introduce Senior Vice President of Investor Relations, Eric Holcomb.

Thank you, David. Good morning. In the second quarter, the strong momentum that has been building in our operating asset segment continued with the delivery of $68 million of NOI, including the contribution from unconsolidated ventures. This represented a 1% year-over-year reduction driven in part by $4 million of office lease termination fees received in the prior year, excluding this benefit in the prior year, operating asset NOI was up 5%. Our strong performance was led by Office, which reported $33 million of NOI this quarter. Excluding those lease termination fees of $4 million in the prior year, Office NOI increased $3 million, representing a 12% year-over-year increase, a strong improvement given the backdrop of a difficult office market nationwide. During the quarter, we continued our leasing success with the execution of 145,000 square feet of new or expanded office leases. With our stabilized office portfolio now 89% leased we expect to benefit from this leasing momentum in 2025 as office build-outs are completed and free rent periods burn off. During the quarter, we acquired Waterway Plaza II – a 142,000-square-foot Class A office building located in the Woodlands Town Center for approximately $19 million. This reflected a purchase price of approximately $135 per square foot for the office space, not considering the value of the associated land and the adjacent parking garage. With our Woodlands Town Center office portfolio essentially fully leased, this asset adds much needed inventory and is expected to achieve a double-digit return upon stabilization. In addition, with over 3 prime acres in the heart of the Woodlands, this acquisition creates an unparalleled covered land play with a low-cost basis and exceptional long-term opportunities for future redevelopment. The multifamily portfolio also performed very well in the quarter, delivering NOI of $14 million or an 8% year-over-year increase. This growth was primarily driven by increased rental revenue associated with the lease-up of our newest properties, including Starling at Bridgeland, Marlow in Downtown Columbia and Tanager Echo in Summerlin. These properties have seen impressive leasing success during the last year. We’re starting now 94% leased, Marlow at 74% and Tanager Echo 67% leased. During the time when multifamily rents have seen pressure in many markets across the country, our rents remain stable with 1% growth across the portfolio further demonstrating the strength and quality of our assets and our highly desirable Master Planned communities. Overall, we are pleased with these results, and we expect further multifamily NOI growth as the year progresses. In retail, NOI was $15 million in the second quarter, which increased 19% year-over-year. This improvement was primarily driven by the collection of prior period reserves at Ward Village. With our retail portfolio, 94% leased, we expect full year NOI growth in 2024. With that, I’ll turn the call over to our President, Jay Cross.

Thanks, Dave, and good morning, everyone. In strategic developments, we had another great quarter, achieving several important milestones. First, in Nevada, we completed Meridian, our 148,000 square foot office building adjacent to the proposed movie studio site in Summerlin. Since its completion tenant interest has been steady, with half of the complex currently under advanced LOI or in lease negotiations. In Maryland, we also completed 10285 Lakefront, our first medical office building in Downtown Columbia. This 85,000 square foot project is currently 48% leased and another 28% under LOI or in negotiations. In this quarter, we celebrated the start of construction on 2 new projects including One Bridgeland Green, the first mass timber office building in the Houston area and in our entire portfolio. This innovative 49,000 square foot project, which we expect will be completed next year has seen high demand. As of this week, it was already 80% pre-leased with another 7% under LOI. In Hawaii, we commenced construction on Kalae, a 329-unit front row condo tower across from Kewalo Harbor in Ward Village. This project, which is expected to be completed in 2027, is impressively 92% pre-sold with only 26 units remaining in inventory. With Kalae, we now have 4 condo projects under construction in Hawaii, together with Victoria Place, Gilana and the Park Ward Village, which are scheduled to be completed in late 2024, late 2025 and mid-2026, respectively. These 4 towers are collectively 97% pre-sold and represent meaningful future revenue of $2.6 billion, which will be recognized as these projects are delivered. Looking at condo sales, as David mentioned, we had an outstanding second quarter. In Ward Village, we contracted 78 condos, representing incremental future revenue of approximately $140 million. The majority of these pre-sales related to the Launiu our 11th condo project in Ward Village. Since its launch in the first quarter, demand for this 485 unit project has been solid, with pre-sales eclipsing 50% of total units by quarter end. And finally, in Texas, following the extremely successful launch of the Ritz-Carlton Residences, the Woodlands in the last week of March, we sold an additional 16 condos in the second quarter. This 111-unit luxury project is now 65% free sold with contracted future revenues of $313 million. We expect to start construction on this exciting development later this year. I would now like to hand the call over to our CFO, Carlos Olea, who will review our guidance and the balance sheet.

[Operator Instructions] First question comes from the line of Alexander Goldfarb with Piper Sandler.

Yes. Thank you, David. Good morning, Alex. So yes, when the Seaport goes effective August 1, the entity that you see on our financials is the Seaport segment is the part that will go away. Everything has been encapsulated there for quite some time to run as an autonomous segment, particularly in anticipation of the spin-off, although, as you know, we have been reporting in a separate segment even before. But yes, whatever – what you see on the Seaport results is what will go away past the spin-off and nothing else. In addition to the – it is in the segment, but the ballpark and the baseball team as well, as we all know are going to go with the spin-off.

And then about, yes, capital growing from.

Yes. As far as the cash infusion, there’s going to be a $23 million cash infusion that will take place at the completion of the spin-off from us to Seaport Entertainment. One-time Seaport [indiscernible] million cash infusion.

Thank you. [Operator Instructions] Our next question comes from the line of Anthony Paolone with JPMorgan.

Thank you. One moment please for our next question. And our next question comes from the line of John Kim with BMO Capital Markets.

Thank you. One moment please for our next question. And our next question comes from the line of Peter Abramowitz with Jefferies.

Thank you. One moment please for our next question. Our next question comes from the line of Alex Barron with Housing Research Center.